Hi All,
I am from India. This is my first activity here and it is taking time to get to understand how bitcointalk.org works. Nevertheless I am about to complete 1 year in crypto and reading extensive about this space.
As far as the legal perspective is concern, that's a tricky question. We have already entered into an era where money is being redefined. The invention blurs the line between legal and illegal and offers a better, transparent, open and trustless means for transacting.
It certainly is a mammoth task to keep track of all the individuals when distributed computing's nature makes it hard to do so. Many experts who are in the industry for long have been vocal in terms of criticism towards government for their inefficiencies.
Crypto is eating Fiat!
We also witnessed a sharp rise in Privacy focused projects which makes a point that governments should focus on alternative and much healthy ways of taxing it's citizens.
Government does realise the potential of underlying technology 'Blockchain'. IRDBT which is under RBI has successfully done POC and the paper is available on public domain.
Trying to regulate something of non-regulative nature is quite a challenge.
As this point of time : kind of neither legal or illegal. You are at your own risk.
I am from India. This is my first activity here and it is taking time to get to understand how bitcointalk.org works. Nevertheless I am about to complete 1 year in crypto and reading extensive about this space.
As far as the legal perspective is concern, that's a tricky question. We have already entered into an era where money is being redefined. The invention blurs the line between legal and illegal and offers a better, transparent, open and trustless means for transacting.
It certainly is a mammoth task to keep track of all the individuals when distributed computing's nature makes it hard to do so. Many experts who are in the industry for long have been vocal in terms of criticism towards government for their inefficiencies.
Crypto is eating Fiat!
We also witnessed a sharp rise in Privacy focused projects which makes a point that governments should focus on alternative and much healthy ways of taxing it's citizens.
Government does realise the potential of underlying technology 'Blockchain'. IRDBT which is under RBI has successfully done POC and the paper is available on public domain.
Trying to regulate something of non-regulative nature is quite a challenge.
As this point of time : kind of neither legal or illegal. You are at your own risk.
What should we do now?
