The CEO of Binance, Changpeng Zhao, popularly known to the crypto industry as CZ fears India’s high taxes on cryptocurrency transactions would probably “kill the industry” there. The Binance CEO shared his concerns during a live-stream of SSF fintech conference in Singapore on Thursday.
CZ comments add to a litany of warnings on the future of India’s crypto industry after the government introduced a controversial tax package that’s caused trading volumes to evaporate.
India has chosen to indirectly restrict businesses from adopting crypto by imposing high taxes on capital gains and transactions.
Also Read: India’s CBIC Inquiries Crypto Exchanges to Impose GST on Digital Assets
