 Show Posts
|
|
Pages: [1] 2 3 4 5 »
|
|
Just a thought, we, Indians always embraced gold in any form, and it has long history since the very beginning and now that people keep saying bitcoin is the digital gold so let's just debate will gold ever be replaced by India as some kind of financial security ever?
There are reasons to do it because our government is also cracking down the gold, they paused it but we had a thing like a citizen is only allowed to hold x amount of gold and anything above that qill require documentation of ownership or government has the right to take it away but I guess they can't do it with bitcoin.
|
|
|
|
 Full size imageThis image is spreading over the social media where the user received the notice from his IOB bank for 7.1crore along with FIR no but not sure the FIR is marked on the person who received this notice or his is just part of the layer. Just another day in Indian crypto space, government should make the crypto regulations easier so that exchanges can have INR trading pairs that will saves lakhs of traders from losing the bank account along with balance. |
|
|
|
|
Just read this from an article posted on cointelegraph and it looks like Indian exchanges will likely to push the government to bring the necessary tax reforms like 1%TDS and 30% capital gains with no offset loss on the gains is pushing the existing users to go with the offshore exchanges that leads to revenue loss to the government and helping the economies of somewhere.
Any possibility that government even might consider the proposed changes?
|
|
|
|
|
I just got the idea to write how people can stay away from bank freeze issue which is by far the most serious issue with Indian crypto users after reading a thread on reddit and I feel that is incomplete so I am writing things which I feel is safe way so any of you guys can add our tips too.
1. If you want sell your BTC or any crypto for INR avoid payment modes like IMPS or UPI platforms which often end up as bank freeze or lien.
2. Consider the Cash Deposit (CDM) which mean the buyer will directly deposit funds in your bank account so there is no trail of laundering here.
3. You can find CDM offers but with premium price which is worth if you don't want your bank account to get locked.
4. Never trade with anyone in person like f2f or if they invite you to telegram or whatsapp after a few successful trades on p2p platforms.
5. Finally use separate bank account for crypto trading and try to keep it's balance close to zero.
|
|
|
|
Due to recent regulatory developments, LocalCoinSwap will cease offering services to users located in India. Access from Indian IP addresses will be geoblocked beginning October 8, 2025.
What You Need to Do:
If you are based in India or accessing the platform from within India, please take immediate action to withdraw any account balances, and/or export your wallet keys. All actions must be completed before October 8, 2025. After this date, access from India will be restricted, and affected users may no longer be able to retrieve funds.Important Notice: LocalCoinSwap Services Ending in IndiaI don't know how many of you have used this but this is one of the popular p2p used by Indians which is similar to Paxful but provided noncustodial wallet. Now they also shut down their doors due to what our government demands from any crypto related platforms. I thought they will continue to operate because their userbase is huge in here yet the decided to comply and restricted now. If you have any balance left just withdraw or connect VPN and import the private key to the supported wallets.
|
|
|
|
 So, the Singapore court approved their proposal after they got enough support from the affected parties which is about 1 lakh and 50 thousand users hopefully they might receive what they are left when the hack happened. It might take effect in the next 10 days and all the refunds will be made within the 3 month period as per the report from cointelegrapgh, please read it here if you want: Singapore court approves WazirX restructuring plan after $234M hack. And after all these, do you think Wazirx will aim to make a comeback? |
|
|
|
Summary of the article: Nations must prepare to deal with stablecoins: Finance Minister SitharamanAt the Kautilya Economic Conclave 2025 in New Delhi, Finance Minister Nirmala Sitharaman highlighted the growing global economic uncertainties and imbalances in trade, finance, and energy, emphasizing that nations must not only manage uncertainty but also confront these challenges directly.
She made a notable statement on stablecoins, signaling a possible shift in India’s cryptocurrency policy.
Sitharaman said nations will have to “prepare to engage” with stablecoins, whether they welcome them or not, as they are reshaping the landscape of global money and capital flows.
While India’s Finance Ministry and the RBI remain skeptical of private cryptocurrencies — with the RBI favoring a ban and focusing on its CBDC pilot projects — Sitharaman’s remarks suggest a more open stance toward acknowledging and preparing for the role of such innovations.
