Quote from: logfiles on December 29, 2023, 10:28:51 PM

Quote from: libert19 on December 29, 2023, 08:03:49 AM

Local exchanges were preferred, but after 30% tax, and 1% TDS was implemented, people started to prefer overseas exchanges like Binance and rest as mentioned in op.

I always thought India was a hub for tech and mushrooming start-ups, and with this I thought Government always had support for them. To see the Government try to strangle innovation with extreme measures is quite disturbing.

I think Nigerian Government tried a similar ban on crypto trading. People went p2p and then a few days back, I saw that they were reversing the decision. They probably regretted what they did in the first place.

Back in 2018, Indian central bank (RBI) had prohibited banks to deal with people dealing in crypto currencies, I think that was even more extreme. People went p2p, and it gave rise to p2p scams. However, in 2020, Indian supreme court ruled out this ban and sometime later we were handed over this new tax rules.

Indian keeps drinking hopium they will bring reasonable tax rules.