#ReduceCryptoTax is Trending! – In India, we have a mob mentality for most of the things, sometimes it really works in everyone’s favour, but, sometimes it’s mostly just following an empty idea with our hopes high! Is this twitter trend one of those empty ideas or a real ray of hope? Let’s see what our experts had to say on this.
Our 3rd episode of #Hodlmycoffee was graced by two of the most intellectual industry veterans. Mr. Edul Patel, the CEO and Co-founder of Mudrex and Mr.Avinash Shekhar, the CEO and Co-founder of Pi42.com.
Edul’s Journey
The episode commenced on a beautiful note where Edul talked about his journey into crypto and ever since, it’s lovely to see how most of us can relate to each other’s stories about getting into this space, because more or less it has been the same.
Why is #ReduceCryptoTax trending?
Next, Avinash explained a few possible reasons as to why this demand has started emerging on a mass level, like fear of missing out because of these taxes, and being left out with this regression while other countries progress.
Biggest pain point: Absence of loss offsetting
Edul emphasised that the absence of loss offsetting in the regulation is particularly painful. Although subject to interpretation, this specific clause suggests that if you’ve made two investments of 20 rupees each, and the value of the first one declined to zero while the value of the second one increased to 40 rupees, your net profit is zero. However, you are still required to pay taxes on the capital gains from the second investment.
Indian Exchanges Vs. International Exchanges
We also discussed the supremacy of Indian exchanges over the international ones in terms of reliability, regulatory recourse, consumer protection and trust. While Pi42 exchange strives to provide the world class experience to its customers, we are all ears for any feedback that comes along.
Does #ReduceCryptoTax make sense for the upcoming budget session?
We also tried to understand the depth of this twitter trend movement, the host for the show asked the experts about the running high hopes, because it’s a known fact that the budget before elections is a vote-on-account and usually it does not include any reformatory announcements.
Q&A
There was a flood of queries coming in from our viewers regarding the kind of innovative service we are providing as a Crypto-INR perpetual futures trading platform.
Stay Safe, Hodl Strong!
The session concluded with a strong remark of promoting Hodl, vigilance against scams and some insights for beginners.
Watch the full session here:-