Topic: After China & Russia, now India (Read 3292 times)
Let us admit that Bitcoin has been abused by some investors. Taking advantage of its decentralized nature and anonymity. It is well known before that Bitcoin was used by drug syndicates to conceal themselves on their transactions. India's government was just doing its part to regulate this kind of issues with Bitcoin. Bitcoin is not illegal, we just need to regulate it.
You can check by yourself about the percentage of trandes/exchanges that India has in the whole bitcoin economy, I don't think it's significant. So their altitude doesn't really matter that much, at this moment.
I hope all the news about the counties who doesn't want btc at their spot is an issues or not true, it doesn't even bad thing. And I really very praying to my country will not follow all those country to banned the btc. Hopefully because we're enjoyed the thing.
It will be legalised eventually and govt will want to be paid capital gains tax on it.
In my opinion China and Russia wanted to spread fear among young investors who sold their Bitcoin for a lower price than they bought it. And they did it successfuly! Fortunately, the Bitcoin's price has already recovered so we don't have to worry. I was calm all the time but you never know what can happen.
India’s Government Agencies Still Have ‘Concerns’ About Bitcoin
Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.
What do you think?
Yes they have taken the initiative about the bitcoin in India for sure and there is official news regarding it.
The thing is they are concerned regarding the black money and money laundering but they will not touch you if you are showing up all the wealth that you earn from the bitcoin to income tax office. That would be competitive tolerable as you are not doing anything wrong about it. India has mass movement last year to recall the black money by changing their fiat currency into different valued notes so they will never want bitcoin to support that otherwise they will ban it too.
India’s Government Agencies Still Have ‘Concerns’ About Bitcoin
Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.
What do you think?
It's perfectly normal for them to be concerned. That's their mission as a government, to project their citizens from criminality. Japan is concerned about that as well, that's why they ask for licenses from exchanges, and KYC verification. But one thing is what Japan is doing, and another thing is what China did. Their government clearly didn't understand BTC very well. I think they will now start asking for licenses as well, and resume exchanges operations.
I don't think you should include Russia on that list though, because they seem to be making efforts in dealing well with BTC as well. A proof of that is the Moscow Stock Exchange planning on trading Cryptocurrencies.
I think it's all fake news. Russia and China wanted to manipulate Bitcoin price and they managed to do it! Imagine how much BTC they must have bought. Russia invites miners to invest in mining farms in Russia and they claim that cryptocurrencies are bad at the same time. Isn't it weird? I wouldn't be suprised if they confiscated all the mining equipment.
indian government should think for its lay out to legalize BTC in india which is quite not possible yet because of huge big country with rular area can not adjust it properly but government can permission in some business modules to use it as a currency or can give its alternate coin also of its own
yes they banned miners import too
indian government should think for its lay out to legalize BTC in india which is quite not possible yet because of huge big country with rular area can not adjust it properly but government can permission in some business modules to use it as a currency or can give its alternate coin also of its own
It is seen that south Asian countries have more negative views abt BTC. They seems to be more concerned about issues like money laundering, terrorism, tax evasion etc. Air may be because of Impact of terrorist activities in these countries. Hope India takes a positive decision toward BTC legalization
Little by little all of the countries are interested about the idea of cryptocurrency or bitcoin. They are willing to adopt, regulate and legalize bitcoin to their country. I think if they already regulate and the bitcoin become legal, they will encourage their investor to invest in cryptocurrency because they know that they can earn a lot of income. Also they will introduce bitcoin to its people.
Presently neither Russia nor China and not India gather to forbid cryptocurrency in the countries. So, Russia gathers to settle circulation of cryptocurrency in the country. About the same on нeпoтвepждeнным the representative office of China, that tries to do cryptocurrency of more centralized, declared data. In India already also send to the conclusion, that digital currency has a right on circulation in a country.
True, none of the mentioned country has complete negative outlook towards Bitcoin. It is media that pull out fake news based on little truth or facts.
In India, government is trying to find out a way to legalize Bitcoin instead of banning it. Here is the article lining out the government's strategy :
https://coinjournal.net/chief-indian-economist-bitcoin-wont-become-legal-currency-india-without-regulation/
Presently neither Russia nor China and not India gather to forbid cryptocurrency in the countries. So, Russia gathers to settle circulation of cryptocurrency in the country. About the same on нeпoтвepждeнным the representative office of China, that tries to do cryptocurrency of more centralized, declared data. In India already also send to the conclusion, that digital currency has a right on circulation in a country.
I think governments will always worry about bitcoin if it is going to affect their tax revenues more so now that they see how much bitcoin is worth. When it wasn't worth alot they were not bothered now they see they have missed out on something.
Governments are afraid of Bitcoin because they still do not have complete knowledge about this technology, but when they recognize the fact that Bitcoin is unstopable, they will find another way to deal with it.
In my opinion, it is important to understand that China, India, Russia are the countries for which co-financing and money laundering is a huge problem. And governments want to prevent the attackers from using bitcoin.
Yes... tax evasion and money laundering is a big problem in these nations. So it is not very surprising to see these nations taking a very tough stand on Bitcoins. Especially in India, Bitcoin users are being monitored by the government, after a lot of black money hoarders used BTC as a tool to hide their wealth during the demonetization process.
Not surprisingly, currency eventually becomes very popular and the government is afraid that it will soon be worth the unity. I'm just curious how strong actions are able to move in terms of controlling bitcoins.
I think it will be a general trend to regulate somehow the cryptoworld as it will become bigger and more important. It is just question of time when it comes.
But, regulating it doesn't mean negative effect always. This can be maybe good for the big investors to get into this market.
hopefully the Indian state does not ban the bitcoin trade and crypto transactions there
In my opinion, it is important to understand that China, India, Russia are the countries for which co-financing and money laundering is a huge problem. And governments want to prevent the attackers from using bitcoin.
Yes... tax evasion and money laundering is a big problem in these nations. So it is not very surprising to see these nations taking a very tough stand on Bitcoins. Especially in India, Bitcoin users are being monitored by the government, after a lot of black money hoarders used BTC as a tool to hide their wealth during the demonetization process.
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