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India's movement is a major boost for crypto market, according to Gardner

 


India is one of the fastest-growing cryptocurrency countries in the world and the market is expected to grow even bigger in the years to come.


Richard Gardner, CEO of Modulus, has indicated that the Indian government's recent regulatory move represents a major boost for the global cryptocurrency space.


The Indian government announced that it plans to tax cryptocurrency income at 30%, a move that would regulate and legalize cryptocurrencies in the industry. Gardner said:


“India is already a big market. WazirX, the country's largest exchange, announced that it has registered over ten million traders trading over $40 billion worth of cryptocurrencies. Reason enough for the government to tax profits. Prohibition is rarely the answer in such a case. Over time, government officials are beginning to see the long-term value of blockchain-based technologies. They begin to understand that they just can't wish it away. They understand that if they ignore and ban it, they will be left behind.”


According to Finance Minister Nirmala Sitharaman, the scale and frequency of crypto transactions have made it necessary for the Indian government to start taxing them. She added that there has been a phenomenal surge in cryptocurrency transactions. Gardner added:


“So far, Prime Minister Modi has struck the opposite of El Salvador's bukele. This is the right move for India. Digital assets just don't go away. Personal dislike - or misunderstanding - does not mean that banning them would be good policy. The digital assets industry is moving forward. The time to react is now. It is time the government encouraged innovation in this area.”


Gardner is confident that more countries will follow in India's footsteps, which will facilitate the legalization of cryptocurrencies in most countries. He concluded:


“Due to the size of the country as well as its technological presence, this is an important step for the industry. And it couldn't come at a better time. Despite the naysayers, the cryptocurrency is not going through a winter. It follows the same path as other traditional assets and reacts to external factors. India's movement towards digital assets is a testament to that.”

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