India legalizes crypto

[bitcoin-shark]

I am happy for the Indian people who finally have an alternative payment to fiat but a tax rate of 30% seems to me really exaggerated

[Speaker]

Perhaps it is better to have such a tax rate with transparent and competent regulation of the crypto industry than not to have it at all.Moreover, we do not know the nuances in their legislation and perhaps this is a normal tax rate.

[Freemind]

Perhaps it is better to have such a tax rate with transparent and competent regulation of the crypto industry than not to have it at all.Moreover, we do not know the nuances in their legislation and perhaps this is a normal tax rate.

Of course we don't know the details of the legislation, because that legislation doesn't exist yet, what there are are drafts, and the 30% rate is the first thing the government has said without having a solid proposal to offer. I believe that the most logical thing is to present proposals and then reach an agreement on what percentage would be the fairest for the country and for the citizens, saying 30% when they have nothing else to offer seems like theft to me.

[elbans89]

Indian legalized crypto, but also take the high tax.
It maybe annoyed for Indian people.
But It's good thing, the government already allow crypto, but they should reduce the tax of crypto transaction.

[Speaker]

Better some kind of regulation than its complete absence...so at least you can choose)

[gunhell16]

30% tax is a way too much in my own assessment. Because here in my country our tax was only 12% meaning 18% is the difference. Therefore, it maybe a good news to all the community out there in India but a big burden when they're gonna do some transactions in the cryptocurrency anyway. Good luck to you guys who lived in INDIA.

[smart_oa]

I am happy for the Indian people who finally have an alternative payment to fiat but a tax rate of 30% seems to me really exaggerated

Their constitution didn't mention crypto as a currency. They call it a digital asset. It can not be used as an alternative to fiat. Their action is more like collecting money not doing something for cryptocurrencies. A lot of users are from this part of the region but their tax implementation is more like discouraging people from not investing in crypto.

[Freemind]

Better some kind of regulation than its complete absence...so at least you can choose)

Yes, but no. The government cannot use "some kind" of regulation as you say. The government must find a balance between a regulation that increases taxes for the economic activities of citizens but at the same time must allow those citizens to obtain benefits. The laws of any country must be positive in both directions so that there is a balance that does not make large investors move their money to other countries, without that balance, there will always be very rich countries or very poor countries.

[anshor1]

30% tax is a way too much in my own assessment. Because here in my country our tax was only 12% meaning 18% is the difference. Therefore, it maybe a good news to all the community out there in India but a big burden when they're gonna do some transactions in the cryptocurrency anyway. Good luck to you guys who lived in INDIA.

Yeah, 30% is too much.
I think Indian government should rethink to change their decision.
Because As traders and Investors will suffer if we must pay too much.
all about the tax, but they didn't think about our lost.