Bengaluru, India’s Silicon Valley is a safe haven for techies and entrepreneurs looking to make it big in their respective industries. One of the biggest hosts for crypto-related companies and projects in India, Bangalore now has a tea vendor, who has started selling ‘tea’ in exchange for crypto payments. Shubham Saini, a 20-year-old from Bengaluru, has recently become famous for his unique crypto-friendly tea stall in Marathahalli area of Bengaluru. In a conversation with Gadgets 360, Saini admitted that at the moment, he doesn’t see any profit on his crypto earnings.
Indians have to pay 30 percent tax on all crypto earnings and profits. In July, Indian crypto exchanges reported a drop in trading volume after the one percent TDS rule on every transaction went live on July 1. The average daily transaction volume on Indian exchanges WazirX, CoinDCX, BitBNS and ZebPay fell to $5.6 million (roughly Rs. 44 crore) at that time. As of June, the figure was around $10 million (roughly Rs. 80 crore).
Well, Saini doesn’t see real-time benefits by holding crypto assets.
“If I now convert these traded cryptos into Indian rupees, I don’t see any benefit. But I believe in a fixed future and that’s why I keep these crypto assets in my wallet for the long-term, with higher leverage,” the young entrepreneur told Gadgets 360.
Price Rs. 20, the stall-owner also accepts payment in dollars. Pictures of his tea stall, which have surfaced on Twitter, show the stall costing a dollar at Rs. Panels are shown indicating that. Conversions to simplify calculations for crypto payers.
“I am getting three to four crypto payments every day. I am using multiple exchanges depending on what the customer is comfortable paying,” Saini told Gadgets360.
Saini dropped out of his BCA semester and ventured into crypto trading around 2020 when he had an investment portfolio of Rs. 1.5 lakhs increased by 1000 percent to 30 lakhs. In the market crash that followed, Saini’s portfolio crashed massively, leaving him with only Rs. 1 lakh.
It was then that he decided to open a tea stall in Bangalore called ‘Frustrated Dropout’. To connect with the crypto world, Saini opened payment for refreshments through cryptocurrencies from his stall.
The stall, which offers free tea to Indian Defense Force personnel, is looking to expand into the world’s greenest cafe chain.
“Our vision is to be the world’s largest green company as well as a cafe chain, which will only use products made from our soil, through which we can also save our environment and employ more people,” he says. Official website Frustrated dropout.
Meanwhile, despite several calls from members of the crypto community in India, the country’s finance ministry has not amended the tax laws imposed on virtual digital assets (VDAsector this year).
The government did not plan to incentivize workers in this sector, a topic that drew strong criticism in the country around March.
In recent market surveys, India has failed to rank among the world’s most crypto-friendly nations. Hong Kong tops the list.
Finance Minister Nirmala Sitharaman recently called for global cooperation to regulate the crypto sector.
More than seven percent of Indians owned digital currency in the form of cryptocurrencies in 2021, according to United Nations trade and development body UNCTAD, which said the use of cryptocurrencies has increased globally, including in developing countries, during the Covid-19 pandemic. . India is ranked seventh.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not and is not intended to constitute financial advice, business advice or any kind of advice or recommendation offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendations, estimates or any other information contained in the article.
