In light of increased crypto trading, investors can notice global movement by many national governments to impose rules and regulations on it. Speaking of which, tax is becoming the biggest bull of the year for cryptocurrencies. South Korea has postponed the tax law for a year now. While Thailand is emerging as a crypto-friendly nation for investors. IRS (Internal Revenue Services) of the United States, has imposed not to tax unsold crypto assets. On the other side, the Indian government has unveiled the uncertainty on crypto trading.
In the recent events of declaring Union Budget in Indian Parliament, the FM announced 30% tax on crypto gained income. Certainly, the Crypto Exchange platforms are very happy and see positive signs in the future. The big-time investors and traders are not welcoming this decision. Few investors take this taxing system as a medium of punishing for their uninhibited gain in money. An agitated crypto investor told Forkast, “We take the risk, we do the analysis, we do everything. And the government comes out of nowhere and it takes 30% of our money, for what?”
As for now, the crypto exchange platforms are quite happy and hail the settlement made by the government. They take it as a positive step by the regulators to legalize the investor’s money and undoubtedly to create an extra tax revenue route for them as well.
India is a cash-dependent country. And to tackle this steep problem, it is leaving no stone unturned to utilize the technology to boost its economic revenue system. The Reserve Bank of India(RBI), also announced the release of its digital currency in April. Days after this announcement, Bitcoin (BTC) jumped to more than 2% leaving investors in a state of gush. The implementation of the digital rupee by RBI will not only help the nation be less cash-dependent but it will also make sure a well-organized currency system.
As the Government makes progress in respect to crypto regulation, it depicts clear picture for more aggressive investors and capital gainers. They may make roads to other decentralized exchange platforms (DEX).