Binance CEO Zhao Changpeng has warned that India’s high taxes on cryptocurrency trading could end up destroying the crypto industry in the country.
“India has high tax, which is probably going to kill the industry,” Zhao said while speaking live on a panel at a fintech conference in Singapore on Thursday, according to Bloomberg.
Apart from Zhao, who has interests in India, other industry personalities have made similar comments related to the future of cryptocurrencies in India. Tax measures passed by the government this year led to a decline in digital asset trading.
Although India has been expected to introduce a comprehensive regulatory framework for cryptocurrency trading since last year, the government has preferred to impose onerous fees on earnings and transactions to limit their trading.
Binance is the leading cryptocurrency trading platform in India. In August, the app’s downloads jumped to 429,000. This triples…
