India's taxation raises new barriers to the cryptocurrency market.

India does not intend to offer a friendlier environment for crypto investors. On the contrary, in February 2022, India introduced a tax of 30% on profits in crypto transactions.

 But things got a little more complicated on Monday, March 21, 2022, when the government added further points to the tax.

The government has said that the loss of one crypto asset will not be able to offset the profit with another purchase.

 This decision means that if someone makes a $ 100 profit on Bitcoin transactions and loses $ 100 on an Ethereum transaction, the investor will pay a 30% tax on the $ 100 BTC profit.

As a first picture, this shows that India is trying hard to oust Indian crypto investors from the crypto market. However, it is worth noting that India is one of the largest countries regarding the number of crypto investors entering the market.

On the other hand, the Indian government allows offsetting losses on the stock market, which means that gains from trading stocks can be offset by losses from different stores.

 With this attitude, the government reminds investors that it will not be flexible with digital assets, as, in this way, it isolates cryptocurrencies from the investment sector.

Some of India's crypto industry veterans are on the investor side.

Nischal Shetty, CEO of crypto exchange WazirX, posted on his Twitter account:

Discouraging Crypto = Discouraging Innovation

This is one of the top reason why countries around the world are taking cautious steps in Crypto taxation

Hope Indian Government hears the youth and ensures that Indian Crypto industry remains competitive ✌️#UnfairCryptoTax

— Nischal (Shardeum) ⚡️ (@NischalShetty) March 21, 2022 

 

News for War