Like all countries, India is working on taxation from cryptocurrencies. Indian Finance Minister Sitharaman shared his thoughts on cryptocurrencies and announced that a 30% tax should be charged on crypto money transfer income.
In our opinion, we are not against levying taxes on cryptocurrencies, but taxes on cryptocurrencies are too high. Governments should be more rational when taxing cryptocurrencies. There must be a difference between a country’s government and a country’s mafia. When you get money from the mafia it demands such high payback. The people of India must oppose this decision before this high tax is legalized.
Indian Finance Minister Nirmala Sitharaman announced in her 2022 budget speech that a Blockchain-based and RBI-backed Central Bank Digital Currency (CBDC) will be introduced by 2023. In his budget speech, Indian Finance Minister Nirmala Sitharaman was expected to make a statement on cryptocurrencies. But we do not think that a tax as high as 30% is a good idea. There are a lot of people who are not financially well off in India, at least people who are not financially well off should be exempted from such taxes.
Please share your thoughts.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
