February 17: The proposal to tax all income from cryptocurrencies at 30% has evoked mixed responses from industry players. While there was a sigh of relief at cryptos not getting banned outright, the disappointment at the high tax rate was palpable. But Sajeev Nair, co-founder of Limoverse, a blockchain-based healthcare metaverse, says this is a huge positive for the industry.
Of course, 30% is one of the highest tax slabs in India and can in itself be a dampener to the booming cryptocurrency market in India. In contrast, stocks are taxed at 10% and 15% for long-term and short-term capital gains, but in cryptos, there is no such separate treatment either. And in addition, some players expressed concerns about how the additional 1% TDS provision for ensuring transparency can be implemented effectively.
But Sajeev Nair, co-founder of Limoverse, a blockchain-based metaverse in healthcare, says today’s budget proposal to tax cryptos is a huge positive due to many reasons. Says Sajeev, “Firstly, calling crypto tokens as Virtual Digital Assets is a big positive as it recognizes and accommodates them as a legitimate asset class.”
In fact, this has been an industry demand – to treat them as legitimate assets – in various submissions before the government.
Interestingly, in her post-budget press conference, Finance Minister Nirmala Sitharaman further clarified this issue while answering a query, stating that calling them currencies is incongruous with India.
Aditya Narayan, co-founder of Limoverse, agrees, “What the Finance Minister said is the reality, as cryptocurrencies are not being used as substitutes for fiat currencies for buying everyday goods, but living up to their promise as value-stores, much like gold or real estate.”
Sajeev Nair says that there is an even more important reason why today’s move is a big positive for the industry, “After today’s move, it is almost certain that India will not ban crypto tokens entirely like how China and a few other nations have overreacted.”
This is a very important factor indeed, as there were many powerful voices calling for an all-out ban on crypto tokens in India.
But Sajeev agrees that the sector needed to be regulated as otherwise there would be many fly-by-night operators as well as significant tax evasion too. Indeed, in her press conference, the FM did provide a hint that there might still be an upcoming regulation when she remarked that she couldn’t wait for regulation when many people are making big profits without paying taxes.
Thirdly, Sajeev says, today’s budget move opens the doors for many start-ups to legitimately pursue their innovative plans in blockchains, crypto tokens, NFTs, metaverses and so on. Says Sajeev, “With China going for an all-out ban, India has played its cards well and can prove to be a hotbed of innovation in blockchain-based technologies that holds the most promise for the future.”
India indeed has made massive yet silent progress in blockchain-based technologies. For instance, very few people outside of industry circles know that the largest ever blockchain use-case and implementation in the world is from India, from the Hyderabad based Tanla Platforms, which undertakes hundreds of billions of blockchain-based transactions every year. More such companies can evolve with a more legitimate base for blockchains.
Limoverse, which Sajeev heads, is one such blockchain-based metaverse focusing on Health 5.0 technologies. Says Sajeev, “Limoverse is bringing together thousands of health practitioners from every speciality and from across the world to serve health seekers worldwide. Limoverse has at its apex, EPLIMO, one of the world’s most advanced geno-metabolic based lifestyle modification programs to ward off hundreds of killer diseases.”
Transactions in Limoverse are exclusively through Limo tokens that users can earn by sharing their health and genomic data with trusted research institutions. Limoverse, which had a soft launch last month, is all set to be launched formally on the blockchain within a few months. Early adopters can join Limoverse now at its website https://limoverse.io/ or by downloading its Android app.
13 thoughts on “Blockchain Pioneer Sajeev Nair sheds light on Why Crypto Taxation is a Huge Positive”
32536 680192very good day, your site is actually unquie. Anways, i do appreciate your work 174747
999336 665369I found your weblog internet site on google and check a couple of of your early posts. Proceed to sustain up the very excellent operate. I just extra up your RSS feed to my MSN News Reader. Seeking for ahead to reading extra from you later on! 998638
905307 394383Basically received my 1st cavity. Rather devastating. I would like a super smile. Looking a great deal much more choices. A lot of thanks for the post 451485
963647 844895Thanks for taking the time to discuss this subject. I actually appreciate it. Ill stick a link of this entry in my weblog. 763752
642944 528101There is noticeably a great deal of money to comprehend this. I suppose you made particular nice points in functions also. 488782
389165 628828Hi, ich habe Ihre Webseite bei der Suche nach Fernbus Hamburg im Internet gefunden. Schauen Sie doch mal auf meiner Seite vorbei, ich habe dort viele Testberichte zu den aktuellen Windeleimern geschrieben. 268210
463079 558089I want to start a blog but would like to own the domain. Any suggestions how to go about this?. 700307
143324 898681I respect your piece of function, appreciate it for all of the interesting content material . 452083
661521 900629I dont normally comment but I gotta state thanks for the post on this great 1 : D. 627323
266738 72108Its a shame you dont have a donate button! Id most definitely donate to this outstanding web web site! I suppose inside the meantime ill be pleased with bookmarking and putting your Rss feed to my Google account. I appear forward to fresh updates and will share this weblog with my Facebook group: ) 950099
813973 789143Hello I identified the Free of charge Simple Shopping Icons Download | Design, Tech and Internet post really intriguing therefore Ive included our track-back for it on my own webpage, continue the wonderful job:) 34540
855581 396548Quite fascinating subject , thanks for posting . 16974
201814 148968i just didnt require a kindle at first, but when receiving 1 for christmas im utterly converted. It supply genuine advantages more than a book, and makes it such a great deal additional convenient. i may undoubtedly advocate this item: 187230