As you know, last week we informed you that India presented its plans for the upcoming digital currency of the central bank and also a 30% tax on all crypto transactions. We have witnessed relatively positive responses to the recognition of digital assets as legal tender, but the same cannot be said of the high cryptocurrency tax approved by the government.
For this reason, a petition has been created to reduce the tax, which, as petitioner Aditya Singh said, aims to alert Prime Minister Narendra Modi and Finance Minister Nirmal Sitharaman to disproportionately high transaction costs. Within hours of launching this petition, 15,000 signatures have been collected for a 30% reduction in the cryptocurrency tax, and their number is growing. There are currently around 15 to 20 million crypto investors in India, while a significant number of people between the ages of 17 and 27 are involved in some way in the development of technology or the implementation of services in the sector.