An Indian minister, Rajeev Chandrasekhar, has announced that crypto transactions are permitted as long as they follow existing laws, which is in contrast to the Reserve Bank of India’s (RBI) ban on crypto in 2018 and ongoing reluctance to fully open up to the sector, despite the Supreme Court’s ruling in 2022 that the RBI’s ban was illegal.
The Indian government is expected to present its annual budget for the upcoming fiscal year on February 1, and local crypto exchanges and investors are expecting relief from the unfriendly regulatory environment they have faced, including high taxes and denial of banking services.
CoinDCX’s Co-Founder and CEO, Sumit Gupta, has suggested that the rate of TDS (Tax Deducted at Source) be brought down to 0.01% to help Indian businesses offer competitive prices to users and protect them from exposure to unregulated foreign exchanges.
