15K+ Indians Sign Petition Against 30% Crypto Tax Rate

One day after the Budget 2022 release in India, a petition has been filed on Change.org against the planned crypto tax. The petition titled Government of India: Introduce Reasonable Crypto Tax Policies gained more than 15,000 signatures, crediting it as one of the most popular petitions on Change.org.

India’s Union Finance Minister Nirmala Sitharaman pointed out in the budget that the government would propose a Digital Rupee in 2023 and impose a 30% tax on digital assets. This has made the country more crypto and NFT-friendly by legitimizing its trade.

Aditya Singh, a crypto enthusiast, proposed the petition on a Twitter post urging the government to “reconsider and reduce crypto tax’’.

The petition gained a high volume of responses within a few hours after it was published.

According to many Indian crypto HODLers, a high rate of crypto tax could make low trading, in spite of the central bank’s alert on risks of price volatility, terrorist financing, and money laundering.

In accordance with an easy transaction, India, which depends on cash, has joined countries like China to pursue a digital version of their currencies. However, till now India does not hold any regulations in crypto trading, although it had proposed a ban earlier last year. But the earlier ban did not work with the citizens, as many are realizing the need for cryptocurrencies.

Reports say that around 20 million Indians have registered in crypto investments, while tens of thousands of youngsters are highly involved in developing crypto industry services. 

Source: https://coinquora.com/15k-indians-sign-petition-against-30-crypto-tax-rate/