Join the larget crypto conference of 2022 in Bitcoin

Wazirx CEO explains how India is killing the blockchain Industry

Wazirx CEO explains how India is killing the blockchain Industry 4

Nischal Shetty explained with an example that Indian citizens are forced to pay tax even at zero percent profit.

Nischal Shetty is the chief executive officer of WazirX crypto Exchange. WazirX crypto exchange is standing at the first rank in the Indian crypto market by highest trade volume and this exchange is under the ownership of Binance exchange, which is a globally first ranked crypto exchange. 

On 21 March, Nischal Shetty took an example and said that if a person will invest 100 rs in one crypto asset and 100 rs in another crypto asset then under any critically neutral situation investment resulted in 100rs profit in first crypto asset and 100rs loss in a second crypto asset than in that situation that person will have total 200 Rs, which is the same amount of the initial investment amount. 

Now, Nischal explained that the current tax law will force crypto investors to pay 30% tax on the first coin. Now that crypto investor has a total of 170 rs. That means, crypto investors have faced a total of 15% loss.

This tweet of Nischal Shetty, was noted by Popular India crypto YouTuber, Pushpendra Singh, who responded and claimed that India is killing the blockchain industry, in these ways. 

On the other hand, a person claimed that such set-off loss methods are wrong. In response, Nischal attached a screenshot of the crypto tax bill of India to explain that it is a provision forced on crypto investments, which is opposite to the stock market where people have the freedom to set off a loss with the profit loss in other stock assets. 

Earlier this, Nischal raised voice against the 1% TDS system and suggested giving the option for the crypto traders to pay 0.01% TDS so that crypto traders can do easy trades. 

Read also: Sudden spike in development activities in Solana ecosystem this month

Wazirx CEO explains how India is killing the blockchain Industry


Buy bitcoin and other cryptocurrencies on crypto exchanges  Binance ,  Coinbase ,  Kraken  and  Bitfinex !

Don’t miss a thing, sign up for our newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.


BINANCE - The Exchange with the Most Trading Volume in the Wold

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Cryptonews24 Channel Chat