India took a step towards legalising crypto with a 30% tax on crypto income, but experts think the new tax may drive away retail investors. By amitoj
India's Finance Minister Nirmala Sitharaman Presents Budget To Parliament
"There has been a phenomenal increase in transaction in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime," Sitharaman said in the critical Indian budget speech, which lasted for over two hours. The words crypto or cryptocurrency was not used in the budget speech. However, the finance minister used the phrase"virtual digital asset" which the industry interprets as a term for cryptocurrencies and. The naming and the steps taken are not clear legalisation of crypto , but the industry views this as step towards legitimatisation.
Sumit Gupta, co-founder & CEO, CoinDCX called the budget"forward-looking and inspirational" adding that the taxation is a"step in the right direction." Shivam Thakral, CEO of BuyUcoin, disagrees saying"it is normal and not too high" and is in line with normal taxation in which"if you are earning personal income of more than 12 lakh per annum then you are in the 30% slab anyway."
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