what if the draft proposal recommends and government implements a very high tax like 80 to 90 % tax on all your bitcoin returns...
what will be your opinion..
What is the ideal percent which governemnt can impose on bitcoin gains as capital gains?
then people will declare its all income to avoid such a high bitcoin capital gains..
then what will govt do?
I think the government should treat bitcoins like any other asset and impose capital gains of 10/20% (without / with indexation). Bitcoin may not receive preferential treatment (like equity or houses) but shouldn't be penalized compared to other asset classes. |
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Virtual currency Bitcoin troubles Centrehttp://www.newindianexpress.com/nation/2017/jul/23/virtual-currency-bitcoin-troubles-centre-1632223--1.htmlAfter last year’s demonetisation and pushing for online transactions, the BJP-led Central government is caught in a quandary over virtual currency Bitcoin. Admitting that Bitcoins could pose to be a threat to the banking system, the government seems to be coming to the consensus on bringing a law to regulate transactions in virtual currencies. It will soon unveil measures to stop virtual currencies becoming a medium for stashing black money and funding terror activities. Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds independent of a central bank.
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Blockchain could play a key role in financial inclusion in India: David Lee Kuo Chuen http://www.livemint.com/Money/kU1roO0Wq8hiRa0QetIjWL/Blockchain-could-contribute-and-play-a-key-role-in-financial.html
The journey of cryptocurrencies and blockchain technology dates back to 2008—the year of the global financial crisis—when Satoshi Nakamoto published his white paper on the bitcoin. Nine years on, the world is still trying to make sense of this technology. Governments in Japan and China have taken the lead while India is close to deciding the way forward for bitcoins. Mint spoke to David Lee Kuo Chuen, economics professor of fintech, Singapore University of Social Sciences, about China and Japan’s regulatory stance on bitcoins and where blockchain is headed. Lee was in Mumbai for the Fintech Summit 2017: Blockchain for Business, organized by the Indian School of Business (ISB). Edited excerpts.
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Apex court asks RBI to restrain sale and purchase of bitcoinshttp://www.deccanchronicle.com/nation/current-affairs/160717/apex-court-asks-rbi-to-restrain-sale-and-purchase-of-bitcoins.html
The Supreme Court has asked the Reserve Bank of India to look into the complaint seeking its intervention to take urgent steps for restraining the sale and purchase of illegal crypto currencies or “Virtual Currency” (VCs), like Bitcoins, which are being traded openly and extensively within the knowledge and domain of the RBI.
A Bench of Chief Justice J.S. Khehar and Justice D.Y. Chandrachud disposed of a writ petition filed by Vijay Pal Dalmia and Siddharth Dalmia, experts in internet technology on Saturday highlighting the consequences of unrestrained use of Bitcoins for a host of anti-national, illegal and nefarious activities, such as funding of terrorism and insurgency, illicit trade of arms and drugs, recruitment of terrorists, bribery, corruption and money laundering.
Mr Vijay who argued in person informed the court about tax evasion, generation of black money, payment of ransom, human trafficking and prostitution, transfer of money through hawala, hawala trade and etc.
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Cryptocurrency fall continues ahead of Bitcoin's 'civil war' conclusion on Aug 1; Ether below $200http://www.moneycontrol.com/news/business/markets-business/cryptocurrency-fall-continues-ahead-of-bitcoins-civil-war-conclusion-on-aug-1-ether-below-200-2326731.html
Cryptocurrencies continue to bleed as speculators remain jittery ahead of bitcoin’s scaling debate conclusion on August 1. The total market cap has dropped by USD 9 billion, a 11 percent fall, in the past 24 hours, according to coinmarketcap.com.
Bitcoin prices fell below USD 2,100 today and could soon break the USD 2,000 level, as bears continue their rampage on cryptostreet.
The price slipped to USD 2,057, at time of reporting, according to CryptoCompare.com, a drop of around 32 percent from its all time high of USD 3,000.
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Bitcoin trade may come under SEBI http://www.thehindu.com/business/Economy/bitcoin-affords-anonymity-in-grey-area/article19265595.ece
The government is considering the introduction of a regulatory regime for virtual or crypto currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale.
The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).
The idea is to treat such currency in a manner similar to gold sold digitally, so that it can be traded on registered exchanges in a bid to “promote” a formal tax base, while keeping a tab on their use for illegal activities such as money laundering, terror funding and drug trafficking.
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RBI keeping a close watch on transactions involving cryptocurrencies: Patel http://www.business-standard.com/article/finance/rbi-keeping-a-close-watch-on-transactions-involving-cryptocurrencies-patel-117071201361_1.html
The Reserve Bank is keeping a close watch on transactions involving cryptocurrencies, Governor Urjit Patel is understood to have told the members of the Parliamentary panel on finance today.
During the more than three-hour long meeting of the Standing Committee on Finance here, the members raised concerns about rising number of transactions in various cryptocurrencies such as Bitcoin, Ethereum, Zcash, litecoin and NEM.
They also wanted to know from the governor whether the use of cryptocurrencies is legally permitted, a member said.
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Bitcoin affords anonymity, in grey areahttp://www.thehindu.com/business/Economy/bitcoin-affords-anonymity-in-grey-area/article19265595.ece
Crypto-currency that is planned to be brought under the regulatory regime is a digital currency which allows transacting parties to remain anonymous while confirming that the transaction is a valid one. It is not owned or controlled by any institution – governments or private.
There are multiple such currencies — bitcoin, ethereum, ripple are some of the popular ones. Currently, they are neither illegal nor legal in India. “One bitcoin today is worth as much as 60 grams of gold. The market cap for all crypto-currencies has just crossed $100 billion, with most of the increase coming in the past few months. On April 1, 2017, the total market cap was just over $25 billion, representing a 300% rise in just over 60 days,” said a senior government official.
