Already the pressure tax can be seen on the volumes of mainly indian exchanges
The new law says 30% tax on all profits made and cannot be set off against any loss of other crypto
I guess Government motive as mentioned in the above post might be to mint money to cover covid related losses
Hope there will be some pressure from BIG exchanges on the Government and get the tax laws amended
I just wonder how many crypto users in India will be actually paying this high tax amount?
Most people will find ways to hide their crypto activities and they will least use the Indian exchanges. This law will only promote the black market and will discourage the use of crypto (probably this is the motive of the Indian government).