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‘Taxing crypto income should not be a major agenda

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HIGHLIGHTS ;

  • Highlighted an incident with crypto exchange CoinbaseSatwik is advocating fair policies for
  • crypto players

Satwik Vishwanath, the co-founder of Unocoin crypto exchange, has been advocating fair policies for crypto players in the country.

Highlighted an incident with crypto exchange Coinbase

Brian Armstrong, the CEO of Coinbase, one of the world’s largest crypto exchanges, spoke about an incident that his firm had to deal with in India. Coinbase had to suspend it just days after it rolled out the UPI-based crypto-buying feature in the country, as the government refused to recognize it. Armstrong said that Coinbase faced “informal pressure” from the Reserve Bank of India (RBI) to withdraw the service. He has said that due to such confusion, foreign crypto players may delay their investments and engagement with Indian industry players in the coming times.

This observation was highlighted by Satwik Vishwanath, co-founder of Unocoin (Unocoin) crypto exchange, in a conversation with Gadgets 360. He is advocating fair policies for crypto players in the country. The Unocoin chief said that the Indian government should set its priorities around crypto.

Satwik is advocating fair policies for crypto players

He said that we have to look at crypto as an investment instrument. The decisions we take now can actually make or break the prospects of the future.

In recent times, conferences and events related to crypto have been organized in many areas of the world. These include Miami, Dubai, Croatia, Thailand, and Mexico among other areas of America. It is a matter of disappointment that many Indian crypto players have not registered their presence on these global platforms. Vishwanath, who has represented India’s crypto community at some of these events, believes that it is only a matter of time before Indians do not attend these events.

Vishwanath has estimated that India’s strong economy may not keep investors away for long. He added that taxing income from cryptocurrencies should not be at the top of the agenda. Yes, it is necessary that the fast-growing cryptocurrency sector contributes to the economy of India. But to establish itself as an industry, it is also necessary to create a stable ecosystem. India should not miss this opportunity.

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