Wazirx CEO explains how India is killing the blockchain Industry

Nischal Shetty explained with an example that Indian citizens are forced to pay tax even at zero percent profit.

Nischal Shetty is the chief executive officer of WazirX crypto Exchange. WazirX crypto exchange is standing at the first rank in the Indian crypto market by highest trade volume and this exchange is under the ownership of Binance exchange, which is a globally first ranked crypto exchange. 

On 21 March, Nischal Shetty took an example and said that if a person will invest 100 rs in one crypto asset and 100 rs in another crypto asset then under any critically neutral situation investment resulted in 100rs profit in first crypto asset and 100rs loss in a second crypto asset than in that situation that person will have total 200 Rs, which is the same amount of the initial investment amount. 

Now, Nischal explained that the current tax law will force crypto investors to pay 30% tax on the first coin. Now that crypto investor has a total of 170 rs. That means, crypto investors have faced a total of 15% loss.

This tweet of Nischal Shetty, was noted by Popular India crypto YouTuber, Pushpendra Singh, who responded and claimed that India is killing the blockchain industry, in these ways. 

On the other hand, a person claimed that such set-off loss methods are wrong. In response, Nischal attached a screenshot of the crypto tax bill of India to explain that it is a provision forced on crypto investments, which is opposite to the stock market where people have the freedom to set off a loss with the profit loss in other stock assets. 

Earlier this, Nischal raised voice against the 1% TDS system and suggested giving the option for the crypto traders to pay 0.01% TDS so that crypto traders can do easy trades. 

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