Yesterday I wrote a piece on India legalizing crypto by imposing 30% tax on gains. Today, #ReduceCryptoTax is trending on Indian Twitter with some cool memes, ofcourse. 😂
In another news, WRX, the native token of the most popular Indian exchange WazirX (owned by Binance) saw a 30% increase in its price overnight. That's the power of this crazy unexpected news. More to come from India!
Aditya Singh, one of the top crypto influencers in India has started a petition urging the government to reduce crypto tax. I totally agree with him that these rules are harsh and no thought has been given before proposing them in the latest Indian Budget.
The news of Crypto Tax went viral and several members of the Indian crypto community expressed their opinions and views about the same. Even though everyone appreciates the move, there are some concerns to be addressed by the government before proposing further regulations.
The current tax rules consider cryptocurrency in the league of betting and gambling. That's clearly not the case because it is much more than that. Through this petition, the whole crypto industry wants to point out that the regulations should keep the interests of an average investor. There are already more than 124k Tweets & more than 25k have signed the petition. #ReduceCryptoTax moment is growing and getting attention from the world.
How To Contribute
It's pretty simple:
- Write a tweet with the hashtag #ReduceCryptoTax.
- Share this petition on Twitter: https://chng.it/8tqFMdRRNS
Let the moment grow like wildfire. Crypto needs determination and hard work to get sucess. These ridiculous taxes will discourage young traders, especially from the backward areas, and hinder the development of the local industry. We need to showcase that we cannot be bullied so easily.
India resistsâš¡
