What to do with Crypto after 5 July ?

Osarman

hero member

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Quote from: RAMSHIVDEEPAK on July 04, 2018, 11:13:10 AM

First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.

He said it is estimated about 2 lakh INR value of coins he has and I don’t really think it will cause him any trouble, even during the demonetization phase people with transfers of above 2lakh 50 thousands were asked to show there records and this being a stable phase in Indian economy I really don’t thing even having assets worth 3 lakh can cause him trouble, although I would suggest him to have a PAN card issued if he is above 18 years of age.

perfect999

sr. member

Activity: 1708

Merit: 299

Quote from: RocketSingh on July 03, 2018, 12:57:59 PM

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

If the market is now regulated by govt, I mean if the ban imposed by the reserve bank of India is lifted by govt and then the market is regulated by the Indian govt then it is almost certain that they will impose taxes on profits of bitcoin and other crypto trading. Also it is possible that the above said thing takes a lot of time maybe 2 years seeing the elections upclose.

simonova

jr. member

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Quote from: Gaurav11kb on July 11, 2018, 10:04:09 AM

I don't think there is anything to worry about. We have locabitcoins and more peer to peer exchanges will be there to help us. So keep your crypto safe and keep earning. You can encash them whenever you want.

There are some problems with this approach:

1) If government decides to ban crypto completely, they will take steps against such sites also.

2) These sites offer much less price is comparison to exchange price. Not good for regular trader.

Still, I hope that Indian government gives support to crypto after court directs them to do so.

snkiworld

newbie

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Quote from: killx on July 03, 2018, 12:26:17 PM

Please Read It Fully Before Commenting Wink

As you all know, 5 July onwards bank transactions associated with crypto will stop. I'm not panic selling crypto.

According to some news, crypto regulation draft will be presented in the parliament. So I think crypto will be regulated in India.

If crypto is regulated, what do you think I should do (given the constraints)

1. Assets over 2 Lakhs in crypto
2. Don't have any record of transactions (and can't make either, as I used services like Shapeshift)
3. Earned legally through faucets, bounties, giveaways, airdrops, etc.
4. No INR transaction till now related to crypto
5. Currently a student
6. Don't hold a PAN card

I don't want to evade the taxes. If assets are taxable , I'll pay the taxes.

The only thing I am worried about being wrongly classified as holding black money.

Dont sell your bitcoins now,this is just temporary ban ,safe your coins in some cold wallets and soon indian government gonna regulate cryptocurrencies .If you sell now you lose much,if you wait for 1 or 2 years you can really make big money out of your cryptos.

redsun114

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Leading Crypto Sports Betting & Casino Platform

Quote from: killx on July 03, 2018, 12:26:17 PM

Please Read It Fully Before Commenting Wink

As you all know, 5 July onwards bank transactions associated with crypto will stop. I'm not panic selling crypto.

According to some news, crypto regulation draft will be presented in the parliament. So I think crypto will be regulated in India.

If crypto is regulated, what do you think I should do (given the constraints)

1. Assets over 2 Lakhs in crypto
2. Don't have any record of transactions (and can't make either, as I used services like Shapeshift)
3. Earned legally through faucets, bounties, giveaways, airdrops, etc.
4. No INR transaction till now related to crypto
5. Currently a student
6. Don't hold a PAN card

I don't want to evade the taxes. If assets are taxable , I'll pay the taxes.

The only thing I am worried about being wrongly classified as holding black money.

If you want to safely cashout your earnings right now even after the banning of cryptos you can do so by personally exchange your coins to someone else using a peer to peer transfer and accept the money using tez or paytm whatever you have, alternatively you can wait for the govt to reverse the ban and then sell your coins in the market itself then I guess it will be better for you to hold a PAN card, although if the amount is within 2lakh 50 thousands then the RBI wont be much interested in it.

stepwilli

sr. member

Activity: 1046

Merit: 273

Quote from: suchi2591 on July 04, 2018, 02:00:57 AM

Exchanges are preparing a p2p solution for that. Still we have 2 wait and watch.

Almost every wallet which featured just storage of bitcoin and other cryptos have now started their peer to peer trading mechanism, although I would strongly suggest to hold the coins as of now instead of panic selling the reasons being there might be a reform in the laws of crypto trading and also the new mechanisms of the wallets can have flaws in them thus waiting would be better.

Gaurav11kb

newbie

Activity: 140

Merit: 0

Quote from: killx on July 03, 2018, 12:26:17 PM

Please Read It Fully Before Commenting Wink

As you all know, 5 July onwards bank transactions associated with crypto will stop. I'm not panic selling crypto.

According to some news, crypto regulation draft will be presented in the parliament. So I think crypto will be regulated in India.

