Sumit Gupta, co-founder, and CEO of the popular Indian crypto exchange CoinDCX believes that cryptocurrencies can add a lot of value to the country’s GDP and make the country a technology powerhouse.

With the country leading on ITeS-based solutions from the past three decades, India can definitely not ignore the upcoming Web3.0 revolution, blockchain boom, and the crypto $1.7 trillion crypto market economy.
<blockquote>“It can lead to great innovation, create employment opportunities and make India a technology powerhouse,” Gupta tweeted.
</blockquote>
However, the proposed 30% tax on crypto will likely dampen India’s potential on leading the new frontiers of the crypto economy.
<blockquote>“Taxation is good. But 30% tax on crypto is demotivating for investors and innovators,” Gupta added.
</blockquote>
https://twitter.com/smtgpt/status/1501493807078068226

Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a crypto tax proposal of 30% on gains made from crypto tradings from April 1. The proposal also includes a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133).

Reportedly, the 30% crypto tax bracket is the highest in the country and nearly double the corporate tax rate of 16%. The announcement saw a mixed reaction from the Indian crypto community with some calling it a welcome step towards recognizing the unregulated crypto market, while others called it regressive.

Crypto Can Make India a Technology Powerhouse: CoinDCX CEO

Sumit Gupta, co-founder and CEO of CoinDCX believes cryptocurrencies can add a lot of value to India's GDP and make the country a technology powerhouse.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Crypto Can Make India a Technology Powerhouse: CoinDCX CEO

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