Changpeng Zhao: India is currently not a viable country to expand crypto exchange business

According to Bitcoin.com, Binance founder Zhao Changpeng said at the Techcrunch Crypto conference that India is currently not a viable country to expand the business of encrypted exchanges, and the environment is not friendly to cryptocurrencies. Frustrated by the currency tax system, the country implemented a 1% tax deduction at source (TDS) in addition to a 30% tax on cryptocurrency profits. Regarding India’s aggressive tax environment, Changpeng Zhao said, “If you want to impose a 1% tax on each transaction, then there won’t be so many transactions, and a user who trades 50 times a day will lose 70% of their funds.”