It won't be long before they follow citibank. all banks have a follow someone mentality here. if citibank thinks giving credit to buying bitcoins is not trust worthy and has risks, then other banks will start thinking and before anyone knows, every bank will be stopping payments to such bitcoins / altcoins.
Are cryptocurrencies illegal in India?
- Thread starter chetansha
- Start date
Its not about risk to customers that they are concerned about, its risk to their business if people start investing in crypto currencies instead of banks.
techsavvy363
Beginner
I think the Indian Blockchain committee clarified that it is not illegal. I'm not that sure though.
Officially Yes.
Technically it rules India.
!!!!
Technically it rules India.
!!!!
tommy_vercetti
Guide
Received as a forward
hotshot05
Guide
Applying LTCG tax on cryptocurrencies seems to be a little bit presumptuous. LTCG has to be specifically defined for the asset class to be applicable.[DOUBLEPOST=1521296115][/DOUBLEPOST]Received as a forward
e.g debt mutual funds have LTCG with indexation benefit as that has been specifically defined in income tax laws. But FD/RD's don't have any indexation benefit even though they are debt instruments (kind of).
So I think the max that we can do is file the profit from cryptocurrencies as income from other sources and pay the tax as per our tax slab.
hotshot05
Guide
It should be for all crypto.
shouldn't mining be termed as business revenue and taxed accordingly? everyone mines only for profit. so they invest money and then get back money by selling the coins on the market. this is business. so i don't understand how it is taxed zero? are some big shots mining a lot that this aspect is being overlooked?
hotshot05
Guide
in my opinion, this is presumptive tax calculation. Jaitley has said that they will come with a policy by April. I expect them to come with a proper policy by May (before tax filing ends for this FY)
Fertos
Beginner
Yes, India has banned the trade of cryptocurrency. I think it is not a wise decision as the whole world is taking advantages from the digital currency and the blockchain technology is spreading all across the world. India has to realize the importance of cryptos as soon as possible.
Sobirvs
Guide
:Facepalm:
India has not banned anything. RBI has instructed banks and wallets they are affiliated with to not work with cryptocurrency related services. Yes, of course it's stupid, we see how countries like Uganda are embracing cryptocurrencies. It is yet another in a long list of opportunities for developing countries that India has squandered, and why it continues to fall way behind China, despite having all the advantage in terms of natural resources, type of governance, and language. And now, it is falling behind the likes of Nigeria, which were far more disadvantaged than India. Whatever, India can live in it's delusions, all skilled people from this country will move abroad to start their ventures.
Fertos
Beginner
The Reserve Bank of India(RBI) has taken an excellent step of dealing with cryptocurrency. The worst thing about cryptocurrency was that it was not regulated. Cryptocurrency was an effective way of laundering money and turning black into white money. It also promoted child pornography
So you are fine with other effective means of laundering money as long as they are regulated? You know that cash and credit cards are also used to promote child pornography? You are talking as if Money laundering and child pornography didn't exist before crypto currencies and that they are dependent on its existence. Don't be so stupid.
hotshot05
Guide
Instead of providing blanket statements, please tell us how exactly it promoted child pornography or what is wrong if it is unregulated?!