Influencers cheer as India gears up to crypto with 30% tax on digital assets

India announced to introduce a blockchain-powered Digital Rupee and proposed imposition of 30% tax on the sale of digital assets, including crypto and non-fungible token (NFTs), during the Union Budget 2022-23. Meanwhile, Twitter influencers have cherished the decision as India joins the global move towards the acceptance of cryptos, which is also likely to eliminate the uncertainties around crypto legal status and the fear of a ban in the country, according to the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

In November 2021, the Social Media Analytics Platform of GlobalData revealed that Twitter influencers and Redditors were of the opinion that India may not go for a blanket ban on cryptocurrency as apprehended by the majority of the investors in the country but keep a conducive and regulated environment, following a proposed ban on cryptocurrencies following the government’s decision to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “Indian investors were in a dilemma earlier when India proposed to ban cryptocurrencies following the decision to introduce the Digital Currency Bill 2021, which ruined investors sentiments. However, the introduction of the tax on crypto income once again boosted the confidence of the investors as they see this as a positive step towards crypto adoption in India.”

Below are a few most popular tweets captured by GlobalData’s Social Media Analytics Platform:

Nischal Shetty, Founder and CEO at WazirX:

“Blockchain powered Digital Rupee by @RBI will be introduced 2022-23 in India Great news! More crypto adoption on the way Glad to know that RBI will now start getting deeper into crypto. Hope to see banks start getting involved with crypto industry as well #IndiaWantsCrypto”

Christopher Inks, Advisor, Founder and CEO at TexasWest Capital:

“India making it official. #Bitcoin, and #crypto in general, being legal but with a 30% tax on income from its sale. With the size of their population, it will be interesting to see how this affects fiat inflows into the #cryptocurrency market.”

Shamika Ravi, Vice President at Observer Research Foundation:

“While many are unhappy with the 30% tax on crypto assets - it is important to note that most cryptocurrency prices have surged significantly (ethereum, bitcoin, solana etc.) in the last 24 hours. Crypto is now recognised in India - that's the larger and clearer message!”

Chandra R. Srikanth, Editor at moneycontrol.com:

“Has India finally legalised crypto? While the steep tax rate is a deterrent, it also ends ambiguity around the status of cryptocurrencies in India By taxing this asset class, albeit at 30 percent, the Government has given it legality”

Madhavan Narayanan, Senior Editor, Freelance:

“A historic step by @nsitharaman in introduction of #Blockchain -backed #DigitalRupee in #Budget2022. India becomes a pioneer in central bank digital currency. Would be keen to see how it is anchored. #CBDC #cryptocurrency”

Deepak Saini, Independent Investor:

“#Crypto Tax flat 30% Positive regulation of crypto in India #Investing #BudgetSession2022”