'Only in Bengaluru': Auto driver says he accepts cryptocurrency as payment

The notice on crypto currency was stuck above the autorickshaw's windshield. (Image credit: @Garimaoo2/X, Unsplash)

An auto driver in Bengaluru is making waves on social media after a picture of a notice he put up inside his vehicle went viral. "We accept crypto currency," read a piece of paper stuck above the windshield.

"Bro is transforming faster than most literate Indians," wrote Garima Sharma (@Garimaoo2) who shared the picture on X.

Bro is transforming faster than most literate Indians. pic.twitter.com/nZpIDc3bNv

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— Garima Sharma (@Garimaoo2) August 18, 2024

The post amused a number of X users.

"He must be attending those web3 hackathons in parallel I bet," wrote ctrus (@ctrus_move). "Bro knows more about web3 than I could ever know," added Apocalypse (@Apocalypse3007). A third user asked, "Can I pay with meme coins?"

Some also took the opportunity to point out that there is a 30 percent tax imposed on any income from the transfer of crypto assets.

"Meanwhile financial minister says, 'Pay 30 percent tax..." wrote Telugu Abbayi (@bandar_bidda).

30% tax. No deductions

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— Siya Jain (@SiyaJain_) August 18, 2024

The new tax provisions came into effect from April 2022.  In addition, a 1 percent tax deducted at source (TDS) was introduced on every transfer of such assets. Meanwhile, industry experts believe that the introduction of the crypto tax was a positive step that showcased India’s willingness to adopt a progressive approach, but now is time for the government to treat the crypto industry on par with other industries. They also have been demanding the government address the legality of such assets and its parity with others.

A key benefit of investing in traditional assets such as stocks, gold and bonds is the facility to set off losses in an asset against gains in another during that particular year and carry forward unadjusted losses for future adjustments. But, the losses from one crypto asset can’t be adjusted against gains from another, and no carry-forward of losses is allowed.