Topic: Is india going to uplift the ban on cryptocurrencies? (Read 582 times)
Thanks for sharing information from you. Through other channels I learned that India is not strictly forbidden for anything related to electronic money or the Cryptocurrency market. But the laws of their country place certain constraints on those who conduct transactions in the Cryptocurrency market, which manages the government's electronic money. People should not worry about the Indian news banned Bitcoin.
The government can issue a ban. But will the people agree that the benefits of Bitcoin for them are so obvious? I think Indian people understand the special information about Bitcoin because India has a very developed information technology. Prohibition is a matter for the government. But how people accept it is another matter. Banning Bitcoin is not an easy matter.
I assume once the world begins using crypto more and more the 1 billion people of India will hopefully ignore the government and start using it. Amazing 1 billion people will let a few in power tell them what to do.
Increased chances were available, but we don't know what will be the stand of the government. On one side among the Asian countries it is the one that has got each and every agenda related to digitization, but when it comes to bitcoin they act in the opposite manner. If the respective government find the true need of bitcoin surely they'll help in the uplifting.
I think they may not have figured out the nature of bitcoin yet and have no backup plans. For fear of evil can happen to the corrupt. And when they plan to confront the market, then I believe they are opening the door. Give financial markets electronic money into their country. That is the future project I believe so. 
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?
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?
Will in this information that we heard thats there is a big possibility thats indian government will uplift the band period of cryptocurrency on there country,because they thinks now,thats doing crypto is good for the people of india,and its great oppurtunity thats indian people would doing great investment and paying tax through digital currency investment,and this application of GST of the government,to the people of india is there way to proposed a proper income tax.
Increased chances were available, but we don't know what will be the stand of the government. On one side among the Asian countries it is the one that has got each and every agenda related to digitization, but when it comes to bitcoin they act in the opposite manner. If the respective government find the true need of bitcoin surely they'll help in the uplifting.
On April 5, the Central Bank of India (RBI) issued a moratorium on electronic money. The RBI requires domestic banks to stop dealing with electronic money transactions, as well as ban banks from providing services to domestic electronic money businesses.
I read that the Supreme Court of India has again upheld the ban on operations with crypto-currencies due to the lack of substantive arguments from the participants in the process and postponed the meeting on September 11. And by September the Supreme Court of India will issue a set of bills regulating the crypto-currency industry. Future rates will not include a direct ban on crypto-currencies
India should learn from other countries to facilitate the country’s people to let them enjoy the crypto currency market just like people enjoy in other tax free countries. Besides this there are many crypto currencies introducing in India which have created traffic and stress in the country that is why India is in action but their actions are indicating that they are not learning from other countries which are running properly with the crypto currencies. 
I read that the Supreme Court of India has again upheld the ban on operations with crypto-currencies due to the lack of substantive arguments from the participants in the process and postponed the meeting on September 11. And by September the Supreme Court of India will issue a set of bills regulating the crypto-currency industry. Future rates will not include a direct ban on crypto-currencies
This is quite a tremendous success from India that they are making good moves in here. Actually they are trying to make good impact on world that this country is in competition too. They are playing between the lines so next step form their side would be formation of strong belt in crypto traders. They will occupy market with most of investment from their country ND nation. 
I read that the Supreme Court of India has again upheld the ban on operations with crypto-currencies due to the lack of substantive arguments from the participants in the process and postponed the meeting on September 11. And by September the Supreme Court of India will issue a set of bills regulating the crypto-currency industry. Future rates will not include a direct ban on crypto-currencies
although India has a strong economy its economy is heavily reliant on agriculture with the world superpowers which means that for the sake of its diplomatic relations with united states and the Republic of China it has to support their stance on the ban on cryptocurrencies and bitcoin
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 fact the Reserve Bank of India stopped doing business dealing with cryptocurrensy, but they plan to develop their own cryto as a potential solution in the future. the Indian government began to follow developed countries such as Japan, America, Denmark, South Korea, Finland. entering the digital era that requires transactions between countries is very fast the Indian side should see the potential of cripto currency is very promising, RSI certainly will not miss that opportunity.
Its a good thing that people are reconsidering the ban its more reasonable if they studied the blockchain first before banning the technology because they are ignoring the positive sides of it and where can be used in the country will it be much better than other industry so for us to move a step to another level evaluating something new is a good move.
For now ,the ban on cryptocurrencies in india is still in force.Maybe as adoption grows globally, the pressure will be on the government to repeal or lift the ban.It will happen
Not only India but so many other countries will do that. In fact bitcoin is going to spread throughout the world and now the governments are understanding and realizing the importance of bitcoin, therefore i can see that not only India but so many other countries including China is going to review their decision and make bitcoin a legal currency.
Governments years ago already realized what Bitcoin was capable of, they just didn't believe it would actually be adopted by the average person as is the case right now. It's their fault entirely.It leaves them no other choice but to make sure they ride it out as it comes. If they really wanted to put a stop to it they should have attempted it years ago, and even then it might not have worked as they planned.
It's probably safe to say that the majority of the people have heard of Bitcoin by now already. They may not know what it is other than a volatile beast, but its name is hard coded in their brain by now.
All the bull runs are great for Bitcoin's brand awareness.
I see a slight chance in acceptance, after a wide adoption of BTC or any crypto in general. The sad thing is that we will lose all the benefits of early adopters, many people from India have started seriously working on crypto for years, they took heavy losses also..with time everyone will recover.. but what is lost is lost.
Not only India but so many other countries will do that. In fact bitcoin is going to spread throughout the world and now the governments are understanding and realizing the importance of bitcoin, therefore i can see that not only India but so many other countries including China is going to review their decision and make bitcoin a legal currency.
Let's see how far this goes. It is quite possible for the government to uplift the ban since some countries like South Korea have also reversed their ban.
I see a slight chance in acceptance, after a wide adoption of BTC or any crypto in general. The sad thing is that we will lose all the benefits of early adopters, many people from India have started seriously working on crypto for years, they took heavy losses also..with time everyone will recover.. but what is lost is lost.
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 think india is a few steps away for lifting the banning for cryptocurrency because many post that India governments has a good look on this community and if im not mistaken their stands on us are positive and maybe now considering to force rbi accepting this cryptocurrency for thier own benefits 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 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
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.
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.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 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.
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.
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
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
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.
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.
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/
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.
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?
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.
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.
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.
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/
https://inc42.com/buzz/cryptocurrency-this-week-supreme-court-to-hear-bitcoin-rbi-case-on-july-20-and-more/
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.
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 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?
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.
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.
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?
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.
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.
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.
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?
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.
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. 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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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.
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!
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!
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.
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!
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!
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.
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.
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?
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.
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.
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.
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.
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.
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.
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?
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.
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
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.
It's a very uncertain situation right now.
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?
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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