She also spoke about India’s economic resilience, saying the country has the capacity to absorb external shocks amid changing global alliances and strategic rivalries. However, she cautioned against complacency, stating:
“Eternal vigilance is the price of liberty; eternal performance is the price of strategic independence.” Is this the tilt that we all are waiting for? She said it can be useful to the economy in some way when RBI wants the cryptocurrencies to be banned completely means still they are open with the adoption and we might see the better days if they understand the real potential of the market and draw the right polcies that also benefits the users instead of flat 30% taxes. |
|
|
|
Financial Intelligence Unit (FIU IND) issues notices for non-compliance to 25 offshore Virtual Digital Assets Service providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act (PML) Act, 2002 The 25 offshore exchanges flagged by FIU-IND include some well-known global names like Huione, Paxful, Changelly, CEX.IO, LBank, BingX, PrimeXBT, BitMex, and Poloniex. They also include emerging platforms like ZooMex, LocalCoinSwap, and CoinCola.
 You can find the complete list here: Offshore VDA Service Providers Issued Notices by FIU-INDAnd I checked some of the URLs are already tookdown and others like Paxful and BC.game are still working but interesting part is they consider BC.GAME as exchange? 
|
|
|
|
 Looks like the new Promotions and Regulation of Online Gaming Bill will also affect the crypto casinos too, so if you guys have any balance in any casino please withdraw it as soon as possible and before depositing make sure that you are allowed to play or not. I am active on few casinos like BC, stake and a few others but only received this message from sportsbet.io. Any idea will this affect other casinos too? |
|
|
|
A special anti-corruption court here on Friday sentenced 14 people — 11 police officials including former Amreli district superintendent of police Jagdish Patel, a former BJP MLA from Amreli, Nalin Kotadiya, and two others — to life imprisonment in a 2018 case involving the kidnapping of a Surat businessman to extort cryptocurrency from him. While special judge B B Jadav held the 14 people guilty of criminal conspiracy, kidnapping for ransom, illegal detention and assault, he acquitted one accused, Jatin Patel.
Full story: https://timesofindia.indiatimes.com/city/ahmedabad/bitcoin-extortion-case-ex-bjp-mla-ex-sp-among-14-handed-life/articleshow/123591797.cmsLooks like a big news regarding the bitcoin case but I didn't see about this is any social media posts nor TV, Did you guys read it? And this is just an illustration of how our corrupted system is, the one who is supposed to maintain the law and order is conspiring with the kidnappers and stealing money from the bitcoin and this came into a result because the victim is not just some average middle class person but a big fish too so imagine what happened if it's an average joe. 
|
|
|
|
We can't withdraw crypto to our wallets in any Indian exchanges except Unocoin if I am not wrong but someone made a post in the reddit that now they are allowing crypto withdrawals too but if someone opts in for crypto withdrawal then they can't use UPI anymore and only can use NEFT for depositing which I don't know why though. But looks good development?  And to activate this feature the user need to go through additional verification which is nothing but to provide 1 year bank statement which also said by the OP from Reddit thread. P.S: I am not using coindcx and I recommend not to use it for others too because they suffered with hack recently. |
|
|
|
 No official report from the exchange CoinDCX but this is posted on ZachXBT's official telegram channel and people created threads that their withdrawals are pending so it can't be a coincidence. Another point to note Wazirx got hacked in July 18th 2024 (biggest Indian exchange at that time) and exactly one year later CoinDCX hacked on July 18th 2025 if we just add the 17 hours before into the calculations so it's not just a random attack, someone is trying to make a point? I already posted about this in my local board but just wanted to share it with everyone and it might works as reminder for the community to not to store your cryptos in exchanges, you can just lose all your funds just like that and you may never get them back on most occasinos. #Not Your Keys Not Your Cryptos |
|
|
|
No official report from the exchange CoinDCX but this is posted on ZachXBT's official telegram channel and people created threads that their withdrawals are pending so it can't be a coincidence. Another point to note Wazirx got hacked in July 18th 2024 (biggest Indian exchange at that time) and exactly one year later CoinDCX hacked on July 18th 2025 if we just add the 17 hours before into the calculations so it's not just a random attack, someone is trying to make a point? #Not Your Keys Not Your Cryptos |
|
|
|
Someone who wanted to use crypto but didn't just because he has to pay more when it comes to buy them which is common but ever since Wazrix got hacked the people got no other choice than paying a bigger price than the current market price. Also what are the best option to buy bitcoin without paying too much from the current price? Here's the one discussed in different thread.
