The people say IndiaWantsCrypto but the government says no to a faircryptotax in 🇮🇳 • Why are trading volumes falling? • Can you still deposit on Indian exchanges? TheCoinPope1 has the full story here 👇
Indian crypto investors have not had it easy in 2022.
Users could not deposit via the so-named United Payments Interface , a real-time payment system regulated by the Indian central bank that is essential infrastructure for crypto exchanges to process payments. In a statement, WazirX said that it had disabled deposits via UPI as far back as December and quoted the regulatory situation as the reason for its decision.
Most devastating for Indian crypto investors is the structure of the tax, which equates cryptocurrency investments to gambling. While profits are taxed at a whopping 30%, losses cannot be offset against other investments. Although ostracizing the crypto industry through this high tax didled to some criticism —including a petition that tried to get the government to reconsider its position — the law eventually passed without any issues.
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