Union Budget 2022: Reactions from Crypto Sector

Union Budget 2022: Reactions from Crypto Sector

The finance minister Ms. Nirmala Sitharaman has finally presented the Union Budget in parliament for FY 2022-23. The budget is expected to lay the foundation of modern and digitally empowered India. FM emphasized improving the digital infrastructure as technology is rapidly expanding its footprints. The government touched almost every sector be it startup, education, health, MSME, telecom or manufacturing. The IT industry plays a crucial role in the economy hence the Finance Minister announced several measures to boost domestic manufacturing and uplift the IT sector. The crypto segment has received an overwhelming response in India as people are investing hugely in digital currency. The government has recognized this sector and given it a space in the budget. The IT leaders have shared their views on the announcement for the cryptocurrency market. Read the excerpts below:

"The Government Seems To Be Approaching The Crypto Space With A Comprehensive Understanding” 

"The government seems to be approaching the crypto space with a comprehensive understanding, while keeping in mind the P2P nature of crypto as they're considering taxing the transfer of digital assets. While we eagerly wait for the crypto bill, we expect positive and well-thought regulations going ahead, which are strongly needed for consumer protection. UPI and Aadhar are ground breaking, world renowned finance and governance initiatives. We hope for the same from Indian crypto regulations." - Roshan Aslam, Co-Founder & CEO, GoSats

“It Is The Beginning Of A Revolution When Government Has Itself Announced The Launch Of Digital Cryptocurrencies”

“The industry was waiting for the government to recognise crypto technology and innovation. Today, it is the beginning of a revolution when the government has itself announced the launch of digital cryptocurrencies. We, as an industry, have taken a step ahead towards adoption of digital currencies. Yes, currently taxation imposed is a little on the higher side, but the industry which was already growing rapidly in the absence of regulation, will now thrive with the government’s clear support.” - Kumar Gaurav, Founder & CEO, Cashaa

“Now, Retail Investors Should No Longer Worry About Whether They Can Invest In Cryptos” 

"It was certainly a growth budget, and the introduction of India's own digital currency ensures the cryptocurrency industry's future success. The tax provision of 30% was announced in the Union budget 2022 for digital assets. No expenditure deduction except the cost of acquisition. It's a win-win situation! Now, retail investors should no longer worry about whether they can invest in cryptos.” - Bibin Babu, Co-founder, MetaSpace

“Union Budget 2022 Confirms More Crypto Adoption On The Way” 

"Union Budget 2022 confirms more crypto adoption on the way as it presents fine-tuned clarity on the crypto landscape. There will be a sensational boom for cryptocurrency as more emerging investor classes begin to recognize the potential of it, leading to more blockchain innovations. Yet another step towards positive crypto regulations and taxation clarity.” - Mo Akram, Ideator, MetaSpace

“The Highlight Of The Budget For Me Is That India Will Be Launching Its Own Digital Currency”

“Cryptocurrency seems to have caught the government’s attention after FM recognised the currency as virtual digital assets. However, the biggest eye-catching part is the government’s decision on crypto taxation. It is noteworthy to consider this move as a progressive step towards monitoring, authenticating and regulating the crypto ecosystem in the country and bringing possible transformations. The highlight of the Budget for me is that India will be launching its own digital currency by next year. It’s a historic move as people are finally clear that digital currency is here to stay and can make a rational choice while investing in cryptocurrency.  I hope this catches on and banks, too, start getting involved with the crypto industry as well.” - Abhay Aggarwal, Founder & CEO, Colexion

"Startups Have Got A Boost In This Year’s Union Budget” 

"Startups have got a boost in this year’s Union Budget. Among the many incentives proposed in the Budget is the reduction of voluntary exit, where the government has allowed the closure of a private limited company in 6 months of non-functioning. This will not only help accelerate and provide relief to startups wanting to shut a business but encourage them to experiment. Earlier they had to run the company for 18 months, even after closure, to avail of the benefit of the Fast Exit facility. The surcharge on Long Term Capital Gain (LTCG) has been capped to 15%, which is again a good move to bring more HNIs into startup Angel investment." - Amit Singal, General Partner, Fluid Ventures

“We Are Proud To Be A Part Of The Digital And Crypto Revolution” 

"Today can be considered as an historic day for the Indian Digital journey. The much-awaited welcome by the Indian government to the use of Digital Currency and Crypto transactions will soon lead India to be one of the top economies of the world. Investing in and utilizing advanced technologies like blockchain is what helps the nation grow at par with the other countries globally. With $GARI Social Tokens listing on 19 global exchanges and Chingari transforming the Web3 universe for its creators, we are proud to be a part of the digital and crypto revolution. Currently the information and awareness about Crypto/ Digital Currency is very limited in India, which is also a major challenge that needs to be resolved. Chingari powered by $GARI will be stepping up and taking an initiative towards spreading more awareness amongst the internet users in India." - Sumit Ghosh, Co-founder & CEO, Chingari App

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