India needs crypto regulation, not heavy taxation or ban: Raj Chowdhury

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The head of PayBito said that standardized crypto regulatory frameworks can elevate India to a global leader, but the current heavy taxation must end.

PALO ALTO, Calif., Jan. 19, 2023 /PRNewswire-PRWeb/ — As the nation with the largest population of crypto investors, India wields considerable influence over the outcome of the trending topic of crypto regulation . PayBito chief Raj Chowdhury highlighted the magnitude of potential trading opportunities with the proper implementation of crypto regulations, adding that while the country’s heavy tax policies may deter newcomers from trading, a notable number of traders choose already foreign crypto exchanges.

India has made huge contributions to the ongoing Industrial 4.0 Revolution, especially in developing Web 3.0, Metaverse, Blockchain and accelerating financial inclusion through digital public services. It also ranks high among the top positions in several global cryptocurrency ranking indices, including crypto adoption and first-time crypto investor population. But, the 30% crypto taxation slab has been detrimental to the growth of the crypto ecosystem across India, with several exchanges pulling out or setting up operations in crypto-friendly countries. Additionally, there was a drop in the crypto trade, amounting to Rs. 32,000 crores.

Paybito CEO, Raj Chowdhury says, “The trade bypass system through non-Indian exchanges using foreign currencies makes the process of collecting tax revenue more difficult. It also benefits the economy of the countries where these exchanges are based.

The Reserve Bank of India has been a long-time critic of crypto and has previously addressed its concerns about the “loss of control” of the Indian economy. The Supreme Court overturned the ban imposed by the country’s central bank in 2020. Fast forward to now, the RBI is again arguing for an outright ban on cryptocurrencies, including Bitcoin and Ether, at the Union budget day is approaching, citing the FTX implosion as an example and adding that the cryptocurrency has no “underlying.”

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“Cryptocurrencies have optimized transaction settlements in a way that has been embraced by multinational corporations, payment processors and expats who send income to loved ones through remittances,” said Chowdhury, who previously stressed the need for stronger crypto security measures and condemned the former FTX. Chief Sam Bankman-Fried for asset mismanagement.

The US-based PayBito exchange is one of the pioneers of integrated crypto-forex technology. The company has received critical acclaim for being the first crypto brokerage platform of its kind and has won top honors in developing white-label crypto exchange technology in global search listings. Solutions designed by PayBito have been deployed in more than 26 countries, including South Korea, Australia and Sweden.

India will use its position as the G20 Presidency this year to encourage other countries to develop a consensus-based global crypto regulatory framework and prevent crypto money laundering. Thought leaders in the crypto ecosystem expressed similar sentiments, adding that standardization will instill trust among newcomers and significantly boost crypto adoption.

About Raj Chowdhury:

Raj Chowdhury is the Managing Director of HashCash Consultants and Paybito. Raj pioneered the first interbank implementation of blockchain technology trade finance and remittance transfers between two of the world’s largest banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policy makers in this area. He is a contributor to Economic Times, Business World, CNNMoney and advises industry leaders on Blockchain adoption. He is a member of Asha Silicon Valley, a non-profit association committed to the education of children in emerging countries. Author of the book “The Dark Secret of the Silicon Valley”, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.

Media Contact

Coleen Facete, Hashcash Digest, +14159662907, [email protected].

SOURCEPayBito

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