~
Also, I’m really considering crypto, the downside is so big it genuinely makes me not even want to consider it. Here in India, buying p2p from Binance (I only know Binance cause I used to initially use it to gamble through crypto and have only used them) buying from p2P here in India mean a 20-25% markup on live prices, then I get a quarter to gamble with, let’s say I make my money back. Theres a 30% straight tax on redeeming crypto as well as platform fees for Binance for selling P2P. All in all, it just makes it super hard for us to work off crypto.
~
About crypto and fiat in India, I can't give much input as I have zero clue of the complexity of how India and crypto works, but if I infer correctly, Bitcoin Smith is an Indian, so maybe he can give an input. And this forum also have India Local Board, maybe you can ask around there and perhaps they accept p2p with lower "tax" rate? Thanks for mentioning me here, Posting it as separate thread since the original thread is locked When it comes to p2p in general we got to pay 5 to 10% higher fee than the market price while buying bitcoin so the better option is buy USDT which you can get close to the market price and then use the USDT to buy bitcoin will be cost effective compared to buying bitcoin directly and since FIU made AML policies stricter exchanges left the BTC/INR pairs so the only opinion now is to buy via p2p, there are some Indian exchanges like Unocoin still got it but I won't recommend using any Indian exchanges because there are many issues with deposits and withdrawals. Regarding the tax, yes there is 30% flat rate irrespective of short or long term capital gains that is basically an attempt from the government to discourage the users to not to use cryptos. The legal way to avoid the 30% tax is using gift cards but you can always use find someone from the community to do p2p then you don't need to report it as earnings from crypto and get 0% tax up to 12.5 Lakhs under the new tax regime. I am not really an expert though so don't take it as financial advice rather an opinion, to get proper answer find the professional in your local then you may find better ways to legally avoid the taxes. |
|
|
|
User Satofan44 gave me a neutral feedback stating spammer a while back over a post [1] who is now currently included into DT2 by @joker_josue[DT1], which I believe isn't necessary to do and incorrect use of Trust system especially for a post which I gave pretty good explanation to himself why TX on LN will become untraceable in the reported thread itself [2] and he didn't respond any further. While ABCbits asked an explanation which I gave in the respective discussion [3]. We keep saying bitcointalk is a friendly community but someone thought you post something wrong (Which I don't) instead of correcting it just decided to give a tag for that. 1. https://bitcointalk.org/index.php?topic=5546439.msg65473997#msg654739972. https://bitcointalk.org/index.php?topic=5482297.msg65482294#msg654822943. https://bitcointalk.org/index.php?topic=5546439.msg65486191#msg65486191Why I am creating this thread?If you disagree with a trust rating you've received, complain to the person who gave you the rating, and/or complain to people who include that person in their trust lists, and/or post in the Reputation section. We do not moderate trust ratings for correctness. If you see a post that is spam or should otherwise be deleted, use the "report to moderator" link to report it. And similarly for PMs, but with the "report to admin" link. So I am seeking what community members think about this matter especially joker_josue who thought this judgment is correct and added him into his trust list. |
|
|
|
|
Another p2p scam thread, but this is different.
I am seeing there are a lot of people trying to offer services like I can unfreeze your bank account, and you must pay 20% of whatever amount as commission by telling police officials names, and showing pictures of being close with high officials in police departments and this is happening because p2p scams and bank freeze is never ending story in India and scammers trying to make money with this as well.
No matter who they are in close with, the freeze can't be removed unless that particular investigation officer decided to remove and it happens only if we pay the lien money to the respective party so there is no such thing exists and don't lose more money from the frustration created with lien on your bank account.
