Is india going to uplift the ban on cryptocurrencies? - page 3.

Superways

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Quote from: nicktalman93 on May 25, 2018, 04:13:07 AM

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 also heard about that news that India will uplift the ban from bitcoin and I also heard that it is because of the struggle of the users of bitcoin in that country.
I heard from my cousin that the people of that country demanded the government to do some possiblilty for them to legalize bitcoin for them and to make it possible for the whole country to use bitcoin openly. He also discussed about a case against the government ban.

ladydark

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On one side,it would be a good news for bitcoiners in India for government letting them to use it.On the other hand,double taxation should be avoided and taxing should only be done when bitcoins bought from exchanges.

roflmao129

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Nice news. Hope that it comes true. It can help bitcoin a lot. Right now, Bitcoin needs good news in order to increase the price. There are too many people holding their bitcoin and they do not want to buy more. It need a good motivation in order for the people to jump in. India is a big country. I believe that they will create a great chance for bitcoin

cryptocurrencyguru

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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

Dudeperfect

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To be honest, it is not yet clear from the government side but there are some news articles which are claiming that government is willing to put taxation in crypto trading. However, Reserve Bank is against the usage of cryptocurrencies and Reserve Bank officials have clearly mentioned that they are willing to eliminate the usage of cryptocurrencies but on the other hand Income Tax Department is not willing to give away tax revenue has claimed by news stories. But as I said, it is still unclear and thus we should wait for the official announcement from the government.

EdenHazard

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Announcement of transaction ban in india makes this virtual currency exchange rate chaotic. the article of policy taken by the government of India outside the predictions of the observers. users and investors who have a virtual currency are predicted to soon withdraw their virtual money before the value continues to fall again. I think the government does not actually prohibit the existence of cryptocurrency in India, but the government only gives new arrangements in it like those done by the country like China and Australia, even Australia announced the new currency exchange rate regulation. this is all more to the rules, not to a ban. so no restrictions need to be revoked. in the end people in the market are the only one who can make this chaos get recovered soon.

jseverson

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Quote from: rajkr on May 31, 2018, 05:08:34 AM

Indian government will only regularize the use of concurrency. Many exchanges has filed case against government for not allowing to do business . Even many celebrities, politician in india are in favor of crypto currency. legalization . When share market had been started in India , same protest was seen , but now it is legalize and playing a good role for Indian economy.So supreme court will take hearing in this regard in July moth.
https://inc42.com/buzz/cryptocurrency-this-week-supreme-court-to-hear-bitcoin-rbi-case-on-july-20-and-more/

So there are no temporary restraining orders or anything to that effect? The ban will be in place indefinitely? That's a pretty shitty way to handle it in my opinion. If a rule potentially violates the constitution, it should be put on hold while the decision is up in the air. The ban would be put into full effect around July 5, 2018 so there will be around two weeks of limbo. Still, I guess it's pretty good that they seem to be listening to the people at the very least.

charlotte04

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Quote from: nicktalman93 on May 25, 2018, 04:13:07 AM

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?

I know that someday if all of the people in the world shall use crypto currencies then maybe INDIA will finally open up crypto in them.

dothebeats

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AFAIK the RBI only released a memo stating that all banks under their regulations wouldn't be able to entertain trades made to and from crypto exchanges, so there's no outright ban regarding that. If the majority of the countries around the world start to accept bitcoin to meddle with their local banks, I think India would somehow gain an idea on how to use such an opportunity to their advantage. Right now, they don't see that allowing these type of trades make money, and potentially create some jobs if a foreign investor decides to establish his/her own exchange on the Indian soil. I guess we'll have to wait for things to develop but in the mean time, it seems that they aren't interested in playing ball with crypto exchanges.

