Legal practitioner Amit Kumar Gupta told Cointelegraph that the Indian government’s stance on crypto reflects a lack of understanding of the technology.
A legal practitioner has argued that the Indian government’s “draconian” crypto tax is an attempt to displace blockchain and crypto technology because they believe it’s only being used for illicit purposes like money laundering and terrorist financing.
At the Peer-to-Peer Financial Systems Workshop 2024, Amit Kumar Gupta, a legal practitioner at the Supreme Court of India and the Indian Institute of Technology-Kanpur, presented a research paper on crypto taxation in India.
Gupta explained that India’s crypto and blockchain space is heavily taxed but unregulated. In an interview with Cointelegraph, the legal practitioner said that this stems from a lack of understanding of Indian regulators about the real uses and potential of Web3 technologies.
