I had a chat with one of my old office colleagues a few days back. He has now moved to a crypto-friendly country and trying to make a life there. The quality of life in that country is very good and at the same time, the taxes on crypto is pretty decent and clear. People don't have to hide their revenue from the government. The rule is also in such a way that they have to pay a huge penalty if they abuse the government by not paying the tax properly.
I'm really happy to see such countries having clear regulations. At the same time, I don't really want to bad-mouth India as well because things are getting better slowly and steadily here too. Just that we still don't have a clear picture of how the crypto adoption can be made better. Hopefully, by next year the regulation should be pretty much clear. Let's see. Many people have already started moving to better countries where the taxation on crypto is good and clear. In India too we have regulation and taxation on crypto but just that the government itself is not very clear on the clause and people also feel that 30% is huge for a developing nation.
Someone who wants to build something on top of Blockchains would have hesitation because of the 30% fees we have to pay the government. It is more like nerfing great ideas and ultimately people move to a better country to implement their ideas or make a decent earning. I wouldn't say that the crypto situation is very bad in India, even though it is, what I'm really trying to say is that people should at least have the freedom required and build things on top of blockchains. Governments should increase their knowledge base on cryptocurrencies and blockchain technology and adopt this in many areas. For example, the toll collection system is one place where other countries have explored and started seeing that as an opportunity.
There are other areas where the government can adopt this technology and especially in places where the data is public. Providing incentives to people who run a blockchain node is also something that would encourage them to run the node and spread the data across several places. All the sensitive information can still exist in blockchains but in an encrypted manner where only the owners should be able to decrypt the data with their keys.
Already with brain drain, we lost a lot of brilliant minds in India. Many people have already settled down in several developed nations. It is more like a natural treasure lost for us. I hope the government understands the importance of exploring this technology and tries to retain as many people as possible in India than letting them leave for a crypto-friendly country.
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30% is a huge amount, the amount should be friendly to encourage everyone to be cooperative and respectful of the rules-regulations. Otherwise, there is no way back to prevent the tendency of residing somewhere else or extracting the other loopholes. It's like digging a hole in the way to their own progress.
Well, the situation in Bangladesh is still very unclear regarding Crypto which would take more times to adopt. They are pointing out lame excuses to demotivate the citizens not to engage themselves with these, still they are living under the stone which is really pathetic. Because by the time they would realize the need for this, it would be too late to keep pace with the rest of the world. Failing to act with the flow would surely hamper the progress which would result in various obstacles, examples like your friend would be the result of their ignorance.
I just pray and hope that both countries will try to understand its need and act accordingly in favor of its citizen for more prosperity.
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It is really disappointing to hear governments putting pressure on cryptocurrency users and even banning cryptocurrency.
As @ taskmaster4450 already pointed out, countries would be competing to attract citizens by placing clear and fair crypto policies. Unfortunately, seems that a lot of leaders currently focus only on their current term and fail to see this. The story of your friend is a testament to this. I am seeing that the countries that would be the first to realize and grab this opportunity would be attracting "national treasures". 😊
In the case of my country, I haven't heard any regulations against crypto yet. Maybe I just didn't read, but I haven't heard any regulations being enforced.
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Oh. That really happens. Government are driving away their precious people. Especially india government.
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It's always Good when Gov have clear and proper taxation. At least things are moving and India is taking directions.
Definitely sooner or later a clear picture will make people mindset to decide what they want.
Yeah 30% tax is not fair.. Government should reconsider their decesion.Otherwsie people will their way.I hope things soon will be crypto friendly.
if it's income tax then it's pretty normal that is for most countries these days.
I think India's decision is based on 2 things: 1 - which you have already mentioned: lack of knowledge. This could also be the reason why regulations in India have been very spontaneous and numerous in nature. 2ns - this is my opinion and only guessing: controlling personal wealth. The potential of course is huge, but through taxes they can not only deter more from "freeing" themsleves but also lay control on a more intricate level.
BTW, which country have your colleagues moved to?
Singapore
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30% is quite hefty to be handing for nothing, luckily enough for me at the moment is 10%, but with the crypto winter, I will not be selling anything. Hopefully, maybe next year the market will turn around...
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I would not expect that much from the government. Their track record shows more of a killer of innovation rather than providing the right environment for such a thing to thrive.
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With the demographics dropping, I think it makes sense for people to move out to a place that is more favorable to them and remote work made that a lot easier. I just think India didn't think about how the taxes would affect the companies and citizens who invest into crypto.
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