Bangalore’s crypto-friendly chaiwala said – no profit is being made on earnings

A chaiwala in Bangalore, which is called the Silicon Valley of India, is in the headlines these days. This chaiwala has started selling ‘chai’ in exchange for crypto payments. The trend of crypto payments has increased in countries around the world, but in a country like India, this start is a new endeavor at this level. Shubham Saini, 20, has made headlines for his unique crypto-friendly tea stall in Marathahalli area of ​​Bengaluru. Talking to Gadgets 360, Saini admitted that he is not seeing any profit on his crypto earnings at this time.

Following the strict attitude of the central government towards crypto, Indians have to pay 30 percent tax on all crypto earnings and profits. There has been a decline in trading volumes after the introduction of the rule of deducting one percent TDS on every crypto transaction from the month of July. The average daily transaction volume on Indian exchanges – WazirX, CoinDCX, BitBNS and Zebpay – fell to $5.6 million (about Rs 44 crore at that time). Whereas till June this volume was $ 10 million (about Rs 80 crore).

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