Topic: India should consider using Bitcoin to prevent " Demonitization " - page 2. (Read 690 times)
August 31, 2017, 04:04:00 PM
All these just show that it would be foolish to start trusting the government fully. Bitcoin traded at a premium in India during the demonetization drive and that premium has lasted till today.
August 31, 2017, 03:58:45 PM
So what is your offer? You want government to make people register their BTC adresses or give everyone just 1 adress and ban people from using the other adresses (like making the "national" wallet)? Anyway those regulations will be easily avoidable.
August 31, 2017, 03:17:49 PM
I don't think it would help. What we keep in our bitcoin wallets are none of the government's concern. That's what bitcoin is at its core - monetary freedom.
I think the Indian government would find bitcoin even more suspect since they can't easily view the contents and the people may try mixing coins anyway.
Please don`t put the words "regulated" and "bitcoin" in one sentence.It`s horrible.
I don`t know what exactly are you trying yo say with "regulated Bitcoin environment".What is this?
The whole consept of bitcoin and cryptos is to create a "regulaiton free" environment,away from governments and banks.There are easier methods to find and catch people who are hiding their wealth.
Demonitization is not one of them.The Indian government should increase VAT and decrease all the other taxes.
I agree with this sir, they should just find other ways of getting taxes. Does India already have a VAT? In my country it's currently at 12%, I don't think anything higher than that would benefit anyone.
I think the Indian government would find bitcoin even more suspect since they can't easily view the contents and the people may try mixing coins anyway.
The "Demonitization" attempt to flush out undeclared wealth, has failed according to this article :
http://www.bbc.com/news/world-asia-india-41100610
The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?
Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.
http://www.bbc.com/news/world-asia-india-41100610
The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?
Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.
Please don`t put the words "regulated" and "bitcoin" in one sentence.It`s horrible.
I don`t know what exactly are you trying yo say with "regulated Bitcoin environment".What is this?
The whole consept of bitcoin and cryptos is to create a "regulaiton free" environment,away from governments and banks.There are easier methods to find and catch people who are hiding their wealth.
Demonitization is not one of them.The Indian government should increase VAT and decrease all the other taxes.
I agree with this sir, they should just find other ways of getting taxes. Does India already have a VAT? In my country it's currently at 12%, I don't think anything higher than that would benefit anyone.
August 31, 2017, 07:09:40 AM
The "Demonitization" attempt to flush out undeclared wealth, has failed according to this article :
http://www.bbc.com/news/world-asia-india-41100610
The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?
Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.
http://www.bbc.com/news/world-asia-india-41100610
The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?
Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.
Please don`t put the words "regulated" and "bitcoin" in one sentence.It`s horrible.
I don`t know what exactly are you trying yo say with "regulated Bitcoin environment".What is this?
The whole consept of bitcoin and cryptos is to create a "regulaiton free" environment,away from governments and banks.There are easier methods to find and catch people who are hiding their wealth.
Demonitization is not one of them.The Indian government should increase VAT and decrease all the other taxes.
August 31, 2017, 05:14:03 AM
The situation in many countries of the world. The modern economy is built so that all poor countries facing poverty pay for the well-being of rich countries. Bitcoin can help individuals, but the economy he will not be able to recover.
August 31, 2017, 04:43:58 AM
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
Seems like a "proper regulated" environment would involve banning mixers, having extremely deep KYC procedures in all exchanges including LocalBitcoins, and banning transfers into more anonymous coins like Monero. Basically it would just remove all privacy that people ever had while using BTC. Personally I don't think that's acceptable.~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
It should help citizens monitor wealth and honesty in the banking system. For tax reporting it's not really as good as digital fiat money.~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
People will try their best to find a more anonymous system. Right now they have cash, without cash they would use BTC or an anonymous crypto, without BTC they would find something else or perhaps use a valuable item like gold. August 31, 2017, 03:59:26 AM
The "Demonitization" attempt to flush out undeclared wealth, has failed according to this article :
http://www.bbc.com/news/world-asia-india-41100610
The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?
Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.
http://www.bbc.com/news/world-asia-india-41100610
The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?
Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.
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