Topic: The timeline, What is the current situation of crypto in india? (Read 185 times)
I am disappointed with the attitude conveyed by the Indian Minister Nirmala Sitharaman last month 7, in 2021 he said good things for cryptos like Bitcoin, yesterday he spoke again about RBI policies, about concerns or crypto destabilizing effects, they plan to make laws about crypto banned or not, they want to make strict global rules about crypto, however, I won't care about that, China alone can't shake crypto, let alone our country India.
I tend to disagree on the part where you said that after the introduction of the recent tax bill new investors have entered the market. New investors never entered the market but a lot of investors have opted out or have chosen the illegal way to trade. This will surely hurt the tax collection that the government was intending to get and might become a problem if too many investors try to use the illegal way.
Well actually he said that since the government of India imposed tax on cryptocurrency trading it became a signal that India won't be banning cryptocurrencies.
Since this seems like a positive news many new investors joined the crypto bandwagon.
There's no genuine way to find this out but this is partially true. It was indeed a positive signal that India won't be banning crypto any time soon.
So "MAY BE" some investors took it positively and invested some amount into crypto.
The taxation part is obviously a bad news though since the amount to be paid in tax was high enough to drive the investors away from crypto.
I tend to disagree on the part where you said that after the introduction of the recent tax bill new investors have entered the market. New investors never entered the market but a lot of investors have opted out or have chosen the illegal way to trade. This will surely hurt the tax collection that the government was intending to get and might become a problem if too many investors try to use the illegal way.
Pay your views if you found any important happing is missed by me in this journey. So, this to make a altogether picture of all the main scenario of happening from the impactful directions in india. I am trying to sum up all the happening for cryptocurrency situation in india. So, that new comers will have some doubts clear.
1. Period (2009-2014): Foremost, crypto market around the world has very effective and profitable moves that makes it possible to expand all crypto market internationally, with the main innovation of Bitcoin as a leader, many tech enthusiasts feels it as a biggest innovation of new era.
2. Period (2014-2017): from year 2009 to 2014, crypto was moving like a river, but this period of 2014-2017 it started becoming a sea. This is the phase when the believer growth is seen significantly. Until the year 2017, the expansion has exploded as skyrocket. Crypto is expanding from all directions.
3. Period (2017- 2020): crypto impact is started entering into indian market. Till the end of 2020, this thing is no more just a online game, instead the Govt of India as well as RBI also started taking this matter seriously. They firmly believe crypto is a biggest innovation but on the side banking organization like RBI, alerting people for the negative side of crypto. However, Supreme court of india, later on ask RBI to not banning the crypto.
4. Period (2021-2022): this is the main time period for all the situation what we are seeing currently, until i am posting this post. Govt of India, introduced bill for cryptocurrency in the parliament of india. This bill introduced tax on cryptocurrency.
What is impact of cryptocurrency bill?
With the introduction of cryptocurrency bill, government levied tax upto 30% on profits. This make investors unhappy, hence, the major players weekens in investing in crypto. Still its not all went down, it was a good news for those who want cryptocurrency to not ban in india. This was atleast a side confirmation that it is here to stay for now. Hence, new investors started joining even with such a huge taxes.
Next, TDS, Tax introduction in cryptocurrency market of india!
This was a great shock for indian investors and indian crypto followers, After a 30% tax rate, cryptocurrency will now also face a 1% tax deducted at source(TDS) and said to be effective in indiavfrom July 1, 2022.
How to pay TDS?
TDS is a tax that is at Source. So, TDS is a tax withheld at the source at the point of the transaction itself.
These are timeline of all main scenario, i will keep on track and updating this timeline. Your suggestions are welcome to make this record a well organized timeline.
1. Period (2009-2014): Foremost, crypto market around the world has very effective and profitable moves that makes it possible to expand all crypto market internationally, with the main innovation of Bitcoin as a leader, many tech enthusiasts feels it as a biggest innovation of new era.
2. Period (2014-2017): from year 2009 to 2014, crypto was moving like a river, but this period of 2014-2017 it started becoming a sea. This is the phase when the believer growth is seen significantly. Until the year 2017, the expansion has exploded as skyrocket. Crypto is expanding from all directions.
3. Period (2017- 2020): crypto impact is started entering into indian market. Till the end of 2020, this thing is no more just a online game, instead the Govt of India as well as RBI also started taking this matter seriously. They firmly believe crypto is a biggest innovation but on the side banking organization like RBI, alerting people for the negative side of crypto. However, Supreme court of india, later on ask RBI to not banning the crypto.
4. Period (2021-2022): this is the main time period for all the situation what we are seeing currently, until i am posting this post. Govt of India, introduced bill for cryptocurrency in the parliament of india. This bill introduced tax on cryptocurrency.
What is impact of cryptocurrency bill?
With the introduction of cryptocurrency bill, government levied tax upto 30% on profits. This make investors unhappy, hence, the major players weekens in investing in crypto. Still its not all went down, it was a good news for those who want cryptocurrency to not ban in india. This was atleast a side confirmation that it is here to stay for now. Hence, new investors started joining even with such a huge taxes.
Next, TDS, Tax introduction in cryptocurrency market of india!
This was a great shock for indian investors and indian crypto followers, After a 30% tax rate, cryptocurrency will now also face a 1% tax deducted at source(TDS) and said to be effective in indiavfrom July 1, 2022.
How to pay TDS?
TDS is a tax that is at Source. So, TDS is a tax withheld at the source at the point of the transaction itself.
These are timeline of all main scenario, i will keep on track and updating this timeline. Your suggestions are welcome to make this record a well organized timeline.
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