In response to a public appeal by Pushpendra Singh, a Chartered Accountant and member of the crypto community, Aam Aadmi Party (AAP) MP Raghav Chadha has pledged to raise concerns about the high taxation on cryptocurrencies and unresolved issues surrounding the WazirX cryptocurrency exchange.
Pushpendra Singh, in his appeal via social media, highlighted the challenges faced by the crypto community due to the government’s stringent tax policies. He emphasized the need for equitable taxation to support the growth of the cryptocurrency sector in India. Singh also pointed out operational issues with WazirX, a leading Indian crypto exchange, which has caused distress among its users.
The appeal referenced Chadha’s previous successful advocacy on issues such as high food prices at airports, where government intervention followed soon after.
Raghav Chadha responded promptly to the appeal, acknowledging the gravity of the issues and expressing his commitment to addressing them. “Thanks for bringing this to my notice, Pushpendra. It’s my duty to raise issues that matter to people, and I’ll continue to do so. I agree, many issues around the topics you mentioned need to be addressed. Will try to take up as many as I can in the next session of Parliament,” Chadha wrote.
Thanks for bringing this to my notice, Pushpendra. It's my duty to raise issues that matter to people, and I'll continue to do so. I agree, many issues around the topics you mentioned need to be addressed. Will try to take up as many as I can in the next session of Parliament. https://t.co/rp2TYbD46i
— Raghav Chadha (@raghav_chadha) December 30, 2024
The Indian cryptocurrency sector has faced mounting challenges in recent years, particularly following the introduction of a 30% tax on crypto gains and 1% TDS on transactions, which critics argue stifles innovation and drives talent and investment out of the country.
The ongoing issues with WazirX have further complicated matters for crypto enthusiasts. Users have reported difficulties with withdrawals and customer support, prompting calls for regulatory clarity and stronger consumer protection measures.
Chadha’s intervention could bring much-needed attention to these pressing matters. Known for his proactive approach, his involvement raises hopes for constructive dialogue and potential policy reforms.
As the next session of Parliament approaches, the crypto community and industry stakeholders will watch closely to see if these concerns find a place on the national agenda.