Topic: Instead of a ban, India may turn cryptocurrencies into a commodity (Read 361 times)
September 15, 2018, 11:59:21 AM
If Indian govt. recognize crypto as a commodity than it will new startup to start their own ICO for raise funds from cryptocurrency, in directly it will contribute into GDP because people will get income, work from it. One more important thing govt. can earn billions of dollars taxes from crypto currency traders.
August 04, 2018, 08:27:32 AM
maybe if India will legalized these cryptocurrencies.To become this as commodity,these cryptocurrencies would be regulated by the local government by providing laws and also the banks will provide procedures on how to manage these cryptocurrencies in every bank transactions.Cryptocurrencies can be used as local currency which are now available anytime of the year,which also brought a high demand on cryptocurrencies and other alternative coins.
India never declared cryptocurrencies as illegal. All it did is asked regulated financial institutions, like banks, to stay away from it. August 04, 2018, 07:10:16 AM
yes i also heard that, but it is all speculation, let's wait for september hearing.
August 04, 2018, 06:48:35 AM
maybe if India will legalized these cryptocurrencies.To become this as commodity,these cryptocurrencies would be regulated by the local government by providing laws and also the banks will provide procedures on how to manage these cryptocurrencies in every bank transactions.Cryptocurrencies can be used as local currency which are now available anytime of the year,which also brought a high demand on cryptocurrencies and other alternative coins.
August 04, 2018, 06:42:34 AM
it would be a good thing for crytocurrency at large.
August 04, 2018, 06:13:37 AM
Latest update is India may lift ban on crypto due to law reform committee accepts cryptocurrency as a valid mode of payment.
I wish, there is no hasty decision, which is reversed at a later date. July 25, 2018, 12:25:44 PM
Regulating crypto currency trading is better alternative than banning it. If crypto trading continues in India, then I think it will give Indian economy a good boost plus Govt will get more taxes from people who will gain from Crypto. Due to regulations, scams will reduce. So regulating the crypto trading is win win for the Govt. and Indian Public.
Before regulating bitcoin,authorities must catch scammers who are run MLM type bitcoin business to cheat people.India Govt must make good regulations and also create awareness among people.
Yeah. As the regulation will come into picture, most of the scams will not work due to some requirement by the Govt. But it will take some time to have the perfect regulations because scammers are always creative and they find good ways to scam people.
July 25, 2018, 07:06:23 AM
Latest update is India may lift ban on crypto due to law reform committee accepts cryptocurrency as a valid mode of payment.
July 24, 2018, 02:55:48 PM
Things are still haywire as far as bitcoin is concerned. Also considering bitcoin as commodity will pave a way to other ICO to be treated as commodity and given a situation India does not have proper governing body for monitoring crpto things are not that bright.
July 20, 2018, 04:05:08 AM
Theme trends have increased, but prices are low. I will join and enjoy from here 
July 19, 2018, 08:27:50 PM
Regulating crypto currency trading is better alternative than banning it. If crypto trading continues in India, then I think it will give Indian economy a good boost plus Govt will get more taxes from people who will gain from Crypto. Due to regulations, scams will reduce. So regulating the crypto trading is win win for the Govt. and Indian Public.
Before regulating bitcoin,authorities must catch scammers who are run MLM type bitcoin business to cheat people.India Govt must make good regulations and also create awareness among people.
July 19, 2018, 11:05:32 AM
Regulating crypto currency trading is better alternative than banning it. If crypto trading continues in India, then I think it will give Indian economy a good boost plus Govt will get more taxes from people who will gain from Crypto. Due to regulations, scams will reduce. So regulating the crypto trading is win win for the Govt. and Indian Public.
July 19, 2018, 06:23:12 AM
A very sound and great choice by the Indian government, THey said they didn't even think about banning cryptos at all but they wanted to regulate so that they would know the source of the funds being used in cryptos.
It is speculation about the Indian government’s intentions, nothing more and nothing less. What we do know is that the Reserve Bank’s move to cut banking links for Bitcoin exchanges has effectively stunted Bitcoin in India. It will take some time before the government actually manages to reverse this.
July 18, 2018, 02:15:55 AM
After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.
https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/
https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/
This is really a good and positive approach by the Indian Government that they are planning to ban the cryptocurrencies and instead they are planning to regulate it. I was expecting this results from past few months and at last, it was out recently a few days back. Yes, Cryptocurrencies using as a commodity will be good for both users and government, but i fear what kind of tax slab rate are they gonna introduce over here and can make it legal would still earn us good amount of money after cutting out the taxes and charges, this question is going to be a bigger one.
July 18, 2018, 12:11:30 AM
After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.
https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/
As of now reserve bank of India has already banned the buying and selling of bitcoin or any other crypto currency in Indian market, although it has no power over the peer to peer trading unless govt interferes and asks to stop every wallet service in India, although govt is still very quite on the issue of bitcoin and crypto currency ban by reserve bank, though we can expect the ban to be lifted and cryptos to be referred as commodities. https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/
July 15, 2018, 05:34:55 AM
Hey, that's a great update!! hopefully, they can create something like that as it would help bitcoin with trust.
I'm sure GST is coming to Bitcoin. I'm worried about the tax slab.Rather than the tax slab, what matters more to the Bitcoin community is certainty in policy. The RBI wakes up one fine day and decides to get banks to squeeze bitcoin exchanges. The government seems to frame committees but does nothing beyond that. No long term focus or policy direction.
BIG tax may eat out the chance of profitability.
July 13, 2018, 01:28:54 AM
Hey, that's a great update!! hopefully, they can create something like that as it would help bitcoin with trust.
I'm sure GST is coming to Bitcoin. I'm worried about the tax slab.Rather than the tax slab, what matters more to the Bitcoin community is certainty in policy. The RBI wakes up one fine day and decides to get banks to squeeze bitcoin exchanges. The government seems to frame committees but does nothing beyond that. No long term focus or policy direction.
July 12, 2018, 10:16:37 PM
as per the latest news it seems to be true. still its difficult to say what indian authorities will decide.
July 12, 2018, 07:43:27 PM
I have said this before, until there is something in writing/legislation, they will not ban crypto. Every county that has "banned" crypto has never put anything into legislation. Governments need blockchain technology for innovation, therefore, they will never put a crypto ban in legislation.
July 12, 2018, 11:53:15 AM
A very sound and great choice by the Indian government, THey said they didn't even think about banning cryptos at all but they wanted to regulate so that they would know the source of the funds being used in cryptos.
yeah i hope they will follow the Philippine path its legalize here we just need to comply to be able to exchange bitcoin to our local money im glad they think first before banning out. i hope they make it legal as fast as possible. Even in south korea the government has declared Bitcoin and other cryptocurrency as assets and investment purpose so it is just like a good commodity and government can declare it as a commodity and impose the commodity tax which will bring a big tax income for the government if it is declared as commodity in India.
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