Indian Lawmaker Calls Out Indian Govt. Over Unfair Crypto Taxation

Cryptocurrency has become a burning topic all around the globe. Nations are either creating regulations around it or banning it. In the same perusal, Member of parliament, Priyanka Chaturvedi questioned the Indian government‘s efforts over the much awaited Crypto bill. Earlier, another lawmaker requested the authority to raise the tax on crypto gains from 30% to 50%.

Govt unable to provide a proper framework

Priyanka asserted that the Indian government is still unclear over its stance and approach toward the digital asset ecosystem. She said that India is the only country in the world who have brought a tax regime even before introducing the crypto Bill in the parliament.

The Lawmaker targeted the Indian Finance Minister and said that she is unclear over the legality of the cryptocurrency yet still they are imposing TDS and Tax on it.

She compared the current situation with the time when the internet was introduced in the country. At that time government wasn’t able to provide a proper enabling ecosystem for the brightest of minds. This resulted in a huge brain drain over time.

Govt failed to understand crypto

The government has failed to understand the intention, employment generation capacity, and emerging Web3.0 ecosystem, and that.s why they are taxing it without issuing any regulations around it, said MP, Priyanka Chaturvedi

She advocated that it’s our duty to provide citizens with a proper regulatory framework otherwise we might lose this opportunity also. However, she concluded by saying that ‘We are living in the world of web 3.0, either we choose to bite the bullet or we dodge the bullet.’

If we bite the bullet, we will be able to create an enabling ecosystem for the youth, empowering the economy. If we dodge the bullet then we can continue to enjoy that Indian minds are doing great abroad, Priyanka Chaturvedi added