Some expect the Indian government to take a second look at its crypto tax law.
lending protocol — told Cointelegraph that unless the Indian government introduces friendlier crypto regulations with prolonged exposure to taxes, passionate investors may join crypto entrepreneurs in the exodus away from India.While the crypto trading volume has seen a drastic reduction across Indian exchanges, it indicates investors’ willingness to hold on to their assets until pro-crypto regulations kick in.
On this front, Menon warned investors against trying to find loopholes in the law by using foreign exchanges, peer-to-peer sites and decentralized exchanges. Regardless of the platforms used, all Indian citizens are liable to pay the TDS; failure to do so would result in non-compliance with the existing tax laws of the land.
As pointed out by Malviya, CBDCs are well suited to cater use cases that demand immediate issuance of funds, adding, “but it is not going to void the case for cryptocurrencies essentially.” Dhir, however, believes that CBDCs will complement the digital asset industry, particularly the DeFi projects. Moreover, India’s central bank, the Reserve Bank of India, needs to formulate policies conducive to innovation and growth and highlight the positives of the budding technology to the general public.
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