I don't think that this will happen anytime soon because any new thing that India introduces into its countries has to have the certainty of being sustainable at economies of scale this is all because of the huge 1 billion population of China, bitcoin has not yet completely proved that
Topic: Is india going to uplift the ban on cryptocurrencies? - page 2. (Read 579 times)
Is there some internal stuff going on, making it obvious they are just against it for their own personal corrupt reasons or are they just pathetically dumb to understand that ?
I wouldn't be surprised if it was because of the banks. They are trying to either discourage people from using cryptocurrencies or earn as much money as possible through taxation which is understandable but it might hurt potential investors. There are countries which are more crypto friendly (Japan, South Korea).
It is funny that you people are still waiting for your government to take decision for your own rights. Work on decentralized exchanges and stand-alone wallets only. Then you never need any support from your government. Just enjoy the decentralization as it is.
Decentralized exchanges are already a thing but there are not many users and there is a huge problem with handling fiat exchanges. However, Bitcoin ATMs and F2F transactions are becoming more and more popular these days so we don't have to focus that much on it.
Recently, bloomberg and some other cryptocurrency media channel published a news that they have information from the sources in indian govt. that government is planning to apply 18% GST on bitcoin purchasing.
it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,
another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,
so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
Yes I strongly thinks that India will remove the ban from bitcoin . India is a developing country and it is still on the path of development and I am sure that government of India will also understand the potential of bitcoin and will legalise it because once they have understood the real potential and fate of bitcoin that its introduction can boost the development of country and can also increase the GDP of country then India will also surely remove the ban from bitcoin. it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,
another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,
so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
After exchanging cryptocurrencies to fiat an individual will still use the fiat to do taxable business in the country so there is no point collecting tax in the process of exchanging. Government just want to make things difficult.
Obviously, that has been their mission all along and I am actually not surprised. What surprises me though is that the country generally stands a lot to gain from allowing cryptocurrency usage by at least putting a little bit of tax on it, and it makes me wonder why they just keep finding ways to bring it down from evolving in the country. Is there some internal stuff going on, making it obvious they are just against it for their own personal corrupt reasons or are they just pathetically dumb to understand that ?Supreme court ordered for GST council to collect tax for cryptocurrencies and allow the trading and exchange hopefully we will get final guidelines soon
It is funny that you people are still waiting for your government to take decision for your own rights. Work on decentralized exchanges and stand-alone wallets only. Then you never need any support from your government. Just enjoy the decentralization as it is. but the Reserve Bank of India has issued a press release on Thursday that has directives to attract support for the virtual currency business. The news sent madness across India's cryptocurrency community and everyone can only talk about how India's central bank has banned cryptocurrency. The large FUD wave following in the market pushed up the price of cryptocurrency in India significantly. But, does RBI actually prohibit cryptocurrenci
In that case, maybe we will have to see how things end up playing out in the long run, but the taxation is what really bothers me in this whole case though and I hope instead of governments making the idea of letting cryptocurrency develop and use it to develop their own economy, they just keep making silly mistakes to want to jeopardize everything and more like they are not even taking a cue from other countries.Recently, I learned about the same thing is happening in places like Zimbabwe, and then I tend to ask, does the government of any country ever care about the people? I guess not!
Supreme court ordered for GST council to collect tax for cryptocurrencies and allow the trading and exchange hopefully we will get final guidelines soon
In India, these type of issues will not be solved that easy, but its true that govt is concerned about cryptocurrencies and are thinking in several aspects as people in India have not stopped transactions of cryptocurrencies even after they kept restrictions. Hope it will be solved soon.
Recently, bloomberg and some other cryptocurrency media channel published a news that they have information from the sources in indian govt. that government is planning to apply 18% GST on bitcoin purchasing.
it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,
another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,
so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
From what I learned, I never saw anywhere there was a ban on cryptocurrencies but banks are banned from trading cryptocurrencies except that people pretty much like reading more meanings to everything.it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,
another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,
so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
Nevertheless, the tax on using crypto for payment will actually sound unfair and show how much the Indian government is really not reasonable enough. However, that would be funny to be asking government to be reasonable since they never cared about the citizens anyway except filling up their own pockets.
Few exchanges have filed case against RBI for their circular againts cryptotrading. The Supreme court have moved dates of hearing to July. The news about taxation came much later, but it cannot be said as a proper signal that India (RBI) will lift the ban on exchanges.
It's a very uncertain situation right now.
India does not raise any barriers to electronic money, the country, simply saying, does not prohibit electronic money or any trading on any exchange. The Bitcoin industry, the business is normal, is the information I have learnedIt's a very uncertain situation right now.
You know what's Indian government does ? So that they get high taxes they genrally force the companies to sell the items like mobile phones and other things at a very high rate which compells many buyers to buy online from other countries.
They are all about how to increase their own taxes and I think they won't totally ban cryptocurrencies because it's more or less earning them something.
Besides I have no idea if the taxes goes for good work since it ranks 81 in most corrupt countries in the world and there are 195 countries.
They are all about how to increase their own taxes and I think they won't totally ban cryptocurrencies because it's more or less earning them something.
Besides I have no idea if the taxes goes for good work since it ranks 81 in most corrupt countries in the world and there are 195 countries.
I am sure that someday the Indian government will revoke and allow bitcoin trade in the country because Bitcoin and the world of crypto is a discovery that can not be rejected by humans.
In other words the indian government hates bitcoin and wants the people to quit on doing decentralized money behind their backs cause they dont have any control over it and can't track transactions or identify the users identity. I dont think that they'll lift btc ban anytime soon because the indian government is somehow retarded in it's decision making first they've done demonetization making cash useless and leaving thousand's of it's citizen hungry then people found an alternative way to pay goods and services then they ban it.
