Cryptocurrency over cash: Bengaluru auto driver accepts crypto as payment

This has highlighted India’s evolving digital currency landscape, and the auto driver’s move has amused social media users.

The digital wave has touched upon not one but various sectors worldwide. India, too, has an evolving digital currency landscape. But, a recent incident amused netizens on the internet. It is about how an auto driver in Bengaluru accepts payments in cryptocurrency rather than cash.

Picture of a notice inside the auto driver’s vehicle goes viral.

A picture of a notice inside a Bengaluru auto-rickshaw driver’s vehicle has gone viral. Displayed above the windshield, the sign boldly states, “We accept cryptocurrency.” This has sparked great amusement and surprise among people, which highlights their curiosity about the growing influence of digital currencies in everyday transactions.

Netizens love how the Rick driver has embraced the digital transaction wave.

The picture of the notice inside his vehicle has gone viral, attracting the attention of netizens. Taking to X, a user shared the picture and commented, “Bro is transforming faster than most literate Indians.” One user wrote, “He’s probably attending those Web3 hackathons on the side, I’m sure.” Another wrote, “This guy knows more about Web3 than I could ever hope to.” One more jokingly asked, “Can I pay with meme coins?”

Challenges in crypto-based transactions in India.

Though paying the auto-rickshaw driver through cryptocurrencies may seem futuristic, it also has its own set of challenges in India. Sarcastically commenting on the same, one user said, “Meanwhile, the Finance Minister says, ‘Pay 30 percent tax…’” This refers to the 30 percent tax imposed on any earnings derived from crypto assets transfer. It also introduced a 1 percent tax deducted at source (TDS) on every transfer of these assets. One major drawback is the inability to offset losses incurred in one crypto asset against gains in another, which is a benefit while investing in traditional assets like gold, stocks, and bonds.

Also, crypto asset losses cannot be carried forward for future use.