The PayBito Chief feels excessive digital asset taxation will generate significant revenues for the Indian government while offering assurance and validation for crypto enterprises.
PALO ALTO, Calif., April 1, 2022 /PRNewswire-PRWeb/ — The Indian government’s decision to impose 30% taxation on cryptocurrencies has been met with a mixed reception. PayBito CEO Raj Chowdhury believes that the steep taxation policy, despite all its negatives, is beneficial not only for India but also for the global crypto community.
With over 100 million, India has the largest number of crypto owners in the world. The country ranks 2nd in Chainalysis’ Global Crypto Adoption Index. Thus, the proposed slab for taxation on crypto trade profits will generate huge revenues for the Indian government. In addition, this opens up a lot of opportunities for crypto and blockchain enterprises.
The PayBito Chief, a noted blockchain pioneer, has been optimistic about the government’s decision, stating “The high taxation may appear as a deterrent to small-scale crypto traders, but firm regulation and infrastructure development is the need of the hour for businesses looking to make a mark in the rapidly growing global crypto community.”
While this translates to lower profit margins, especially for low capital investors, the stance also indicates the government is not willing to ban crypto. National market regulators SEBI has been nominated to oversee cryptocurrencies as well. There has been no official verdict on crypto legalization, and the country’s central bank had previously called for an outright ban. Finance Minister Nirmala Sitharaman stated that the nation’s own blockchain-powered central-backed digital currency, the Digital Rupee, will roll out within 2022-23.
“All the buzz around India’s crypto taxation is diverting attention away from the fact that the government also intends to build a National Blockchain Framework and integrate the revolutionary technology in multiple sectors to accelerate digital transformation and service delivery,” concluded Raj Chowdhury, who had previously welcomed the nation’s calibrated approach towards cryptocurrency.
The Chowdhury-led PayBito is a global cryptocurrency exchange and a frontrunner in integrated Forex-Crypto trading. Committed to collaboration instead of competition, the exchange offers white-label solutions for institutional investors willing to venture into crypto trading services. Updating its asset listings and UI/UX designs, PayBito has offered its expertise in exchange solutions across the world including the Middle East, the US, Singapore, and more.
India’s decision to impose 30% taxation may appear as a hindrance, but it’s still inching closer towards acceptance, as opposed to a previously imposed ban. The decision encourages crypto service providers as well as institutional investors towards leveraging the best business opportunities presented by digital assets.
- About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and PayBito, a global crypto exchange. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, CNNMoney and advises industry leaders in the adoption of Blockchain. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
COLEEN F, Hashcash Digest, +14159662907, [email protected]