Indian crypto users may ‘force’ policy shift amid mounting demand

Key Points

1. Sujal Jethwani, a crypto educator with a large social media following, argues that India's crypto community is expanding rapidly, with many stock market and forex traders shifting to crypto.

2. India imposes a 30% flat tax on crypto profits and a 1% TDS on transactions over $115, which crypto proponents claim stifles trading activity.

3. Jethwani compares India's crypto landscape to a 'suppressed spring,' suggesting that government efforts to curb crypto through taxes may not be sustainable as demand grows.

4. Pradeep Bhandari, a spokesperson for India's ruling party, has advocated for a Bitcoin reserve and clearer crypto regulations, indicating some political support for policy changes.

5. Jethwani predicts that user demand will eventually compel the government to adopt more favorable crypto rules, though progress may be slow based on India's history with new technologies.