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Guys, it has started to feel like the Indian Government is not looking to be positive on the whole Crypto Matter as we now see UPI which stands for Unified Payments Interface steeping out of servicing Crypto Exchanges. This means now Users will not be able to Deposit INR using the UPI method. UPI was a huge change for us Indians and not just only for Crypto but now that it has been kind of banned I am pretty sure the Crypto Trading Volume will indeed decrease in India, add in the whole 30 percent Crypto Taxes and you get a whole lot of people moving out of Crypto for sure.
We are already witnessing some Big Crypto Influencers of India move out of India to more Crypto Favourable Countries and it's a clear sign that the Crypto Ecosystem is hurting with all the backlash from the Government and Banks. Even though the Backlash isn't direct we are certainly feeling burnt of it. Just today we got the news of WazirX CEO moving to Dubai and I am certain that this will not be the end as more people will move out if things like these continue.
Another factor is also the fact that even with the 30 percent Taxation there are a group of people that are still willing to pay the taxes accordingly but if they keep n making things difficult for the Crypto Ecosystem then I can say this for sure that a lot of people will move towards more Anonymous ways where they won't have to pay taxes. Trust me if we want we can evade the 30 percent taxes and the Government cant do sht. So I really hope the Government doesn't force the Crypto Ecosystem to go Dark as Crypto won't die it will only go someplace you guys won't be able to track at all.
Hello @arunava
This you raise really is very bad. I think those Indian government guys are some kind of dinosaurs, I really think so.
But the way you put it, there will be no way they can totally limit the use of cryptocurrencies, in the end what they will do is look for other investment options, they will look for ways for the government guys not to screw up, and they will look like fools.
I also believe that the big crypto companies in your country will end up leaving, because such rigorous policies are not beneficial for these companies, much less for small investors.
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