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.

For more content related to cryptocurrency, check out Suncrypto Academy, a single place where you can find all the news of the crypto tax, market, and activities related to it, informational blogs, and much more. 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date. Occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

Leave a Comment

1 thought on “Binance Chief Says India’s Crypto Tax May Kill the Sector”

Related Posts

ERC-404 Token Standard

Thrive of ERC-404 Token Standard Explained

In the ever-evolving world of the Ethereum blockchain, new standards and protocols frequently emerge to

What is Validium

Revolutionary Validium in the Ethereum Ecosystem?

As the Ethereum ecosystem evolves, one of the most pressing challenges it faces is scalability.

FOMO in Crypto Trading

How to Fight FOMO in Crypto Trading?

FOMO – Fear Of Missing Out – is a daily opponent for all crypto traders,