Quote from: Bureau on April 11, 2023, 02:13:36 PM

They first did a shadow ban. We, as in the community took it to the Supreme Court and got justice. Next, they were confused as to how to stop us!

They came up with a crypto tax as we all know. It did gave us a jolt that made some of us leave. Later we got more clarity on tax because of @webtricks. Two topics that gave us a clarification on the tax law.

1. TDS on Cryptocurrencies [Explained]
2. Tax on Crypto Trading as per New Tax Law - Explained

What do you think will be the next move? Will it be a new tax law to suck the blood out of us or will be it against the local exchanges & international exchanges. If you have anything on your mind then go on and reply.

I don't think that the government is in hurry to ban or regulate cryptocurrencies anymore. By bringing the crypto trading under the harsh taxation rules last year, they have already curbed the Indian crypto market effectively. I haven't read the state of affairs of the Indian Exchanges for the financial year 2022-23 but I'm not very optimistic. I am estimating a drop of 80% in trading activity in comparison to FY 2021-22.

If you hear the recent statements from the government ministers and officials, you will notice that the narrative has changed. Till 2021, the government was proactive in banning or controlling the crypto. But since last year, you will see that they are deviating the topic by citing the need of international collaboration due due to the possibility of regulatory arbitrage. They know that the market is effectively dead by their absurd tax rates and TDS requirements that they don't have to do anything proactively anymore. Cryptocurrency Bill which was listed under the agenda for Parliament in 2021 is no more on the schedules this year.