In Bengaluru, a city celebrated for its tech-savvy culture, a local auto-rickshaw driver has captured widespread attention by accepting cryptocurrency as payment for rides. His forward-thinking approach was spotlighted in a viral social media post shared on August 18, featuring a photo of the driver standing beside his auto-rickshaw, proudly displaying a sign that reads, “We accept cryptocurrency.” The post quickly gained traction, accumulating over 51,000 views and nearly 1,500 likes, with users expressing their admiration for the driver’s innovative mindset.
“Bro is transforming faster than most literate Indians,” wrote X user Garima Sharma, reflecting the general sentiment of surprise and praise that flooded the comments. Another user quipped, “He must be attending those web3 hackathons in parallel, I bet.” Aryan Agarwal remarked, “Where most people don’t have crypto accounts, he is accepting crypto.”
The driver’s decision to embrace digital currency highlights a growing trend toward the acceptance of cryptocurrencies in everyday transactions. However, some users questioned whether he still accepts crypto, given the volatility of the market. Mani Wagmi noted, “Wonder if he still accepts crypto. If yes, he is one of a gem. Many have stopped taking crypto after 2022. I used to pay for food in crypto at a few places in Bengaluru.”
Cryptocurrency, a form of digital money that relies on encryption for security, offers several advantages over traditional payment methods, including faster transactions and lower fees due to the absence of intermediaries. However, in India, cryptocurrency remains largely unregulated, leading to widespread skepticism. Investors are aware that trading in digital currencies carries significant risks, as there are no laws or guidelines to resolve disputes involving cryptocurrencies.
Despite this uncertainty, the Indian government has taken steps to regulate the industry. The Union Budget 2022 introduced a 30% tax on cryptocurrency earnings and a 1% tax withheld at source (TDS) for transactions exceeding a certain threshold. Additionally, the government presented the Cryptocurrency Bill 2021 in the Lok Sabha, signaling a legislative shift towards more comprehensive regulation of the crypto market. The Reserve Bank of India (RBI) aims to create a favorable framework for an official digital currency through this bill.
Finance Minister Nirmala Sitharaman’s proposed tax system for virtual assets, including cryptocurrencies, further emphasizes the government’s intent to regulate the market. Under the new rules, investors must declare their cryptocurrency income, with profits from digital asset sales taxed at 30%. Losses from virtual asset investments cannot be offset against other income sources, and any digital currency received as a gift is also subject to taxation.
