Mentor’s comment-
- https://www.thehindu.com/
opinion/op-ed/after-the- budgets-crypto-signal-india- awaits-reforms/ article65055762.ece - In the intro, mention 30% flat tax rate on gains from crypto and NFTs.
- In the body, explain DeFi and implications of high tax on gains from crypto which can provide a fillip to DeFi and reluctance to convert crypto into rupee, increase in technology-based innovation etc.
- Conclude by mentioning the need for reforms such as reducing tax rate in the future and incorporation of insights from seasoned partners from the international community.
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Karun
Introduction is fine, you have explained DeFi.
After, that mention the announcement in budget about taxing crypto/NFT gains, then go to implications.
Implications are fine, you can add that it will act as a barrier for the community of small and medium-sized enterprises (SMEs) and lower-end high net-worth individuals.
Some positives like allaying fears of abrupt ban, signalling reforms and increase in tech-based innovations can be also written.
Next part about suggestions is good, decent conclusion.
Keep practicing. 🙂
@staff
Aarti
DeFi is an umbrella term for financial services on public blockchains ; not just about crypto, so you can avoid mentioning that.
Implications of high taxes are written well, you can add that such move affects decentralisation (Government’s proposal of RBI’s Central Bank Digital Currency will help in pushing for the adoption of digital currencies, but, equally, defeats the fundamental purpose of cryptocurrency which is decentralisation)
Some positives like allaying fears of abrupt ban, signalling reforms and increase in tech-based innovations can also be written.
Suggestions and conclusion are okay, learning from international best practices can be mentioned.
Keep practicing. 🙂
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Anoop
DeFi is an umbrella term for financial services on public blockchains ; not just about crypto, you can mention crypto/NFT as examples.
Positive implications are fine, you have written quite elaborately.
No abrupt ban means there will be more innovation, so you can mention it in positives.
In negatives, add points like lack of clarity, reluctance to convert crypto into rupee, barrier for the community of small and medium-sized enterprises (SMEs) and lower-end high net-worth individuals.
A brief way forward can be written.
Conclusion is fine.
Keep practicing. 🙂
3.5/10