A New crypto futures Exchange is in line - Pi42

pakhitheboss

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Quote from: TheUltraElite on February 11, 2024, 06:02:57 AM

You can see how Deltin operates its casino, it ridiculous what loophole they are using. For readers, who are unaware, land-based gambling is unethical in India, so Deltin built its casino on a cruise ship and put in their middle of the water so that they can use the loophole and allows gambling. It a nice place to visit in Goa, I might when I get time.

Its similar here, they are businessmen and they are taking advantage of the situation. In other words, it is how they show a middle finger to the government's idiotic policies.

I was not aware of this casino! Then I did a Google search and saw they have a rating of 4.3 with 28k+ Google reviews. If I remember this history part correctly then Las Vegas was the only place in the US at the time when alcoholic beverages were banned in the country for selling bootlegger alcohol as there was a loophole in that law that did not prohibit bootlegger alcohol. They were busy selling it for two years without any issues until the government later realized the problem. These individuals are currently experiencing the fog of uncertainty which can lead to discoveries.

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Quote from: Bureau on February 11, 2024, 01:09:37 AM

What is the use of such tactics to hide VDA tax using a loophole in the law?

Selling point maybe? Kinda cheeky, but it works I guess.

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The government would come up with an update on the current law and then what will happen to the users. There was a time when such tactics were used to manipulate the stock market. The government at that time was helpless as the technology was primitive and India was struggling economically and we all know what happened later on who were in jail and who were not.

You can see how Deltin operates its casino, it ridiculous what loophole they are using. For readers, who are unaware, land-based gambling is unethical in India, so Deltin built its casino on a cruise ship and put in their middle of the water so that they can use the loophole and allows gambling. It a nice place to visit in Goa, I might when I get time.

Its similar here, they are businessmen and they are taking advantage of the situation. In other words, it is how they show a middle finger to the government's idiotic policies.

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Already there are many issues that the crypto community is facing in India and the future option does not look so bright for the future.

I would not be pessimistic about it because as the superpowers continue to adopt crypto, India will be forced to do so too.

Bureau

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What is the use of such tactics to hide VDA tax using a loophole in the law? The government would come up with an update on the current law and then what will happen to the users. There was a time when such tactics were used to manipulate the stock market. The government at that time was helpless as the technology was primitive and India was struggling economically and we all know what happened later on who were in jail and who were not. Already there are many issues that the crypto community is facing in India and the future option does not look so bright for the future.

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Quote from: TheUltraElite on February 08, 2024, 05:45:52 AM

Their idea is that because spot transactions take 1% TDS, using the futures predictions means no spot transactions and thus avoidance of this taxation.

They just use this to promote the platform, especially when the traders are desperate to avoid TDS and government forced internation exchanges to shut their doors, good move from business point of view.

I never considered futures as a form of trading because it's pure gambling and with leverage we are just increasing the risk but what platform show is only the positive side of it but as an investor/trader we need to be aware of everything before doing it.

I checked their platform looks good but not interested in trying, but it may be helpful if someone has been doing futures in exchanges that were banned now.

pakhitheboss

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Intresting! I was invited to thier launch and I was one of the first to register on it. I wanted to complete my KYC but I stopped, the reason is the same it's futures trading. The concept is to get users who want exception from TDS which they are selling before the launch and after the launch. They managed to find a loophole in the current tax law which they did it smartly. But futures is not my cup of tea and what you said is correct the exchange would benefit more than the user. Futures is pure gambling but sometimes it does help the spot traders if you know what I meant Grin

TheUltraElite

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In the midst of the growing crypto unrest in India it seems that a few people are trying to use the government's self-made tangles to introduce their new products.

Founded by Zebpay CEO Avinash Shekhar and WazirX founder Nischal Shetty, Pi42 is a crypto futures exchange.

Their idea is that because spot transactions take 1% TDS, using the futures predictions means no spot transactions and thus avoidance of this taxation.

Read the full news article here - India Gets New Crypto-INR Futures Exchange Named ‘Pi42’ from WazirX, ZebPay Leaders

My personal opinion,
I have observed that spot trading when it is getting obstructed due any reason, leads to the popping up of non-spot trading systems like leverage, futures, options and so on. Remember that all these are nothing more than types of gambling, only spot trading is where you actually have an asset to sell back.

Use them at your own risk, the more you take it, the more earning it is for the exchange not the trader.

However seeing such endeavors related to crypto by our own countrymen, does make me proud. The next test is to see how long they can sustain or how the government takes steps against them.

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