digital: What Crypto industry heads have to say on Budget 2022 – Times of India

Ashish Singhal, Founder and CEO, CoinSwitch and co-chair Blockchain and Crypto Assets Council (BACC)
We welcome the government’s decision to introduce central bank digital currency (CBDC) to accelerate digitization. We also believe that various budget measures to improve digital payments adoption will induct more digital-savvy Indians into the financial ecosystem willing to explore newer forms of investing and wealth creation. The regulatory guidance on tax from the government furthers the mainstreaming excitement of this emerging asset class with over $6bn worth of investments in India. It is also the gateway to the future decentralized world, aka Web3.0. Today’s digital-savvy Indians are willing to experiment with this emerging asset class. The budget provides clarity on taxation and shows the government’s intent to take a business-friendly approach while protecting the interest of consumers and the exchequer. We hope to work with the government to help bring crypto-asset taxation at par with other asset classes and participate in the central government’s vision to promote economic growth.
Melbin Thomas (Co-founder, Sahicoin)
It is encouraging to see that the government has taken a positive step towards regulating digital assets. This will change a lot of misconceptions around crypto assets and pave the way forward to classifying them as a separate asset class. Government mandated 1% TDS for every trade will enable it to track crypto transactions and provide much needed visibility on the holders and users of crypto assets. The Digital Rupee (CBDC) will be a game changer for the Indian economy. It will enable efficient and cheaper currency issues and circulation. This is not only a win for Digital India but also for adoption of blockchain technology, opening up new doors for innovation, monetary efficiency and a robust economy. For the long term, India will have the necessary infrastructure in place to emerge as global financial technology leaders in the coming decades.
Sumit Gupta Co-Founder and CEO of CoinDCX
The budget is forward-looking and inspirational. It has touched key points that’ll help us create modern, powerful, digital, and sustained growth. We welcome the budget and congratulate the Finance Minister for a futuristic budget. Taxation of Virtual Digital Assets or Crypto is a step in the right direction. It gives much-needed clarity and confidence to the industry. India’s focus on digital innovation and the promotion of blockchain technology is welcome. Introduction of CBDC sends a clear signal of India being a digital-first, efficiency-driven, and transparency-led system.