If crypto is regulated, what do you think I should do (given the constraints)

1. Assets over 2 Lakhs in crypto
2. Don't have any record of transactions (and can't make either, as I used services like Shapeshift)
3. Earned legally through faucets, bounties, giveaways, airdrops, etc.
4. No INR transaction till now related to crypto
5. Currently a student
6. Don't hold a PAN card

I don't want to evade the taxes. If assets are taxable , I'll pay the taxes.

The only thing I am worried about being wrongly classified as holding black money.

RBI is pulling banking suppprt only, they are not banning crypto. So money earned from crypto will not be classified as black money. Whenever you'll change your crypto to fiat, there will a record of somekind, so you need not worry about it. Just pay the taxes as per your salary/income slab when you encash them.

Gaurav11kb

newbie

Activity: 140

Merit: 0

I don't think there is anything to worry about. We have locabitcoins and more peer to peer exchanges will be there to help us. So keep your crypto safe and keep earning. You can encash them whenever you want.

SimonJones

sr. member

Activity: 485

Merit: 250

Localbitcoins is still working fine and you can transact there. Cash transactions are also possible. We will soon see more peer to peer sites for Indians.

RocketSingh

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Quote from: botany on July 07, 2018, 01:32:16 PM

Quote from: killx on July 07, 2018, 12:35:31 PM

Quote from: snkiworld on July 06, 2018, 08:33:36 AM

Quote from: suchi2591 on July 06, 2018, 12:53:14 AM

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

If in future, I convert my cryptocurrency to rupee by P2P transaction, how will I prove that it is legal money ( not black money or any money laundering ).
Maybe, crypto will grow x100 in 2 years. So I can have over a crore rupee in crypto. That may attract attention of authorities if I one day get a crore rupee in my account.

Did you get your coins more than a few years back? If you did and you haven't moved your coins, then you can argue (if required) that most of the money you earn by selling these coins is capital gains tax.

Capital gains tax applies on recognized asset class. Crypto is not yet a recognized asset class in India.

botany

legendary

Activity: 1582

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Quote from: killx on July 07, 2018, 12:35:31 PM

Quote from: snkiworld on July 06, 2018, 08:33:36 AM

Quote from: suchi2591 on July 06, 2018, 12:53:14 AM

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

If in future, I convert my cryptocurrency to rupee by P2P transaction, how will I prove that it is legal money ( not black money or any money laundering ).
Maybe, crypto will grow x100 in 2 years. So I can have over a crore rupee in crypto. That may attract attention of authorities if I one day get a crore rupee in my account.

Did you get your coins more than a few years back? If you did and you haven't moved your coins, then you can argue (if required) that most of the money you earn by selling these coins is capital gains tax.

killx

newbie

Activity: 3

Merit: 0

Quote from: snkiworld on July 06, 2018, 08:33:36 AM

Quote from: suchi2591 on July 06, 2018, 12:53:14 AM

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

If in future, I convert my cryptocurrency to rupee by P2P transaction, how will I prove that it is legal money ( not black money or any money laundering ).
Maybe, crypto will grow x100 in 2 years. So I can have over a crore rupee in crypto. That may attract attention of authorities if I one day get a crore rupee in my account.

snkiworld

newbie

Activity: 126

Merit: 0

Quote from: suchi2591 on July 06, 2018, 12:53:14 AM

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

suchi2591

newbie

Activity: 126

Merit: 0

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

ankurguta87

full member

Activity: 364

Merit: 117

WazirX, in an emailed statement, said it will allow users to buy and sell crypto directly by making online payments outside its platform.
It will act as an intermediary and will be connecting buyers and sellers. WazirX escrows the crypto for safekeeping during the transaction and releases the virtual money once the payment is confirmed.

Koinex too announced the launch of Loop peer-to-peer network from July. It offers a block chain-based escrow to store bitcoins till the seller confirms payments.

dTAPPO

newbie

Activity: 29

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Yes I am with you, that's why we, India need to adopt this revolutionary technology.

Here I am asking you one question, if India will not adopt this revolutionary technology called BLOCKCHAIN TECHNOLOGY. Will India become developed country coming 50 years?

Blackshadow007

sr. member

Activity: 787

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Currency Xchanger™

Quote from: dTAPPO on July 05, 2018, 02:42:21 PM

First of all, I want to say, The name of some country which is TAX FREE COUNTRY

10 Countries With Zero Income Taxes
The top marginal tax rate in the U.S. is 39.6%. In India it's 15%. Anyways, in these 10 countries citizens won't pay a dime in income taxes!

In no particular order, the 10 countries with no income taxes are:

United Arab Emirates
Oman
Bahrain
Qatar
Saudi Arabia
Kuwait
Bermuda
Cayman Islands
The Bahamas
Brunei

Without taxes these country is now developed. But India is still developing... If our political leader don't support BLOCKCHAIN TECHNOLOGY then I am 100% sure India will still developing country for next 50 year.

