Is india going to uplift the ban on cryptocurrencies? - page 4.

squog

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Quote from: wantjokull on May 31, 2018, 12:17:53 AM

Yes they are going to uplift and the news is true as it is flashing in our local news paper also. India is planning that since the day budget was finalised, they tried to make publicity of illegal tender but that eventually failed and thus now they have no option but to regulate everything.

I believe it is more or less perfect thing for all the Indian. They will now have the opportunity to trade the bitcoin and rest of the currencies freely without any fear. They just have to pay 18% tax and thats all fine because earning from the crypto is also enough! Grin

If this is true then it is good new that a country who banned crypto currency will reopen it. I already saw it coming when the government will tax BTC. But the important part is Indians are back in the game and that means more people will be buying crypto e. I jist hope other countries that already ban crytpo will do the same only with a lower tax rate, 18% realy hurts.

wantjokull

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Yes they are going to uplift and the news is true as it is flashing in our local news paper also. India is planning that since the day budget was finalised, they tried to make publicity of illegal tender but that eventually failed and thus now they have no option but to regulate everything.

I believe it is more or less perfect thing for all the Indian. They will now have the opportunity to trade the bitcoin and rest of the currencies freely without any fear. They just have to pay 18% tax and thats all fine because earning from the crypto is also enough! Grin

timerland

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If the 18% GST is implemented, then obviously it would mean that the Reserve bank of India will lift their restrictions that were recently placed on banks. It's not a ban, but it's still restrictive.

However, since India has been pretty much campaigning against any anonymous payment method, which included cash, I don't think that even though they are talking about a tax reform which means increased taxes on bitcoin trading, it is guaranteed that it will happen.

Things are quite uncertain within India right now regarding the regulation of bitcoin and other cryptos. It doesn't really make that much of a difference, to be honest. Even if RBI's regulations are lifted, and these new taxes come into effect, it'll still mean that mainstream crypto exchanges would not be able to operate due to the higher tax rates. Either way, p2p trading with cash or other non-bank payment methods will be the future of bitcoin trading within India in my opinion.

avikz

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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?

Ok, lets get the facts right first. Cryptos in India is not banned so there is no question to lift any ban. People are free to trade cryptos in India. However, the central bank directed every regulated bank in India not to provide services to the crypto related companies. But this matter is now in the hand of the Supreme court. So nothing is official yet.

The news about the 18% GST is also not confirmed yet. It is a proposal given to the GST council to impose such tax and the matter is being debated with the council. If it happens, it will effectively kill the crypto to crypto trading in India while give boost to the crypto to fiat transactions. However, the matter is in a very nascent stage and we really don't know what the outcome would be.

talkbitcoin

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All I know is that I know nothing.

there is absolutely no ban on cryptocurrencies in India, i don't know why you put the word "ban" in your title.

there has been a lot of FUD in the media and a lot of discussion in the Indian government to decide what they should do about cryptocurrencies and their fast growth and adoption of bitcoin in India. one proposal was to ban it altogether which nobody agreed with and now another proposal is to regulate them and add a big tax for them which is still not passed as law.

nobody knows what will happen eventually yet.

magneto

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India doesn't actually have a ban on crypto. Its central bank is has simply said that any banks that is regulated by them (pretty much every major bank) is now unable to facilitate crypto-related transactions. So it's not an outright ban, but will still have a pretty profound impact.

To me, it doesn't make any sense to tax bitcoin as a good at such high rates. It discourages anyone from trading on regulated exchanges, which pretty much means that it would fail the agenda of trying to reap tax revenue off taxing crypto.

It doesn't make much logical sense to do it, but they still may make it happen. I personally don't see the restrictions on regulated banks by RBI lifting any time soon, though.

realcrypto

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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.

Hydrogen

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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?

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.

Wahyud11

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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

Guvn0r

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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.

nicktalman93

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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?

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