{"id":14662,"date":"2022-11-21T05:42:05","date_gmt":"2022-11-21T05:42:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/we-dont-see-a-viable-business-in-india-exchanges-bitcoin-news\/"},"modified":"2022-11-21T05:42:05","modified_gmt":"2022-11-21T05:42:05","slug":"we-dont-see-a-viable-business-in-india-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/we-dont-see-a-viable-business-in-india-exchanges-bitcoin-news\/","title":{"rendered":"We Don’t See a Viable Business in India \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Binance CEO Changpeng Zhao (CZ) says India is currently not a viable business environment for his cryptocurrency exchange, citing a strict tax regime. The executive explained: \u201cBinance goes to countries where regulations are pro-crypto and pro-business.\u201d<\/strong><\/p>\n

Binance\u2019s CEO on Indian Crypto Environment<\/h2>\n

The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), does not currently see India as a viable country to expand his crypto exchange operations. He detailed at a Techcrunch Crypto conference Thursday:<\/p>\n

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To be honest, I don\u2019t think India is a very crypto-friendly environment.<\/p>\n<\/blockquote>\n

Zhao is particularly discouraged by the crypto tax regime that the government of India implemented earlier this year. In addition to taxing crypto income at 30%, crypto transactions are subject to a 1% tax deduction at the source (TDS).<\/p>\n

Citing India\u2019s aggressive tax environment, the Binance CEO said: \u201cIf you are going to tax 1% on each transaction, there is not going to be that many transactions.\u201d<\/p>\n

He stressed:<\/p>\n

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A user could trade 50 times a day and they will lose like 70% of their money. There is not going to be any volume for an order book type of exchange. So we don\u2019t see a viable business in India today.<\/p>\n<\/blockquote>\n

\u201cWe just have to wait. We are in conversation with a number of industry associations and influential people and trying to put some logic there,\u201d CZ continued.<\/p>\n

\u201cWe are trying to get this message across, but tax policies typically take a long time to change,\u201d Zhao cautioned, adding:<\/p>\n

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Binance goes to countries where regulations are pro-crypto and pro-business. We don\u2019t go to countries where we won\u2019t have a sustainable business \u2014 or any business, regardless of whether or not we go.<\/p>\n<\/blockquote>\n

Several other global cryptocurrency exchanges have attempted to launch in India, including the Nasdaq-listed cryptocurrency exchange Coinbase. The exchange tried to launch<\/a> in India in April but soon halted<\/a> services. Coinbase CEO Brian Armstrong said in May that the firm disabled its support for the local payments system UPI \u201cbecause of some informal pressure from the Reserve Bank of India.\u201d<\/p>\n

While cryptocurrency income and transactions are taxed, India still does not have a regulatory framework for cryptocurrency. The Indian finance minister, Nirmala Sitharaman, previously said that crypto regulation will be one of the topics of focus during India\u2019s G20 presidency. The government hopes to establish a tech-driven regulatory framework<\/a> for crypto after discussing it with other G20 countries.<\/p>\n

What do you think about the comments by Binance CEO Changpeng Zhao? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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