Eliyo

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The Indian government has phobia for the crypto world and is therefore preventing organizations under its direct regulation from it. Even the tax imposition on crpto trading results from this phobia if not how do you explain it. But my firm believe is that with continuous improvement in cryptocurrencies acceptability the world over India would change policy stance in the future.

rajkr

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Indian government will only regularize the use of concurrency. Many exchanges has filed case against government for not allowing to do business . Even many celebrities, politician in india are in favor of crypto currency. legalization . When share market had been started in India , same protest was seen , but now it is legalize and playing a good role for Indian economy.So supreme court will take hearing in this regard in July moth.
https://inc42.com/buzz/cryptocurrency-this-week-supreme-court-to-hear-bitcoin-rbi-case-on-july-20-and-more/

ss890

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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.

nur rochid

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Quote from: Idrisu on May 31, 2018, 02:12:27 AM

India are still using bitcoin and others cryptocurrencies till now and I think the time is going to come were India and other countries that have temporary ban bitcoin and others cryptocurrencies are going to using it for transactions. This technology is going to last for long and we are going to use it in future and we are going to have bitcoin determine the political and internationals financial policy.

maybe this case is similar in my country. only for bitcoin transactions is prohibited. but for other activities related to btc are not prohibited. i think the Indian government certainly thinks that technological developments can not be avoided

supermine

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Quote from: Betwrong on May 31, 2018, 03:03:54 AM

Quote from: Hydrogen on May 30, 2018, 12:08:37 AM

Quote from: nicktalman93 on May 25, 2018, 04:13:07 AM

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?

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.

I think demonetization is a mistake and bitcoin is best suited to a role of creating jobs and boosting economies when it is deregulated/unregulated and taxed at very low rates. There appear to be concerns over economic slowdown in europe atm. If recession hits it has a tendency to multiply poor economic policy.

If economic slowdown and recession are bad enough, it might well be in governments best interest to lift bans on crypto currencies. Of course, unfortunately legislation isn't always determined by what is best for anyone.

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.

Dimon8

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At this forum, I saw a post where an Indian citizen wrote about the fact that the Bank of India plans to release crypto LAXMI. I think that the Indian authorities are interested in regulating crypto.

Betwrong

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Quote from: Hydrogen on May 30, 2018, 12:08:37 AM

Quote from: nicktalman93 on May 25, 2018, 04:13:07 AM

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?

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.

I think demonetization is a mistake and bitcoin is best suited to a role of creating jobs and boosting economies when it is deregulated/unregulated and taxed at very low rates. There appear to be concerns over economic slowdown in europe atm. If recession hits it has a tendency to multiply poor economic policy.

If economic slowdown and recession are bad enough, it might well be in governments best interest to lift bans on crypto currencies. Of course, unfortunately legislation isn't always determined by what is best for anyone.

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.

gpamfmcq

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I do not think India will raise the ban on encrypted currencies for the time being. India is a large country with a large number of IT technicians who have a high degree of acceptance of bitcoin. I think the India government may introduce some measures to encrypt the currency exchange, but these measures will not limit the development of bitcoin in India. In fact, India's attitude towards bitcoin is It's more open.

Idrisu

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India are still using bitcoin and others cryptocurrencies till now and I think the time is going to come were India and other countries that have temporary ban bitcoin and others cryptocurrencies are going to using it for transactions. This technology is going to last for long and we are going to use it in future and we are going to have bitcoin determine the political and internationals financial policy.

jaocoincrypto18

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Quote from: nicktalman93 on May 25, 2018, 04:13:07 AM

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?

These development and progress shows that there is a huge possibilities that the government of India will support Bitcoin and other crypto currencies for investments so therefore i could say that the uplift is at hand. We just hope like the other countries like Germany, Japan and France that your government will impose less on taxation thru regulation so that the people will living in true prosperity thru Bitcoin earnings.

St4yInTh3D4rk

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"STAY IN THE DARK"

Quote from: nicktalman93 on May 25, 2018, 04:13:07 AM

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?

Governments don't care about the citizen all they want is that revenue for the governments and all those taxes are going to the politicians pockets not to the countries growth.Already there were lot of revolution against the currency central government of India and in 2019 they have the common election in India so until that they won't impose any taxes I think or if they o then it will be disadvantage for them to win in the election.

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