Yesterday in a Parliament meeting Sushil Modi said that the government needs to raise the amount of tax on crypto. He said that government should think of taking more than 50% tax on crypto because the people who earn in crypto won’t be affected by paying a 30%tax because the CAGR of bitcoin is 115% and ethereum is 30% and binance coin is 151%. He further said that investors are attracted by extraordinary profits.
Some crypto exchange like Unocoin has supported Sushil Modi on his statement of a 50% tax on crypto. According to them everything he said appears to be true. Unocoin said that on the brighter side, it appears as if he is promoting crypto investments without a disclaimer.
Whereas some members of Parliament like Priyanka Chaturvedi said that just because people are not understanding crypto this is why the government wants to tax it and even doesn’t want to bring any crypto regulations. She further gave an example of the internet and said every disrupted technology comes as a problem it’s on the government how to treat it and they should make a proper regulations for the technology instead of making the technology go just like that.
She concluded by saying that we are living in a world of Web 3.0 either we should choose to bite the bullet or we should dodge the bullet. If we bite the bullet we will be able to create an enabling ecosystem for our youth and empower them and empower the economy. If we choose to dodge the bullet we will continue to feel good that Indians are doing good abroad and we can conclude to take pride in the glory but at the cost that empowering our own nation. She has requested the finance minister to think about it.