Thank you for the replies guys, I can see some progressive engagement in our local board, hope it continues and I request every fellow community member to share anything you see about cryptocurrency related to India and around the world too. And sorry guys I don't have anymore sMerit to spend so I hope our board's merit source will exhaust his source quota as much as possible. 
The next time you post a long post that is copied. please follow these simple posting rules. Copy partially like the beginning of that article and then quote it. Add the link to the original content at the end or before, depending on you, and then state your reason for sharing it. Make sure it is not a one-liner as you did in this topic. If possible add images that would make it look more fancier and attractive.
Got it, thank you for your suggestion and I will try to be more effective and simple with upcoming codes as much as possible. |
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For the first time since taking over the G-20 presidency, India has officially revealed details of the ongoing work around how to regulate crypto.
IMF is working on a paper in consultation with India that will focus on "aspects of the monetary policy and the policy approach to crypto assets," said Ajay Seth, secretary, Department of Economic Affairs.
Seth also revealed the IMF had led a meeting with representatives of developing economies about the paper in January. The details confirmed CoinDesk's earlier reporting around the IMF's role in the G-20's crypto-related discussions.
"There's going to be a 135-minute seminar on crypto assets on the policy response (during a G-20 meeting later this month) and for that again the IMF is preparing the finalized paper that will form the base," he added.
India assumed the presidency of the Group of 20 – the intergovernmental forum of the world’s 20 largest economies including the European Union as a bloc – on Dec. 1, giving it the responsibility of shaping the group’s agenda. On the eve of taking over the presidency, India's Finance Minister Nirmala Sitharaman had said regulating crypto assets will be a priority.
Sitharaman reiterated this on Friday, saying, "We are also looking at a global SOP (Standard Operating Procedure) to be available to be agreed upon for regulating crypto assets" for the meeting later this month that will see G-20 Finance Ministers and Central Bank Governors come together.
"Whilst recognizing the central bank as the authority for issuing crypto currency, the rest of the assets which are being created outside which are using very useful financial technologies, even those will have to be discussed because regulation cannot be done by any one country singularly, it has to be a collective action because technology doesn’t group any borders," Sitharaman added.
India's position on whether crypto is legal or not has been completely clear since it imposed stiff taxes in 2022 but didn't declare crypto as being legal.
“I don’t wait till regulation comes into place for taxing people who are earning profits,” the Indian Finance Minister said when asked how a nation can tax something that it doesn’t acknowledge is legal.
"The question of legality will come only if something is declared illegal. Crypto assets are not illegal in this country," Seth explained, becoming the second official to give clarity on the matter.
India's draft bill for crypto regulation has been in cold storage because the government wanted global consensus first.
"We had prepared a bill (which) went through internal discussions. Thereafter there was a consensus that we have to deal with it at the global level," Seth said.
In terms of next steps for India in shaping global crypto policy, the plan is to take the progress of the IMF paper from consensus at the G-20 to the crypto assets working group of the Financial Stability Board and then "all countries put together" because crypto is an asset class that can be traded across the board and thus "it requires all countries" to accept the policy, Seth said.Source: https://www.coindesk.com/policy/2023/02/03/india-reveals-imf-is-working-with-g-20-for-crypto-regulations/So this is not over yet, the regulators are working on how to regulate the decentralized cryptocurrencies because they acknowledged Bitcoin has no borders so issuing a ban won't stop them from the circulation so what we are expected to see with these policy discussions? But they mentioned that they will collect tax as of now because they didn't mention crypto is not illegal anywhere so tax applies stated by FM.
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This is a absolutely nonsense as the finance ministry is not even considering cryptocurrency as a worthy asset class to even discuss about it. Their ignorance is very very visible!
I have been following their policies for the last two days, as we expected nothing comes related to crypto tax and they ignored many sector for example agriculture sector, construction sector along with they waived many incentives like the home loan incentive but all they did is reduced the corporate and surcharge so its clear that the government is working for rich and never care what the remaining 90% doing for their life. |
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There is no point in beating a dead horse that is how when you feel there isn't enough income in your locality then move to a place where the wages are better not even too far just to the nearer city where you can have better salary but comes with more hard work then only you can bring the real change in your financial status.
It would be easy to say but difficult to do because if you move near a city, the expenses are also so high that it is just enough for you to survive, like paying rent because your home is far away and the food is more expensive than in your area. Though the opportunity in the city is endless, it would be great if you could cut your expenses like you have relatives to stay with or it is just really near your home. Then getting hired by those companies where you will start with a high salary is difficult; you still need more experience or time to render in a company before getting an increase. Nothing comes easy in this competitive world so if we don't want to be in the trap then we have to get out of our comfort zone to make any real changes. Well the rent can be bit expensive but food will not be a big problem because all we need to do is to cook on our own to save big chunk or else better find a job which provides accomodation at first then we can climb further based on our working skill. |
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It is good though, especially we heard about banning few days back now the minister is talking against it and the government doesn't have to bow down to the rules of RBI and even before the ban of RBI revoked by court previously so hopefully if governments understand the benefits of making it legal will increase the tax revenue means they will not go against it.
