[2017-05-25] Firstpost: 31 May is the deadline for suggesting policy on Bitcoin

31 May is the deadline for suggesting policy on virtual currencies, including Bitcoin, to the Indian Government

http://tech.firstpost.com/news-analysis/31-may-is-the-deadline-for-suggesting-policy-on-virtual-currencies-including-bitcoin-to-the-indian-government-378230.html

The Government and the RBI has repeatedly cautioned the citizens of the country against the use of virtual currencies such as bitcoin, dogecoin and litecoin. The problems identified include a lack of mechanisms to settle disputes, the potential to be unknowingly involved in criminal activities, and the possibility of theft or loss.

Bitcoin is treated differently around the world. In the United States and Australia, it is considered property, and Bitcoin transactions attract taxes. In China, the cryptocurrency is considered a virtual commondity. Banks and financial institutions are prohibited from making bitcoin transactions. In the United Kingdom, it is a private currency with reduced taxes. Brazil has no regulation, while Bangladesh has passed laws where bitcoin transactions can attract a jail term of up to twelve years. In India, those who profit from Bitcoin transactions may have to pay capital gains tax.

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