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India’s Budget Disappoints

India’s position on digital assets remains status quo as the country’s parliamentary budget hearing leads to disappointment in the crypto sector.

Welcome to The Daily Forkast – February 2, 2023 – presented by Joel Flynn.

Crypto in India has been in a rough spot for the better part of the past year. The introduction of a flat 30% tax on gains plus a one percent tax deducted-at-source on all transactions of over around US$120 led to a slump in trading volumes at local exchanges.

Unsurprisingly, there were many calls for a rethink in India’s digital asset strategy but those have fallen on deaf ears. India’s 2023 budget hearing session concluded with no real change in the government’s approach to crypto.

We’ll have more on that story in this episode of The Daily Forkast.