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I had a chat with one of my old office colleagues a few days back. He has now moved to a crypto-friendly country and trying to make a life there. The quality of life in that country is very good and at the same time, the taxes on crypto is pretty decent and clear. People don't have to hide their revenue from the government. The rule is also in such a way that they have to pay a huge penalty if they abuse the government by not paying the tax properly.
I'm really happy to see such countries having clear regulations. At the same time, I don't really want to bad-mouth India as well because things are getting better slowly and steadily here too. Just that we still don't have a clear picture of how the crypto adoption can be made better. Hopefully, by next year the regulation should be pretty much clear. Let's see. Many people have already started moving to better countries where the taxation on crypto is good and clear. In India too we have regulation and taxation on crypto but just that the government itself is not very clear on the clause and people also feel that 30% is huge for a developing nation.
Someone who wants to build something on top of Blockchains would have hesitation because of the 30% fees we have to pay the government. It is more like nerfing great ideas and ultimately people move to a better country to implement their ideas or make a decent earning. I wouldn't say that the crypto situation is very bad in India, even though it is, what I'm really trying to say is that people should at least have the freedom required and build things on top of blockchains. Governments should increase their knowledge base on cryptocurrencies and blockchain technology and adopt this in many areas. For example, the toll collection system is one place where other countries have explored and started seeing that as an opportunity.
There are other areas where the government can adopt this technology and especially in places where the data is public. Providing incentives to people who run a blockchain node is also something that would encourage them to run the node and spread the data across several places. All the sensitive information can still exist in blockchains but in an encrypted manner where only the owners should be able to decrypt the data with their keys.
Already with brain drain, we lost a lot of brilliant minds in India. Many people have already settled down in several developed nations. It is more like a natural treasure lost for us. I hope the government understands the importance of exploring this technology and tries to retain as many people as possible in India than letting them leave for a crypto-friendly country.
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