Binance Chief Says India’s Crypto Tax May Kill the Sector

On Thursday, Changpeng Zhao, the CEO of Binance, delivered a live-streamed speech at a fintech conference in Singapore. CZ made a comment on India’s strict crypto tax laws during his speech. CZ even went so far as to imply that the tax regulations in the subcontinent might “kill the industry.”

The Indian government heavily taxed the cryptocurrency industry earlier this year. In a matter of weeks, the trading volume of the entire nation collapsed. The nation made the decision to excessively tax the industry rather than enact smart rules.

The Indian government is only opposed to the monetary side of things. Aside from that, the country has welcomed blockchain technology. One of the biggest and most well-known blockchains, Polygon, is also based in India. The nation also launched the CBDC project’s “E-Rupee” pilot program.

Many people are concerned that India would impose its tax regulations globally, although this is quite unlikely. India might bring up the issue of scams and frauds that occur in the industry. At a recent Interpol meeting in New Delhi, India, the issue of cryptocurrency scams was covered. The establishment of a new crypto-focused squad was announced by the international police force at the New Delhi assembly.

Binance CEO’s comment on Elon’s Twitter plans

At the same time, he also commented on Elon Musk’s new ideas for Twitter features as he said that in around 90% of cases Elons ideas will fail. 

At the Web Summit tech conference in Lisbon on Tuesday, Zhao, whose company invested $500 million in Musk’s acquisition of Twitter and was largely motivated by his support for free expression, stated that he thought “not all” of the recently suggested Twitter additions would be effective.

Zhao said, adding that he believes think Musk will eventually decide on some successful ideas for the social media platform as he speeds up innovation at the firm. “I would honestly say that the majority of them will not stick,” Zhao said.

Since taking over Twitter on Thursday, Musk has put up a number of new proposals for the service, including the return of Vine and an $8 monthly fee for premium features like the blue check mark verification.

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