India largest industries are known to be from Iron, steel, textile, cement and paper. However lately the Indian government is opting for new and modern ways to improve their industries. India has officially proposed that they are in favor of putting taxes on virtual assets or incomes.
Back in February, India announced its plans for imposing taxes on crypto incomes with the rate of nearly 30% along with sever instructions on preserving this policy without any possibility of reducing the tax rates. India does see the importance of cryptocurrency and its value as it is predicted to be playing a very important role boosting the Indian economy.
However, it is a known fact that India has banned crypto several times in the past. Banks banned the use of crypto payments and transactions. Yet there are several factors that prove crypto does indeed have a positive impact. according to the NASSCOM and WazirX report more than 50.000 workers in the crypto industry and it is predicted to increase the employment rate up to almost 30%.
Nowadays the Reserve Bank of India (RBI) is collaborating with the International Monetary Fund and providing them with crypto rapports, actually they think that Central Bank Digital Currency (CBDCs) can be the private crypto killer. The three steps approach provided by the RBI monitors crypto digital currencies without disrupting the traditional financial system.
It is true that many people consider taxes as theft but imposing tax can actually be the first step toward legalizing cryptocurrencies,it will be following the steps of many countries so far, and this investment will provide a chance to boost the Indian economy.