Topic: Crypto Earnings Should Be Taxed, Says BuyUCoin In Draft Document (Read 281 times)
I think if that makes the government happy, then be it, and we should be taxed if anyone makes a significant profit, giving a part of it to the government is not bad, it comes back to us through government's works, so I would fully agree with this draft of them. However, it's very unlikely that any action (positive or negative) about crypto can be taken anytime in rush and so soon, specially when the government is putting all its focus on covid pandemic and other important issues. Let's see, what the uncertain future have for us
February 23, 2021, 02:29:31 AM
Lot of people are showing interest on buying crypto currency now a days mostly the ones who do trading and stock marketing. One of friend who works in best essay writing services reviews service Company had also told me that he is interested in buying crypto currency and save them for future. Like this I had seen lot of people doing.
February 16, 2021, 01:09:57 AM
Many already pay tax on crypto earnings. May be it's too simple, but gov don't even need to think too much with framework and things, just regulate local exchanges and tax the conversions. It's win-win situation.
January 21, 2021, 03:56:04 PM
Indian Crypto Exchange BuyUcoin Hacked, Personal Data of 325k Users Hacked. The breach resulted in the leak of confidential personal information of customers, which includes email, mobile phone numbers, encrypted passwords, user wallet data, order data, bank details, KYC data (PAN number, passport numbers) and deposit history.
This is reported on Twitter by the ians_india news agency
coingape.com reports this hack on its page
....An independent cyber researcher revealed that the hackers got their hands on a 6GB file on the MongoDB database that included three backup files from BuyUcoin. The independent researcher called it a critical breach and said....
....The hacker group in question was previously linked to the leak of 1.9 million personal records associated with is free online Photograph platform Pixlr. The crypto exchange is yet to make any official comment on the breach.
BuyUcoin was not the first exchange to see a breach of data as many centralized exchanges have similar breaches in the past, most notably the Binance KYC data breach. However, in most cases, the hackers behind the breach ask for a ransom to not leak the stolen data which is not the case in BuyUcoin. The breach also raises questions over how these centralized exchanges manage the sensitive personal info of the users....
This is reported on Twitter by the ians_india news agency
coingape.com reports this hack on its page
Quote from: https://coingape.com/indian-crypto-exchange-buyucoin-hacked-personal-info-of-325k-users-breached/
....An independent cyber researcher revealed that the hackers got their hands on a 6GB file on the MongoDB database that included three backup files from BuyUcoin. The independent researcher called it a critical breach and said....
....The hacker group in question was previously linked to the leak of 1.9 million personal records associated with is free online Photograph platform Pixlr. The crypto exchange is yet to make any official comment on the breach.
BuyUcoin was not the first exchange to see a breach of data as many centralized exchanges have similar breaches in the past, most notably the Binance KYC data breach. However, in most cases, the hackers behind the breach ask for a ransom to not leak the stolen data which is not the case in BuyUcoin. The breach also raises questions over how these centralized exchanges manage the sensitive personal info of the users....
October 14, 2020, 01:10:17 PM
I sincerely think that instead of these exchanges acting individually, they should come together and under some umbrella body like FICCI or ASSOCHAM put forward their issues.
Cause by individual action, I do not think that much can be achieved as it won't force government to act, also legalisation of crypto dealings will give a big boost to this sector in India.
Cause by individual action, I do not think that much can be achieved as it won't force government to act, also legalisation of crypto dealings will give a big boost to this sector in India.
October 07, 2020, 02:24:13 AM
In a draft document titled, "Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India', Delhi-based crypto exchange BuyUCoin has put forth arguments in favour of cryptocurrency adoption in India
The recent draft document suggests bringing crypto earnings under the purview of tax, where working professionals would have to declare their crypto earnings under a separate provision of the Income Tax Act
The BuyUCoin document talks about the need for inclusion of cryptocurrencies in the Reserve Bank of India’s (RBI) Regulatory Sandbox
As speculations about an impending ban on cryptocurrencies refuse to die down, stakeholders in India are pulling out all stops to get the government on their side. Besides engaging in a dialogue with government agencies to allay their fears about nefarious use cases of cryptocurrencies, industry stakeholders in India have also been suggesting what could be salient features of a regulatory framework for virtual currencies.
On October 2, BuyUCoin released the first draft of ‘Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India’. Through the document, the exchange has put forth arguments in favour of cryptocurrency adoption and suggested some of the features which could form the core of a model government regulation for cryptocurrencies in India.
The BuyUCoin document mentions that if India were to ban cryptocurrencies altogether, the fallout would be felt in the jobs sector as well, where the demand for proficiency in blockchain technology is being seen currently. The report cites LinkedIn’s “2020 Emerging Jobs Report India” that mentions blockchain developer as the most sought-after career over the last five years.
More here => https://inc42.com/buzz/cryptocurrency-this-week-crypto-earnings-should-be-taxed-says-buyucoin/
Document here => https://www.buyucoin.com/crypto-labs/buyucoin-sandbox-first-draft/
Read the full article and the document if you have time, it is a good read and definitely a positive step towards keeping Bitcoin legal in India. And kindly share your views on it. Thanks!
The recent draft document suggests bringing crypto earnings under the purview of tax, where working professionals would have to declare their crypto earnings under a separate provision of the Income Tax Act
The BuyUCoin document talks about the need for inclusion of cryptocurrencies in the Reserve Bank of India’s (RBI) Regulatory Sandbox
As speculations about an impending ban on cryptocurrencies refuse to die down, stakeholders in India are pulling out all stops to get the government on their side. Besides engaging in a dialogue with government agencies to allay their fears about nefarious use cases of cryptocurrencies, industry stakeholders in India have also been suggesting what could be salient features of a regulatory framework for virtual currencies.
On October 2, BuyUCoin released the first draft of ‘Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India’. Through the document, the exchange has put forth arguments in favour of cryptocurrency adoption and suggested some of the features which could form the core of a model government regulation for cryptocurrencies in India.
The BuyUCoin document mentions that if India were to ban cryptocurrencies altogether, the fallout would be felt in the jobs sector as well, where the demand for proficiency in blockchain technology is being seen currently. The report cites LinkedIn’s “2020 Emerging Jobs Report India” that mentions blockchain developer as the most sought-after career over the last five years.
More here => https://inc42.com/buzz/cryptocurrency-this-week-crypto-earnings-should-be-taxed-says-buyucoin/
Document here => https://www.buyucoin.com/crypto-labs/buyucoin-sandbox-first-draft/
Read the full article and the document if you have time, it is a good read and definitely a positive step towards keeping Bitcoin legal in India. And kindly share your views on it. Thanks!
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