As the expectations build for Finance Minister Nirmala Sitharaman’s budget announcement, the Indian crypto and blockchain industry are voicing their expectations and hopes for proactive measures to support the sector’s responsible growth.
Here’s a breakdown of perspectives from industry leaders:
Edul Patel CEO of Mudrex
The Indian government’s commitment to fostering innovation and responsible growth in the crypto industry is evident through its proactive measures. The implementation of taxation, integration of cryptocurrencies into anti-money laundering/counter-terrorist financing (AML/CTF) frameworks and issuance of notices to non-FIU compliant foreign entities highlight its dedication to creating a secure ecosystem for investors and businesses.
However, the current imposition of a 1% TDS on every transaction could potentially hinder cryptocurrency adoption. Addressing this concern proactively in the upcoming budget would be a prudent step, aligning with the government’s broader objectives in supporting a robust and sustainable crypto ecosystem.
Pranav Srivan Elankovan, Co-Founder of Crypfi.io
As the budget season approaches, SMEs eagerly anticipate measures that promote growth and resilience. The CeDeFi ecosystem has paved the way for breakthrough financial solutions. Small and medium-sized businesses rely on the government for supportive policies, tax breaks, and reduced regulations as they navigate the changing crypto landscape.
Expectations are based on creating a favorable climate for entrepreneurial initiatives, encouraging technological use, and boosting financial inclusion. The SME sector wants a budget that recognizes the transformative power of emerging technology. A forward-thinking budget can help SMEs succeed in today& changing cryptocurrency economy.
Nikhil Goyal, Founder & CEO, Beyond Imagination Technologies & BitMemoir
Blockchain technology can have a profound impact on several sectors as it has the potential to create cutting-edge solutions and serve as the foundation of India’s digital economy. It can play a vital role in India’s growth story by solving real-world problems.
So, we hope that our country will see more adoption of blockchain technology in times to come and bring real impact, improve efficiency, and make India a productive nation. Thus, we hope that the upcoming budget will provide an impetus to technological advancements, which can unlock significant opportunities for growth and economic development, and an opportunity for India to become the tech hub of the world.
In the budget 2024-25, we hope the government to provide a fair share towards technological advancement, focus on incentivizing or promoting tech to make India the talent hub of web3 for the world, a push to R&D to develop “Make in India” blockchain products for the world and position India as the epicenter of the tech developments.”