Amid the ongoing bull run in a frenzied post-U.S. election atmosphere, the Indian crypto community stands the crossroads, where there is a sense of uncertainty when it comes to government regulations, mixed with a sense of optimism, that crypto adoption is set to grow manifolds in world’s most populous nation.
India collects 30% tax against any crypto earnings pus an additional 1% Tax Deducted at Source (TDS) and as per reports, the Indian government is mulling over a blanket ban on crypto to promote their Central Bank Digital Currency (CBDC). Furthermore, the recent case of WazirX hack has further dented the trust in crypto in the Indian community.
Yet, the crypto community stands eternally hopeful that the tax rates might come down and pave way for further adoption of crypto in India. The founder of Cashaa- crypto firm and banking platform, Kumar Gaurav spoke to The Crypto Times editor Vaibhav Jha, about the need for clearer regulations from the Indian government and the need for further adoption of crypto in India.
We have published excerpts from the interview with Kumar Gaurav below:
The Crypto Times: As a founder of Cashaa, you have witnessed it grow exponentially in the past few years. Tell us about your experience with Cashaa, what dynamic changes did you witness in the web3 sector?
The Crypto Times: You have mentioned on your Twitter profile that you are going to announce another major project. Could you give us a glimpse of what you meant by your statement?
The Crypto Times: When it comes to the underbanked population in South Asia, especially India, how do you view the prospect of decentralised finance filling that gap?
The Crypto Times: India is about to release a discussion paper on crypto regulations. Do you think India will adopt a liberal view on crypto and lower the tax rates or introduce an even harsher stance?
The Crypto Times: The recent WazirX hack of $234 Million has dented the crypto popularity among Indian users with clouds of uncertainty and fear engulfing the community. How do we recover and proceed from here?
