Public outcry grows louder than ever as India’s 30% ‘crypto tax’ comes into effect
As people all around the world pull April Fool’s pranks on one another, countless Indian crypto investors and entrepreneurs are hoping the Indian government is playing one on them. However, that doesn’t seem to be the case as India’s tax on crypto came into force on 1 April, triggering a storm of passionate emotions.
A 30% tax on income from the transfer of cryptocurrencies was controversial back when it was first announced. Now, with formal enforcement, India’s crypto traders and entrepreneurs took to social media to campaign for change.
Binance-owned Indian exchange WazirX’s founder, Nischal Shetty, maintained his trademark diplomacy and expressed his disbelief at the new tax law. Even so, Shetty stopped short of criticizing the Indian government.
<p lang=«en» dir=«ltr» xml:lang=«en»>The new crypto tax law being imposed in a country with the largest youth population is hard to believeMost people want to think it’s an April Fool’s joke by Indian Government#AprilFoolsDay
— Nischal (Shardeum) ⚡️ (@NischalShetty) April 1, 2022
Meanwhile, Polygon co-founder Sandeep Nailwal also refrained from harsh criticism, but retweeted an Indian politician who spoke out against the stifling of crypto development in India.
<p lang=«en» dir=«ltr» xml:lang=«en»>Absolutely amazing speech by @priyankac19 in the Indian parliament. She argues that just because we dont understand crypto, its power, its employment generation capabilities, we should NOT demonise crypto! We need more such lawmakers worldwide to standup for crypto and its value! https://t.co/ekK2FQhX60— Sandeep | Polygon
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