Indian Cryptocurrency Sector Disappointed by Budget, Seeks Unique Reform Initiatives
The Buzz in India's crypto Community: Unmet Expectations and Calls for Change The recent unveiling of the union budget 2024-25 by Finance Minister Nirmala Sitharaman has set the stage for mixed reactions, especially within the bustling lanes of India's crypto community Despite the eager anticipation for positive changes or at least mentions of crypto or virtual digital assets in the budget speech, the community was left in a lurch as the budget steered clear of the topic entirely The unchanged stance on the taxation of cryptocurrencies—specifically, the retention of a 30% tax against earnings and a 1% Tax Deducted at Source (TDS) on transactions—has spelled disappointment for many This decision has sparked a wave of concern and discussion among investors, influencers, and experts within the sector, pointing towards a broader discourse on innovation, taxation, and the future of crypto in India Voices from the Community Expectations were high amongst crypto enthusiasts for a relaxation in the tax framework that many find burdensome...
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