“The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley last month,” the official told The Hindu.
A proposal to ban such currency altogether was also considered at the meeting, but found few takers among top officials from the Ministries of Finance, Home Affairs and IT as well as SEBI, the Reserve Bank of India, the State Bank of India and NITI Aayog.
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Bitcoin civil war: Currency headed for its most turbulent stretch yet?http://economictimes.indiatimes.com/markets/stocks/news/bitcoin-civil-war-currency-headed-for-its-most-turbulent-stretch-yet/articleshow/59539115.cmsIt’s time for bitcoin traders to batten down the hatches.
The notoriously volatile cryptocurrency, whose 160 per cent surge this year has captivated everyone from Wall Street bankers to Chinese grandmothers, could be headed for one of its most turbulent stretches yet.
Blame the bitcoin civil war. After two years of largely behind-the-scenes bickering, rival factions of computer whizzes who play key roles in bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month. That has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 billion market.
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Bitcoin's central appeal could also be its biggest weakness
http://www.business-standard.com/article/international/bitcoin-s-central-appeal-could-also-be-its-biggest-weakness-117071000103_1.html
Bitcoin reached a huge new peak in value in June 2017, when one unit of the virtual currency was worth US$2,851 (£2,208), up from around US$600 just a year earlier. More than 10m people worldwide are now thought to own bitcoin and more than 100,000 merchants accept it for goods (not counting all those using it to sell drugs and other illegal items on the black market).
Part of bitcoin’s appeal for many of its users is the lack of centralised control or regulation by any government or bank. Instead it relies on a technology known as blockchain to underpin and secure transactions. But research my colleagues and I have conducted suggests that the lack of any social trust in the way blockchain operates poses a challenge for bitcoin’s further spread.
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What you are saying is true but if you know Hindi language then you can survive in India in any state.
I have a feeling you might not even know how many states are there in India.  |
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If I knew the groom very well and knew he would appreciate bitcoins as a gift then yes I would. The problem is most people just wouldn't understand what they can do with them so would see it like a weird gift card that fluctuates a lot in value.
You should also tell them to keep it safely for the long term. Otherwise, they would just spend it at the first available opportunity. This is not very different from the way they would treat a gift card. |
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Censorship has been a plague on the bitcoin ecosystem. It has caused many people in the community to fall prey to the perils and pitfalls of human psychology. It has incited bitcoiners to believe half-truths, falsehoods, and boldfaced lies. The censorship took advantage of their most primitive thought processes, molding them into an army of conformists and lemmings. For anyone unfamiliar with the censorship, here is some backstory. A user that goes by the handle Theymos has been running r/bitcoin sub-Reddit as the head moderator for several years. He also has influence in bitcointalk.org and bitcoin.org forums. Ever since the bitcoin scaling dilemma surfaced, Theymos and his staff have been actively censoring opinions that remotely relate to expanding the block sizes or forking the bitcoin protocol, which was once called bitcoin improvement proposal 101 or BIP 101. https://news.bitcoin.com/how-censorship-in-the-bitcoin-ecosystem-duped-people-into-embracing-segwit/Theymos has influence in bitcointalk.org?  That is an understatement. However, no matter how much censorship there is, people are definitely aware of the issues underlying scaling. |
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Bitcoin, Ether lead digital currency slide from highs
http://www.business-standard.com/article/international/bitcoin-ether-lead-digital-currency-slide-from-highs-117062800037_1.html
Last week, Bitcoin declined as much as 17%, while smaller competitor ether continued to slide after experiencing a ‘flash crash’, raising concern about mainstream acceptance of the digital currencies. Bitcoin slumped to as low as $2,449.4 in intraday trading. Ether, the virtual currency based on the ethereum blockchain, plunged to $250.5. And ripple, the third-largest digital currency based on market cap dropped to $0.3, according to prices compiled by Coinmarketcap.com and Coindesk.com.
The two biggest digital currencies have still surged in value this year. Ether started the year around $8, meaning even with its current drop, the price has doubled many times over. Bitcoin has advanced about 150% year to date. The steeper decline in ether than bitcoin means ether’s market cap at $25 billion is now just about 60% of bitcoin’s, down from about 80%, when ether climbed over $400 two weeks ago. The rapid growth of the ethereum network had prompted speculation that ether would overtake bitcoin to become the biggest cryptocurrency as soon as this year, a phenomenon known as the flippening.
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Banks' blockchain consortium picks IBM for trade finance platformhttp://www.firstpost.com/india/banks-blockchain-consortium-picks-ibm-for-trade-finance-platform-reuters-3748895.html
Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain - the underlying technology behind bitcoin - could have an impact.Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification. This contrasts with the present process - trade finance transactions typically involve a complicated paper trail that requires international courier services, is vulnerable to document fraud, and can take as long as a month to be completed.
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Arun Jaitley holds meeting on bitcoinshttp://indianexpress.com/article/business/economy/arun-jaitley-holds-meeting-on-bitcoins-4725078/
Finance Minister Arun Jaitley on Tuesday held an inter-ministerial meeting to examine risks related to virtual currencies (VCs) like bitcoins. Although several issues concerning bitcoins were discussed, no decision was taken, sources said.
The meeting was attended by IT Minister Ravi Shankar Prasad, NITI Aayog Vice Chairman Arvind Panagariya, Home Secretary Rajiv Mehrishi, Economic Affairs Secretary Tapan Ray, Financial Services Secretary Anjuly Chib Duggal and other senior officials.
The government has been debating over issues concerning bitcoins and had last month sought public opinion on allowing virtual currencies.
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