Maybe we found a way to avoid taxation!!?? - page 2.

JohnBitCo

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Quote from: arbifahrozy on February 02, 2022, 12:20:55 PM

they are actually taking profit by imposing heavy taxes on it. If they really care about it they must have accepted it as payment rather launching own currency. They imposed heavy tax on crypto trading just to stop people investing in other cryptos.

Let them legalize bitcoin even with high taxes. Remember, a few months before Indian government was proposing to ban bitcoin but now their opinion has changed 360 degrees. I am sure, in near future this 30% tax will reduce also. We should welcome the decision by the Indian government which is in favor of legalization of bitcoin.

arbifahrozy

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they are actually taking profit by imposing heavy taxes on it. If they really care about it they must have accepted it as payment rather launching own currency. They imposed heavy tax on crypto trading just to stop people investing in other cryptos.

jrrsparkles

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Quote from: crashedanon on February 02, 2022, 07:36:28 AM

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

What is the difference between your idea and the existing p2p trading model?

Whatever the government is proposing the citizens have to abide the law and now its actually a good thing because for very long time there is a wrong information was spreading that India banned cryptocurrencies but now they are regulating it.

crashedanon

jr. member

Activity: 49

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On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

Topic: Maybe we found a way to avoid taxation!!?? - page 2. (Read 227 times)