Indian Finance Minister's Budget Speech Fails to Address Crypto

Indian Finance Minister Nirmala Sitharaman's recent budget speech did not mention cryptocurrencies, keeping tax regulations unchanged. Local crypto advocates had hoped for a reduction in the current 1% tax deducted at source (TDS) to 0.01%, citing its negative impact on the industry. Despite calls for change, the taxation rules remained the same, signaling the government's lack of seriousness towards crypto in India. The strict tax regime, including a 30% flat tax on profits and 1% TDS on transactions, has led to a significant decline in trading volumes and active users on local exchanges. While the industry faces challenges, there is optimism for future tax amendments. The Reserve Bank of India's cautionary stance on cryptocurrencies adds to the regulatory uncertainty. Despite hurdles, India remains a key player in global crypto adoption.