Indian cryptocurrency trading platform Unocoin’s chief has opposed the government’s idea of imposing an additional 28% tax on digital coins, saying the move would drive investors out of the country.
What Happened: In an exclusive conversation with Benzinga, the CEO and the co-founder of India’s oldest cryptocurrency trading platform, Sathvik Vishwanath, said, “The 28% [GST tax on cryptocurrency] is not going to work anywhere. Even the 5% GST cannot be sustained.”
He added that if the government “forcibly” tries to impose more taxes, it would end up “killing the market.”
Reports indicate that the Narendra Modi-led government is now mulling a 28% GST on digital assets on top of an existing 30% income tax on profits earned from cryptocurrency trading.
Vishwanath said the implementation of more taxes will force …
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