- Giám đốc điều hành của Binance tin rằng thuế 1% đối với các giao dịch tiền điện tử là rất khó khăn và bất lợi cho doanh nghiệp.
- Bằng cách tính thuế cao, chính phủ Ấn Độ tìm cách hạn chế giao dịch tài sản kỹ thuật số trong nước.
Binance CEO Zhao Changpeng has warned that India’s high taxes on cryptocurrency trading could end up destroying the crypto industry in the country.
“India has high tax, which is probably going to kill the industry,” Zhao said while speaking live on a panel at a fintech conference in Singapore on Thursday, according to Bloomberg.
Apart from Zhao, who has interests in India, other industry personalities have made similar comments related to the future of cryptocurrencies in India. Tax measures passed by the government this year led to a decline in digital asset trading.
Although India has been expected to introduce a comprehensive regulatory framework for cryptocurrency trading since last year, the government has preferred to impose onerous fees on earnings and transactions to limit their trading.
Binance is the leading cryptocurrency trading platform in India. In August, the app’s downloads jumped to 429,000. This triples CoinDCX, which follows it in the table of favorite exchanges, according to data from intelligence firm Sensor Tower.
Since the 1% tax on cryptocurrencies came into effect in July, its trading has fallen by roughly 90% on major India-based exchanges. Likewise, trading platforms have difficulties moving their money in and out of the country.
For this reason, Indian crypto exchange ZebPay plans to extend its growth abroad, CEO Avinash Shekhar announced in August. The executive was emphatic in stating that the transaction tax had to go down because “otherwise things are not going to improve.”
Binance has managed to get around these difficulties, allowing it to hog the lion’s share of the crypto pie. Their strategy has been to charge lower fees to users, increase and diversify offerings, and boost peer-to-peer trading to facilitate the movement of tokens and cash.
Also, foreign platforms operating in India are handling the 1% tax issue differently. While Indian platforms charge users for it, others like Binance and FTX do not.
Trên Flipside
- Không giống như Trung Quốc, nước đã quyết định cấm giao dịch tiền điện tử để giảm sự cạnh tranh đối với đồng nhân dân tệ kỹ thuật số, chính quyền Ấn Độ đã chọn áp dụng một mức thuế suất rất cao cho các giao dịch để giảm thương mại của họ.
Why You Should Care
India ranks fourth globally in cryptocurrency adoption behind Vietnam, the Philippines, and Ukraine, according to data from Chainalysis. Although in this year’s Finder report, India appears as the leading country in digital asset adoption globally at 29%.
You can read other articles related to this topic at the following links:
Reserve Bank of India Unveils the Pilot of its Digital Rupee
