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Will India’s Crypto Tax Help or Hurt Cryptocurrency Adoption?

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Some countries are banning cryptocurrency, others are making it part of their economies. In this segment of “The Crypto Show” on Motley Fool Live, recorded on Feb. 2, Fool contributors Jon Quast, Chris MacDonald, and Travis Hoium chat about the cryptocurrency path that India is taking.

Jon Quast: India’s finance minister proposing a tax on transferring digital assets. It seems like this would include cryptocurrencies and NFTs, the way that it’s worded. A 30% tax, which is pretty hefty. Also announcing a digital rupee in the works for either this year or next year.

Now, this is some interesting stats regarding India, obviously the world’s most populous nation. There are more cryptocurrency users in India than any other country in the world. That’s not terribly surprising given it’s such a large population.

What is surprising to me is that in terms of the percentage of cryptocurrency adopters, India is actually fifth in the world with 7.3% behind the Ukraine, Russia, Kenya, I was…

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