I am also sure that one day India will adopt this revolutionary technology, but in that time it will be too late.

In my opinion we need to adware more people as we can about crypto. It will be our duty after 5th July.

My friend the countries name you mentioned most among those are sitting on the Oil , do not forget that and thus their earning is so high that their govt. do not need tax lol .

dTAPPO

newbie

Activity: 29

Merit: 0

First of all, I want to say, The name of some country which is TAX FREE COUNTRY

10 Countries With Zero Income Taxes
The top marginal tax rate in the U.S. is 39.6%. In India it's 15%. Anyways, in these 10 countries citizens won't pay a dime in income taxes!

In no particular order, the 10 countries with no income taxes are:

United Arab Emirates
Oman
Bahrain
Qatar
Saudi Arabia
Kuwait
Bermuda
Cayman Islands
The Bahamas
Brunei

Without taxes these country is now developed. But India is still developing... If our political leader don't support BLOCKCHAIN TECHNOLOGY then I am 100% sure India will still developing country for next 50 year.

I am also sure that one day India will adopt this revolutionary technology, but in that time it will be too late.

In my opinion we need to adware more people as we can about crypto. It will be our duty after 5th July.

snkiworld

newbie

Activity: 126

Merit: 0

Quote from: Blackshadow007 on July 04, 2018, 09:25:50 PM

Quote from: ogabonny on July 04, 2018, 06:03:19 PM

Quote from: RocketSingh on July 03, 2018, 12:57:59 PM

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

excellent,the ban may be in place,people will still be involved informally,away from the prying eyes of government.

Of course people will always be involved with Crypto whether its Ban or not . Nothing can stop P2P Cash trades at least lol . When ban happens similar sites like Localbitcoins will pop up and most probably many of current legit Indian exchange will open escrow service with P2P platform outside of Indian Jurisdiction and thus problem solved . Do cash trades and show middle finger to govt. lol .

Yes no one can stop crypto

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Quote from: ogabonny on July 04, 2018, 06:03:19 PM

Quote from: RocketSingh on July 03, 2018, 12:57:59 PM

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

excellent,the ban may be in place,people will still be involved informally,away from the prying eyes of government.

Of course people will always be involved with Crypto whether its Ban or not . Nothing can stop P2P Cash trades at least lol . When ban happens similar sites like Localbitcoins will pop up and most probably many of current legit Indian exchange will open escrow service with P2P platform outside of Indian Jurisdiction and thus problem solved . Do cash trades and show middle finger to govt. lol .

ogabonny

newbie

Activity: 102

Merit: 0

Quote from: RocketSingh on July 03, 2018, 12:57:59 PM

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

excellent,the ban may be in place,people will still be involved informally,away from the prying eyes of government.

hubballi

sr. member

Activity: 882

Merit: 297

If you have kept your savings in btc then I think you can sellin p2p exchange as you are going to sell directly to the end user and transactions will be between you and him so their is no record of btcso no tax problem

RAMSHIVDEEPAK

member

Activity: 224

Merit: 18

First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.

killx

newbie

Activity: 3

Merit: 0

Quote from: RAMSHIVDEEPAK on July 04, 2018, 11:13:10 AM

First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.

But everywhere I'm using my pseudonym.

I have more than 2 lakhs (exact amount I'll cannot disclose)

RAMSHIVDEEPAK

member

Activity: 224

Merit: 18

First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.

Deepa18dec

newbie

Activity: 63

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I'd say stay optimistic and even if decision is not in favor of crypto enthusiasts, keep investing and earning. There will always be other ways to convert your crypto to fiat.

suchi2591

newbie

Activity: 126

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Exchanges are preparing a p2p solution for that. Still we have 2 wait and watch.

RocketSingh

legendary

Activity: 1662

Merit: 1050

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

killx

newbie

Activity: 3

Merit: 0

Please Read It Fully Before Commenting Wink

As you all know, 5 July onwards bank transactions associated with crypto will stop. I'm not panic selling crypto.

According to some news, crypto regulation draft will be presented in the parliament. So I think crypto will be regulated in India.

If crypto is regulated, what do you think I should do (given the constraints)

1. Assets over 2 Lakhs in crypto
2. Don't have any record of transactions (and can't make either, as I used services like Shapeshift)
3. Earned legally through faucets, bounties, giveaways, airdrops, etc.
4. No INR transaction till now related to crypto
5. Currently a student
6. Don't hold a PAN card

I don't want to evade the taxes. If assets are taxable , I'll pay the taxes.

The only thing I am worried about being wrongly classified as holding black money.

Topic: What to do with Crypto after 5 July ? (Read 328 times)