This Bengaluru cabbie charges cryptocurrency instead of cash!

An X user named Garima shared the picture on the microblogging site and remarked, “Bro is transforming faster than most literate Indians.”

The post sparked amusement among many users on X.

One user, ctrus (@ctrus_move), humorously speculated, “He’s probably attending those web3 hackathons on the side, I’m sure.” Another, Apocalypse (@Apocalypse3007), quipped, “This guy knows more about web3 than I could ever hope to.” A third user joked, “Can I pay with meme coins?” Others took the moment to highlight the 30 percent tax levied on any earnings derived from the transfer of crypto assets.

In a sarcastic tone, Telugu Abbayi (@bandar_bidda) commented, “Meanwhile, the finance minister says, ‘Pay 30 percent tax…'” This tax regulation was implemented starting in April 2022. Additionally, a 1 percent tax deducted at source (TDS) was introduced for every transfer of these assets. Industry specialists view introducing the crypto tax as a positive indication of India’s readiness to embrace a forward-thinking stance. However, they now urge the government to treat the crypto sector on an equal footing with other industries. They are also pressing for clarity on the legal status of these assets and their equivalence with other financial instruments.

One significant advantage of investing in conventional assets such as stocks, gold, and bonds is the ability to offset losses in one asset against gains in another within the same year and to carry forward any unadjusted losses for future use. However, with crypto assets, losses incurred from one asset cannot be offset against gains from another, nor can they be carried forward.