Hello everyone lucky ali and thanks for landing on this place. The current year's budget is to be presented soon and so many crypto enthusiasts like me are waiting for this budget release. The crypto business has grown rapidly in India in the last few years. However, the cryptocurrency world complains of the burden of high taxes. Cryptocurrency firms are hopeful that Nirmala Sitharaman who is the finance minister of India can give some tax relief to this crypto segment in the upcoming budget.
Offsetting losses prohibited in the crypto segment
When I talk about the 2022 budget then it was not good and the government imposed a 1% TDS on cryptocurrency-related transactions. Apart from this, offsetting losses is also prohibited in this great segment. Cryptocurrency-related firms and all the crypto experts say that making the tax balanced for this industry can boost business in this field. These cryptocurrency firms and other crypto experts have made demands like reducing TDS on cryptocurrency transactions to 0.01% which is fair, allowing offsetting of losses and reducing the tax rate on digital assets.
Do you know? Cryptocurrency investors turn to foreign exchanges because of the TDS issue. This is not more than a burden and also makes it difficult for the government to monitor these transactions because these transactions gone outside. Before Trump becomes president of the United States early next week, the most popular crypto in this market, Bitcoin, is on a strong rise and it keeps rising. The price of BTC coin is trading at more than 100k dollars.
Central government of India's tough stand on cryptocurrencies
However, the central government of India has taken a tough stand on cryptocurrencies which is not a good sign. Talking about the recent event, the Home Minister had said that the dark web, crypto, online marketplaces, and drones are a challenge in the efforts to curb drug smuggling in India and this is a negative statement for crypto. Home Minister Amit Shah said that strict measures and policies are needed to curb this. The Reserve Bank of India which is famous for the RBI name has also stated the need to ban the crypto segment.
RBI had described private virtual currencies (cryptocurrencies) as a major risk to monetary and financial stability. In 2024, former Reserve Bank of India's governor Shantikanta Das said, "I believe that it should not be allowed to dominate the financial system. It poses a major risk to financial stability. Cryptocurrencies which are private digital currencies also pose a risk to the banking system. This can create a situation in which the central bank's control over the supply of funds in the economy may end."
So the clear meaning is they want to be a third person in crypto and this is not possible in a cryptocurrency decentralized system. They want to become a middleman so that they can control financial activities and this is not possible at all in the crypto segment. Please share this post on social media and also do a comment below.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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This has been awaited for unfortunately did not happen last year also. Let's see if the government does it this year. Aside from this, do you use indian exchanges for trading?
I also believe that the government will not reduce taxes because they are against crypto. I a not using indian exchanges bro.
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