Vitalik Buterin: India's 30% tax and 1% TDS harm developers
Business
Ethereum co-founder Vitalik Buterin thinks India's crypto taxes are way too high and could slow down blockchain progress.
At Devcon Mumbai, he pointed out that the 30% tax on profits plus a 1% TDS makes it tough for small developers to get started, saying the 30% tax on crypto gains and 1% tax deducted at source (TDS) on transfers could disproportionately burden smaller developers and discourage innovation.
Vitalik Buterin suggests friendlier blockchain rules
Buterin believes India can be a global blockchain leader, thanks to its active developer community and open-source projects.
He suggests that with friendlier rules and less red tape, blockchain tech could boost things like UPI and government services, helping India level up its digital game.