Vitalik Buterin Warns India's Crypto Tax Could Hurt Blockchain Innovation
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Vitalik Buterin, the co-founder of Ethereum, has said that India's tax policy on cryptocurrency could harm blockchain innovation in the country. The comments were reported by The Times of India. Buterin is one of the best-known figures in the crypto world, so his views often attract attention from developers, investors, and policymakers.
India has some of the strictest crypto tax rules in the world. Since 2022, profits from the sale of virtual digital assets, such as cryptocurrencies and NFTs, have been taxed at a flat rate of 30 percent. In addition, a 1 percent tax deducted at source, known as TDS, applies to most transactions. Supporters of these rules say they help the government track digital transactions and collect revenue. However, critics argue that the high costs make it harder for start-ups and independent developers to work on new blockchain projects in India.
Buterin's remarks add to a wider debate about how India should regulate digital assets. Some industry groups have asked the government for clearer rules and lower tax burdens, while others want stronger controls to reduce fraud and money laundering. The government has not yet introduced a comprehensive law on crypto assets, so the policy direction remains uncertain. For now, the tax rules are still in place, and businesses in the sector are waiting to see whether any changes will be made.
Sources: The Times of India
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