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What are everyone's thoughts towards my approach of conducting a final raffle?
I am pretty much excited with your approach of conducting a final raffle. I used to wait for it in the past. Yes, I agree a lot of members have shifted to Telegram & Reddit but those who are here need to be active from time to time. I do not think that we do not have anything or any news to discuss on this board. A little bit of encouragement by senior members and Merit sources can again bring back members here. Conducting raffle again for the one final time is a good idea to bring more exposure in short time, but the growth will not be that much effective because after the raffle everything will be back to same as of now, so building the discussions organically will be more effective and as you said sharing merits will become the real encouragement for users to post. We may not have anything to discuss from India, but we can discuss what is happening around the world so in case of new member joins he may get to know about everything. |
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As discussed in other thread I don't think they will implement any strict laws against anything until the next PM election which is supposed to happen next year after that we may see this can be implemented unless the world adopts the cryptocurrency more, so the government will be left with no other option that follow the trend of other developed nations.
IMO, he knows crypto isn't gambling as a banker he realized the adoption of crypto will end the growth of banks in a decade or two, so he is trying as hard as he can to restrict the growth.
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This board was once active and I did saw a topics which were related to free raffle and the prize was Bitcoin. There were many members who had won those raffle. A little bit of buzz was also here and suddenly that all stopped after the new tax law. At the moment only a few members remain active on this board.
As per the RBI governor Bitcoin and crypto is a threat to India and he wants it to get banned. What @pakitheboss said is correct, as the government would now get busy with the election scheduled for 2024 and wouldn't try to take any action that will hamper its vote bank. I also feel some bad news will come in 2024 or 2025.
I do remember that raffle and it was a great initiative taken by Heisenberg_Hunter to boost the traffic of our board and it worked only for a while, so as a community we need to engage into discussions so whenever a new Indian member joins it will be helpful for him to understand. Government never thinks what is good for the people, they will think what is more profitable for officials and as a banker we can't expect RBI Governor to tell the truth about decentralized monetary system.
To be honest, the current 30% taxation is nonsense! I personally have stopped selling bitcoin after this rule came into effect. 30% tax without the chance of offsetting losses, is just bad for the crypto market in general.
It will definitely change if some progressive politician becomes the FM. But looking at the rulling party, the chance is slim.
30% tax along with 1% TDS discouraged people to convert the BTC to fiat but if we keep holding the profits will go higher and higher when the time passes, we can't expect the ruling party with idea of religious thoughts to progress towards financial sectors but I do hope someone will get into the power who understand the system.
Good to hear that someone is active and keeps attack of what is happening around. I did try to activate this board but no one from our country seems to be interested as most of them are only checking or working on the Bounty board. Another thing is that their is no encouragement from any Merit source.
I do see lot of members from our community on the main boards much often but they forget to visit here, which maybe changed gradually when we all contribute to make the change. Lack of merit circulation can be a reason too but the results can be felt later in a good way once we successfully activated the system.  |
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Great! Someone took the initiative to post an engaging topic on this board, as I have stopped doing it due to zero engagement & zero merits from Merit sources. It seems most of them are inactive at the moment.
Now, coming to what you have asked. A lot of revenue from tax has gone as most investors, traders and those who made a living on Bitcoin have shifted to international exchanges. A lot of investors/traders have shifted or made arrangements to do their business in crypto tax friendly countries.
The Indian government wanted to reduce crypto engagement and in my opinion they have been successful as a lot of Indian exchanges have declared a traffic drop. In 2023, I am sure the government would not make any changes to the law as it is a preparation year for the next election which is scheduled in 2024. You can expect a complete ban in 2025.
I haven't been posting much, but I never missed a day for all these days in the past to visit the forum to update what is happening around crypto market but the reason I created this thread is I saw a thread about local board activity on meta where I found only 32 posts were made in a month if I am not wrong, so I decided to make some contribution to bring some traffic here, and I expect every fellow Indian community members to do the same. Government may successfully reduce the trading on paper, but they forced the users to use the back door because of unfairly high tax rate, so I can see a lot of activity on p2p like LBC again than before which says Indians didn't boycott crypto trading but they are off the radar due to the government rules. |
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Clipboard hijacking is more advanced than this if I am not wrong where the hacker replaces the recipient address with his desired destination address, but the attack explained in the article says the hacker doesn't replace the address but matches the address with similar one and hoping the victim will choose the wrong address and send funds to it. |
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Scam alert: Metamask warns crypto users about address poisoningWhile exploring the Binance news tab I found this article which highlights how a hacker is stealing the crypto assets by switching the address by matching the characters we normally use to send funds so beware of copying and pasting the recipient address no matter what kind of wallet your using and crosscheck all the characters not prefix and random alone. I will quote the important part of the article and will leave the link below. While the attempt would not give the hackers access to user wallets, people who may have gotten into the habit of copying their wallet address from the transaction history before sending digital asset balances could potentially send their funds to copycat addresses.
