At the peer-to-peer financial system seminar in 2024, lawyer Amit Kumar Gupta stated that India imposes harsh taxes on the cryptocurrency industry and blockchain sector but lacks corresponding regulatory measures. He believes this reflects India's lack of understanding of the technology, mistakenly thinking that cryptocurrency technology is only used for illegal activities.

Odaily Planet Daily reported that at the 2024 Peer-to-Peer Financial Systems Symposium, legal practitioner Amit Kumar Gupta presented a research paper on cryptocurrency taxation in India. Gupta stated that India imposes heavy taxes on the cryptocurrency and blockchain sectors, yet these areas are not regulated, reflecting a lack of understanding of the technology as they perceive it is only used for illegal purposes such as money laundering and terrorist financing. (Cointelegraph)

Lawyer: India's Severe Crypto Tax is Due to a Lack of Understanding of the Technology