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India has entered a painful period, says WazirX CEO



 India's Parliament passed a rule requiring citizens to pay 30% tax on cryptocurrency transactions.


Indians will now pay a 30% capital gains tax on crypto transactions. The new rules come into effect exactly a week after Parliament passed a controversial tax proposal today.


Additionally, Indians buying or selling crypto are required to pay a 1% withholding tax (TDS). Indians are also required to pay taxes on crypto gifts with no ability to take deductions for losses.


Cryptocurrency taxation will go into effect on April 1st, while TDS will launch on July 1st. The introduction of cryptocurrency taxation has caused an uproar in the Indian crypto community.


Nischal Shetty, CEO and Founder of WazirX, one of India's largest exchanges, commented that taxation would hurt Indian crypto market growth:


“We have entered a period of pain. It's almost like not letting the industry work, and what will happen is what happened to the drone industry, with the largest drone industry being in China after all. Now all foreign technology will dominate in India and we don't want that to happen in the cryptocurrency world."


He added that the move is terrible, especially for the younger crowds in the Indian cryptocurrency space:


“What matters most to us are our customers. Millions make their living from crypto. During the [coronavirus] pandemic, they lost their jobs and crypto was one of the reasons people survived. We're concerned about the loss of their livelihoods, their dreams... these are people in the 18-30 category."


The CEO of WazirX pointed out that the 1% tax on TDS will kill liquidity in the Indian crypto space, which will ultimately lead to a drop in profitability for everyone.


“This will push people into other channels — peer-to-peer, one-to-one trading. As an industry, we've worked so hard to make sure everyone is on the right track, making millions through KYCs [Know Your Customer Protocols]. The other fear now is that this will go back to the gray market or non-KYC approach."


Shetty lamented that the move to not let crypto losses be offset against gains was even worse than the 30 percent capital gains tax on crypto gains itself. He added that in some cases Indians would lose more money under this rule than they deserve.

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