India Will See Rise Of New Crypto Advisory Body
- A new advisory body on crypto and Web3 is being formed in the second-most populous country in the world called Bharat Web 3 Association (BWA) where the word Bharat represents the nation of India.
- The new advisory body has been founded just four months after the disbanding of the Blockchain and Crypto Assets Council by its parent firm, the Internet and Mobile Association of India (IAMAI).
- Sources have also revealed that the prominent members of the BWA will include people from major crypto firms like Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and Wazir X.
One of the largest economies in the world, India, will witness the formation of a new advisory body on crypto and Web3 after the previous body, Blockchain and Crypto Assets Council, was shut down under unforeseen circumstances. Interestingly, the BACC was the only crypto advisory board in the country and since then, the country has been without an entity representing the interests of crypto investors.
Just four months after the disbanding of the BACC by its parent firm, the Internet and Mobile Association of India (IAMAI), a new advisory body has been founded, according to three people familiar with the matter who remain anonymous because the decision hasn’t been made public yet. Moreover, as per a report, the new body will be called the Bharat Web 3 Association (BWA), which suggests a shift in the branding.
As the name suggests, the new crypto advisory body in India will focus more on Web3 as compared to the earlier focus on blockchain industry. The word Bharat in BWA means the country of India whose crypto industry is struggling because of increased taxes and high rate of scrutiny from the government and regulatory authorities.
Moreover, the sources have also revealed that the prominent members of the BWA will include people from major crypto firms like Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and Wazir X, all of which rose to popularity following the bullish run in 2021. However, since then, the trading volume on the crypto exchanges have declined as the people are not risking their money on a volatile industry such as crypto.
As pointed out by the report, the goal of the Bharat Web3 Association will be to drive “awareness about Web3, pushing for technology and innovation, supporting ecosystem partners, and outreach to regulators to communicate steps towards consumer protection” in India.
Binance CEO on India
Binance CEO, Changpeng Zhao, also known as CZ in the crypto space, shared his views on the crypto industry in India. “India has high tax which is probably going to kill the industry,” Zhao said in livestreamed remarks during panel at a fintech conference in Singapore on Thursday according to a report from Bloomberg.
Interestingly, India levies a tax of 30% on all cryptocurrency-related profit while a tax of 30% is also laid on people who earn their salary in crypto. This is one of the highest crypto taxation policies across the globe. Recently, Japan, another Asian country, decided to lower crypto tax on corporates and on stock holdings as well. Individual investors are also being considered for tax relaxation.
It is also crucial to note that the South Asian country also completed its first CBDC pilot for wholesale industry and stated that it will soon debut the digital rupee for retail users as well in the coming months.