Changpeng Zhao, co-founder of Binance, shared his thoughts on the recent drop of the Indian Rupee, calling for innovative approaches to the economy.
CZ's Comment on the Rupee
Changpeng Zhao, a leading figure in the crypto industry, commented on the record decline of the Indian Rupee to 88.42 against the US dollar. Responding to a post that highlighted the depreciation of INR, he warned against protectionist policies in the economy, stating: "The best way to improve the economy is to adopt innovation. Protectionism is always at the expense of the people, i.e., the economy."
India’s Position in the Global Crypto Market
Currently, India does not have a comprehensive law on digital assets. The government has taken several measures, including a 30% tax on profits from cryptocurrencies and a 1% TDS on every transaction, making crypto trading challenging. Foreign crypto exchanges are required to register with Indian regulators before starting their operations in the country.
Discussion on Protectionist Measures and Innovation
In light of CZ's comments, there is an active debate in India regarding the need for changes in economic policy. G. Padmanabhan, a former Executive Director of the Reserve Bank of India, urged the government to take a clear stance on stablecoins, highlighting the risks of uncertainty if the issue remains unresolved. India's position on cryptocurrencies is considered to be one of the strictest in the world.
Changpeng Zhao's remarks touch on critical issues for the Indian economy and its relation to innovation, particularly regarding cryptocurrencies. The discussion around regulation and the adoption of new technologies is expected to continue.
