In a recent fintech conference in Singapore, Changpeng Zhao made a statement against India’s crypto taxes.
The Indian IT sector is known for its efficiency and affordability across the globe and that makes it an ideal space for blockchain giants to accommodate their heavy-weight backend tasks
India is already testing its CBDCs in the space and is willing to move forward with different blockchain products
Binance was founded in 2017 by Changpeng Zhao and since then it has stepped to become the leading force in cryptocurrency.
Changpeng Zhao is also one of the most influential crypto icons and his words are taken seriously in the entire blockchain space. He actively shares his opinion on the internet and his recent comments has made headlines in the blockchain space. In a recent fintech conference in Singapore, Changpeng Zhao Said,
“India has high taxes which is probably going to kill the industry”
This statement from a leading blockchain thought leader is being interpreted for many different meanings.
The world knows, Binance is the leading blockchain service provider and as crypto adoption reaches new heights in the coming years, the need for an efficient backend is expected to grow. The Indian IT sector is known for its efficiency and affordability across the globe and that makes it an ideal space for blockchain giants to accommodate their heavy-weight backend tasks.
It is evident that Dubai is not the cheapest place to operate for Binance and Changpeng Zhao might be looking forward to shifting its entire backend to a more efficient nation. India, being the biggest democratic country in the world, safeguards the rights of all the stakeholders in businesses.
However, the high rate of taxation on crypto transactions in India is becoming a hurdle for Binance to think about the proposition with exact figures.
The Indian government is already working on the crypto regulation in the country and we are going to get the exact details on the subject when the bill will hit the floors of the Indian parliament in 2023.
India has over 115 million young crypto investors, leading the crypto growth in the nation.
Apart from that, India is also testing its CBDCs in the space and is willing to move forward with different blockchain products. To read more about the reasons behind India’s CBDC project read this.
These actions from the government of India are already signifying that much thought is being put into blockchain adoption and feasible propositions are not only accepted but also executed on the ground. Crypto taxation is under discussion and we might soon witness some relaxation in the same.
Cryptocurrencies and blockchains are the future of finance without a doubt. However, the rationale that Binance's founder has put forward is not completely dubious. India’s crypto tax bar is intentionally counterproductive to ensure that people do not lose too much money during crypto instabilities. If Binance moves forward with shifting its operations to India, it will open new doors of opportunity for Indian blockchain professionals and expose an entire generation to blockchain technology.
What according to you would be the reasons why Binance should think of shifting its backend operations to India? Share your views in the comments below and get a chance to be featured on our social media.