Because of this, the wallet provider warned users always to be careful and double-check their transactions before sending their balances. The firm highlighted that it would be best to check every single character of the wallet address to make sure that the funds will be sent to the correct wallet. source: Scam alert: MetaMask warns crypto users about address poisoning
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Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.
What is the hope for cryptocurrency in India especially this year, in my opinion not looking too great since the implementation of new tax policy last year but with the next government can something will change if there is someone who is in the position of making policies and also understand the potential in cryptocurrency and blockchain technology.
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It's one thing to do a paid promotion through a promotor... but to lie and act like it is their own money they are gambling with.. It's not only immorally wrong, it's possibly illegal depending what jurisdiction the streamer is in.
As long as they are not saying it openly they are not commiting anything wrong from the legal perspective but it can be immorally wrong but why does someone choose to spend their money because they saw a streamer is making tons of money by doing the same, which is actually greed driven activity right so those streamers are using the people's greed to make money for them. They can lie to make money, all they care about is the legality, as long as they are safe on the legal side they can do what the promoter would like them to talk and promote, that's why it's hard to trust those who are promoting online, I would still prefer a forum like ours as we can see the transparency we are looking, no bias opinion will prevail and etc. We shouldn't trust anybody for any reason, we can get the opinions from them and do the same with different people so if you are getting more positive response on average then its actually a good site but highly influenced by someone's popularity is just the stupidity. |
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Just be transparent, what kind of registration you are talking about?
If you are going to make it public then you may find an offer.
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No matter whatever goes on in Asia, doesn't impact India in the matter of Debit card! India has excluded themselves from all technical revolution.
Leaders are very busy with religious talks and election campaigns so they are not going to understand anything about technology but there are infrastructure and government offices but they are not going to do anything, we are still under the hands of stupids.  |
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even if u sell in personal, the money coming in your account can be traced.
and if they find out, you'll end up paying fine up to 5 cr or end up in jail or maybe both.
do u think every indian will take this risk?
i think not.
Let me tell you one thing even if the government traces the money from exchanges going into a wallet they literally can't prove who is the owner of the wallet because its just a virtual thing and you no need any ID to create an actual Bitcoin wallet and when we are going to give the ruling power to someone who is actually have some knowledge not who support the religion and Play the dirty politics. |
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You shouldn't continue your gambling activities if your country completely banned crypto gambling or gambling in general, if you see such kind of announcement officially from your government then stop yusing Roobet straight away and the same goes for every other gambling sites as well. FYI, You acknowledge that you may not access the website or use any services on the website if you are a resident of a jurisdiction that does not allow any participation in games of risk, games of chance, or games of skill. If you used VPN further which will be considered a violation of their ToS and your account may be terminated. Well, First Of All, It depends on the situation here in my country. As far I know, There is a lot of player from my country playing on many casino websites. The problem is not there. My Country blocks the Sportsbetting websites on an occasion. For example IPL (Indian Premier League). Most of the people join the various casinos during that time to earn money. That time my country blocks a few sports betting websites. It's Normal for my country. My country blocks Social Media for a limited time when any political issue or Religion issue raises. They often ban a few Mobile games (Free fire, PUBG, COD) during the Yearly Final exam. So it's normal for me and I am used to it. Well, They don't say it's banned but they block silently. Sometimes they unblock silently. It becomes a circus now. people are bored of government. People don't give a fu*k to the government nowadays. If that's the case in your country then you better clarify whether you can continue playing or need to halt to the Roobet support team because on may of the occasions users violate the terms but they accuses the site and call them scammers so I just wanted to let you know that Roobet is not encouraging players from banned jurisdiction. |
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I came across an interesting article about El Salvador and bitcoin from coindesk, I am not sure its literally possible but if it becomes possible then its going to help the bitcoin adoption further in my opinion. Its all about the president Nayib Bukele said that they are planning to create a completely new city which includes airport, railways, Residental and commercial buildings and its planned to be located near Gulf of Fonseca near a volcano and also they are going to create a power plant powered by volcano which will give enough electricity to the city as well as Bitcoin mining.  Some of the important points from that article are - Shape of the city will be in circle which denotes the bitcoin
- The city will have no income, property, capital gains or payroll taxes.
- El Salvador plans on issuing $1 billion US “bitcoin bond,”(500M for infrastructure and 500M for buying bitcoins
- El Salvador will become “the Singapore of Latin America,”
El Salvador to Create ‘Bitcoin City,’ Use $500M of Planned $1B Bond Offering to Buy More Crypto
Here is comes what is your opinion about these kind of speech from the president of El Salvador? IMHO, its a visionary project but its just a miracle to build a complete new city under 10 years. |
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Anyone excited about the NZ tour test matches of India? Since the 3 match T20I dominated completely by the Indian team even though the big names are missing still you expect the same thing to happen so this is some kind of revenge for what happened in T20 world cup super12. |
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