Last week, India introduced a new law, in which the country announced its plans for the future central bank digital currency and the 30% tax on all crypto transactions. While the decision to acknowledge digital assets as legal tenders has been met with positive responses, people have been dissatisfied with the high tax that the government imposed on crypto.
The community setback went as far as to propel the creation of a petition titled “Government of India: Introduce Reasonable Crypto Tax Policies,“ which garnered 15,000 signatures within three hours of its inception and is currently attacking the number 70,000.
Aditya Singh, the creator of the petition, has revealed that the goal of the petition is to bring the unreasonably high costs of transactions to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman’s attention.
At present, there is an estimated number of 15-20 million crypto investors in India, while a considerable number of people aged 17-27 are involved with crypto technologies development or crypto service implementation.
With a significant number of citizens being involved with cryptocurrencies and the petition signatures rocketing in number, the spotlight lays on the Prime Minister to address the issue. And as he is known to be a vocal crypto opponent, it will be interesting to see what his reaction, if any, on the matter will be.