|
|
|
|
If you guys remember that I shared something " How to Unfreeze bank account - Detailed version that explained really well, what are the things that we can do to unfreeze the bank account whether it's debit freeze or just lien for particular amount and I wanted to talk about why and how these bank freeze happens for a while. There are multiple reasons why bank freeze happens but the most common one is we received funds that is part of an ongoing scam that is currently being investigated. Let's say Rahul who received funds into his bank account from Rajesh's own bank account of 5000INR. Both Rajesh and Rahul doesn't know the origin of funds but Rahul is in tier 2 here while Rajesh is in Tier 1. Now let's see how Rajesh received this funds and let's say it is from Meena who bought something whether it's bitcoin or any goods or service that Rajesh provides for his survival and Rajesh uses that money to buy bitcoin and sell as part-time job on Binance p2p or any such platforms. Who is Meena, someone is being scamming people in many ways like social engineering scams, fake reviews, part-time job scams and thousands of others provides a bank account that receives funds from different users who thinks they are buying something, or as a fee for a course, etc.and after a while they realize they are being tricked by a scammer called Meena and raise complaint using bank account details and necessary documents then the cyber crime department investigate and block all the TXs went from Meena's account but the twist is by the time these things are happening Meena will be successfully sold all their INR to some goods or simply bought bitcoin with it this is where Rajesh comes into the picture and Meena just vanished without any trace. So the police department assumes that the funds that are channeled through Meena's account is still in the hands of the scammer but what really happens is, both Rajesh and Rahul — completely unaware of the scam — become collateral victims in this chain of transactions. Rajesh, who only thought he was doing a legitimate P2P trade by accepting INR from Meena and sending her Bitcoin in return, unknowingly becomes part of a scam trail. Rahul, who later receives funds from Rajesh. As a result, the bank is instructed to freeze the accounts involved in the chain, not just Meena’s. Unfortunately, Rajesh and Rahul, who didn’t know the origin of the funds, now face a bank freeze without understanding what they did wrong. The actual scammer is in lose while the victims has to face the investigation and proves that they are not part of this. This is how innocent P2P traders get caught in financial crime investigations. And because of the law is built to freeze first and ask questions later to prevent further laundering or withdrawal, these innocent users end up locked out of their funds. *I tried to keep it short as much as I can while explaining how these things works, hope this might be helpful to understand how who didn't do anything still get in trouble because of the laws and how these things are processed in our country. |
|
|
|
|
Anyone got the mail or popup notification from the Binance to get verified again? Reddit has been flooded with those topics for a couple of days now, but I don't think I haven't received any such notice but I haven't logged into my account for months now.
Just to state some facts, ignoring the verification doesn't change a thing right because Binance will share the data to the authorities so people doesn't have to assume that they can get away with 30% taxes if they skip this or delete their account.
We are doomed already.
|
|
|
|
Recently crypto traders in India faced up to 78% tax penalties for P2P transactions without buyer KYC. In 2022 the trader sold cryptocurrencies worth 98,500 via peer-to-peer (P2P) transactions and booked a ₹1,500 profit on it. The transaction was done through a centralized exchange.
Now after approximately 3 years he got a a notice from the income tax department and asked him to pay a hefty tax penalty of Rs 78,000. The issue stems from traders’ inability to provide complete KYC details of their transaction counterparties. Without information like PAN cards of P2P buyers, tax authorities are treating entire deposits as undisclosed income subject to the maximum penalty rate.Full article: Indian Crypto Trader Faced 78% Tax Penalties for P2P Transactions Thanks to our FM, Nirmala Sitharaman for bringing new amendment under Section 158B of the Income Tax Act. The platform used by the trader is not mentioned but I guess it's Binance p2p so who didn't pay their tax even for years are in the danger of receiving such penalty if you ever KYCed and our government managed to pull data from the platform once they are FIU registered. But I don't understand the match here, it must be 30% of 1500 not the whole 98K but even if the whole 98K is considered as profit then 30% tax against it must be around 29K not 78K. 
|
|
|
|
April 5, 1975 is often regarded as the symbolic birth date of Satoshi Nakamoto because it was the date listed on his profile at the P2P Foundation in 2009. It could be symbolic just to address Executive Order 6102 — April 5, 1933 when US government ban the ownership of gold and it is considered as an attack against the monetary freedom of an individual and in the year 1975 U.S. finally legalized private ownership of gold again which symbolizes freedom restored.  As a tribute to this symbolic date, an event was recently organized by Mudrex exchange. A mysterious figure — dressed in a black hoodie and wearing a golden mask — appeared on the streets, casually taking selfies with curious onlookers. It sparked quite the buzz... |
|
|
|
|
