Crypto Unicorn expects India to lower tax that crushed trading
[ad_1]
A tax that pulverized digital-asset trading in India has proved counterproductive and ought to be lowered, according to CoinDCX, a domestic exchange that was valued at over $2 billion before the levy was imposed.The nation applied the 1% TDS tax on crypto transactions 16 months ago, saying the goal was to track buying and selling rather than raise revenue. But the levy drove 95% of Indian trading volumes to overseas platforms that are difficult for local officials to monitor, CoinDCX Chief Executive Officer Sumit Gupta said. “The whole purpose of the TDS was to track and trace transactions but that is getting defeated,” Gupta said in an interview, adding that he expects the government to lower the tax in time as it grasps the problem. The levy led market makers to exit Indian exc...