Binance Sees Potential in India Workers Despite Doubts Over Market Development
Binance sees India as a source for a new generation of employees, despite its doubts about business developments in the country. Binance chief technology officer Rohit Wad said that India would be one point of focus for upcoming internships. Wad said that Mumbai would be among five cities Binance is sourcing.
Zhao said that India’s repressive tax policy towards cryptocurrencies made it infeasible for conducting transactions at any significant scale. In addition to taxing income on the sale of any virtual assets at 30%, India imposes a 1% tax deduction at the source for crypto purchases. Zhao said this rate of taxation prohibits trading at any meaningful volume, as profits would dwindle with each additional transaction. He cited the country’s hostile approach to cryptocurrencies as the main reason it is not a viable place for expansion.
Source
https://t.me/InvestmentTradingUpdates
