đ¨ Crypto in India: Taxation or Displacement? đ¨
Indiaâs crypto scene is facing a major challenge as harsh taxation policies threaten to push blockchain innovation out of the country. A Supreme Court lawyer, Amit Kumar Gupta, claims the 30% tax on crypto profitsâwith no option to offset lossesâis crippling the industry. According to Gupta, the government sees crypto as a tool for illegal activity, rather than a revolutionary technology.
Key Concerns: âď¸ The tax is described as "draconian," designed to block the use of blockchain and crypto.
đ¸ Every transaction is taxed, creating chaos in the system.
đŤ Heavy regulations could drive Indian crypto entrepreneurs out of the country.
But despite the regulatory uncertainty, tech startups are still pushing forward with Web3 innovations. As Rohit Mohan from NC Global Media states, India remains alert and ready to innovate, and partnerships along with user education will drive the change.
Will India become a leader in Web3, or will aggressive tax policies hold back the next wave of innovation? đđ
