Binance CEO Says India Is Killing Its Crypto Industry
November 3, 2022
During a panel at a fintech conference in Singapore, Binance CEO opined what he thinks of India’s crypto tax policies.
Binance CEO Changpeng Zhao said India’s onerous taxes on cryptocurrency transactions will probably “kill the industry” there.
“India has high tax which is probably going to kill the industry,” the CEO said.
Earlier this year, the Indian government announced heavy taxes on crypto trading that caused trading volume on exchanges to drop.
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India levied heavy taxes on capital gains and transactions to curtail the crypto industry.
India also announced the pilot project of its central bank-digital currency this month.
The Indian crypto community has been protesting against high crypto taxes.
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