Bengaluru autorickshaw driver accepts cryptocurrency as fare instead of cash |

In a surprising and innovative twist on traditional payment methods, an autorickshaw driver from Bengaluru has become the talk of social media after a photo of a notice on his vehicle went viral. The sign, prominently placed above the windshield, boldly declares, “Accepting cryptocurrency.” This development generated widespread curiosity and amusement, highlighting the growing influence of digital currencies in daily transactions.

‘We Accept Cryptocurrency’: The Viral Sensation

The viral moment started when an X user named Garima shared the photo on the micro-blogging platform, commenting, “Brother transforms faster than most literate Indians.” The post quickly went viral, with users from across the platform chipping in with their thoughts on this unexpected innovation.
Reactions ranged from humor to intrigue. One user, ctrus (@ctrus_move), speculated: “He probably attends these web3 hackathons on the side, I’m sure.” Another user, Apocalypse (@Apocalypse3007), joked: “This guy knows more about web3 than I could ever imagine. I hope so.” A third user added a light-hearted question, “Can I pay with meme coins?” These comments highlight the curiosity and enthusiasm surrounding the adoption of cryptocurrency in such an unexpected context.

Cryptocurrency and India’s Tax Landscape

While the concept of paying for an autorickshaw ride with cryptocurrency may seem futuristic, it also draws attention to the broader regulatory environment for digital currencies in India. In a sarcastic comment, Telugu Abbayi (@bandar_bidda) referred to the Indian finance minister’s stance on cryptocurrency, saying, “Meanwhile, the finance minister says, ‘Pay 30 percent tax..'” This refers to the 30 percent tax levied on everyone profits derived from the transfer of crypto assets, a regulation that entered into force in April 2022.
The government has also introduced a 1 percent tax deducted at source (TDS) on any transfer of these assets, according to an ET report. Industry experts see the introduction of the crypto tax as a positive step, signaling India’s willingness to take a forward-looking approach to digital currencies. However, they are also calling on the government to ensure that the crypto sector is treated equally with other industries and provide clarity on the legal status of these assets.

Cryptocurrency Investment Challenges

Investing in cryptocurrency comes with its own set of challenges, especially in the context of India. One major disadvantage is the inability to offset losses incurred in one crypto asset against gains in another, an advantage that is available when investing in traditional assets such as stocks, gold and bonds. Additionally, losses on crypto assets cannot be carried forward for future use, adding another layer of complexity to the investment process.
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