I think demonetization is nothing to do with bitcoin because in India people were using bitcoin and other coins before demonetization. India wants to go with digital money means they are expecting people to use bank transfer and other online transfer options more than cash method but they don't like bitcoins because some of the politicians think that it is Ponzi scheme. The main reason is they can't track these transactions so they asked all banks in India stop doing business with these crypto exchanges.
I think to see to what degree the regulations will be disadvantageous to Bitcoin we have to wait until they will be implemented. For example, purchasing goods with BTC will not have disadvantages compared to purchasing goods with fiat imo. The GST is paid by consumer and is already included in the price of goods and services. It can be from 0% to 28% ( aerated drinks, luxury cars, tobacco products, movie tickets costing more than Rs.100) and it will not be different when goods or services purchased with Bitcoin.
But 18% GST on Bitcoin purchasing is a different story. It's easy to imagine that it can be disastrous for Indian exchanges if they will be forced to add 18% to the existing rate. Of course no one will buy BTC there and no one will be able to sell. In short, it could be the end of Indian crypto exchanges. This is what should be thoroughly thought out and I hope that Indian government will come up with a wise decision eventually.
India is a country where most of the smart people originated but not smart politicians.More that 60% if Indian politicians are uneducated even didn't complete their schoole level education.So they are imposing unnecessary taxes just to make income to the governments but they are still in the number one corrupted country so all the revenue of the governments were just eaten by the politicians.So again they want more money from crypto currency users but I don't think they will pay extra taxes to buy crypto currencies they can buy it from foreign exchanges with ease.But 18% GST on Bitcoin purchasing is a different story. It's easy to imagine that it can be disastrous for Indian exchanges if they will be forced to add 18% to the existing rate. Of course no one will buy BTC there and no one will be able to sell. In short, it could be the end of Indian crypto exchanges. This is what should be thoroughly thought out and I hope that Indian government will come up with a wise decision eventually.
That's right, but don't forget that in other countries we can observe almost similar situations. I'm sure this will change in the future when it will be simply impossible for uneducated people to rule a country, but even now those uneducated politicians utilize services of advisers who are competent in specific fields. Were it not so, we would be living in the stone age, but fortunately they listen to those advisers from time to time and that's why there is a hope that Indian government, along with other progressive thinking governments of the world, will enact a crypto-friendly legislation because such legislation is the imperative of our time.
In other words the indian government hates bitcoin and wants the people to quit on doing decentralized money behind their backs cause they dont have any control over it and can't track transactions or identify the users identity. I dont think that they'll lift btc ban anytime soon because the indian government is somehow retarded in it's decision making first they've done demonetization making cash useless and leaving thousand's of it's citizen hungry then people found an alternative way to pay goods and services then they ban it.
Indian cryoto currency is in court matter as of now and we may see positive changes in some time in before aug and then things may change in India
I do not think India makes the decision to ban the BTC is wrong. I think the BTC is a very potential coin, which benefits the economy and traders in cross-border commodity trading. Very convenient for us. But BTC also brings rich profits to many people. So I think they were wrong to refuse Crypto.But I don't think that you really understand the issue here. They don't care about its potential, they are afraid that it can disrupt them in economically, and their are a lot of risk investing on crypto specially in ICO related project. Do you think that the government of bank will just say, "OK let just allow them because it has a potential and lots of benefits for our fellow citizens." Lol. They are really afraid of it that's why RBI, issue this memo and this will be a continuing battle.
India is somewhat unique in ways. For one it has waged a war against paper money to invoke a demonetization scheme. An 18% general sales tax(?) on bitcoin could be unfair if other electronic transaction methods aren't taxed @ similar rates. It could make transactions in bitcoin more expensive than transactions utilizing alternative electronic payment methods which could put bitcoin @ at disadvantage.
Indeed, imposing taxes on crypto currencies are rather unfair in comparing to other electronic payment systems. 18% tax on buying Bitcoin, then 18% tax on selling Bitcoin, total 36% tax on purchasing Bitcoin. I think the government of India threatened by banning the crypto currencies in order to declare such high taxes on crypto trading.
Indian cryoto currency is in court matter as of now and we may see positive changes in some time in before aug and then things may change in India
I do not think India makes the decision to ban the BTC is wrong. I think the BTC is a very potential coin, which benefits the economy and traders in cross-border commodity trading. Very convenient for us. But BTC also brings rich profits to many people. So I think they were wrong to refuse Crypto.
I think this is a sad news for all of us, we should pray that what happened to a friend of bitcoin in india soon finds clarity and government is cooperative with its people instead of giving GST by 18%, obviously it will burden friends there , with the implementation, taxes and all things higher and expensive, may the Indian government immediately revoke this idea, amen
So in short that is huge stress on the Indian peoples. They will be having GST plus extra 18% taxes on the crypto currency sounds very unfair. People will leave the crypto that way and indirectly it could be the ban of crypto currencies from the Indian territory. I mean just look at the whole scenario, the heavy taxes can be bad for those who are mining in the India and they will end up loosing all the profits in the taxes only. I think this will never happen as it is not in the public interest and there are huge number of people who does use the crypto currencies in the India. Or it could be the case that government want to take full advantage of the crypto enthusiast.
I will wait for more concrete information or wait until the Indian government implement such plan for higher taxes, I see, this just another form of Regulation, yes, it is unfair to the Crypto user in India and would have some effect on the Status of Bitcoin in the region, nevertheless, still, Bitcoin remains stable on the market trading, a lot more investor are coming in, and other are just waiting for the right timing when the price indicator is favorable to them for investment.
Sooner or later they government will make some changes on the laws and regulation they publish on India, some rules I think they will alter a little or they will change the banning rules someday.
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