After China & Russia, now India

[Bolt Brownie]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

It's perfectly normal for them to be concerned. That's their mission as a government, to project their citizens from criminality. Japan is concerned about that as well, that's why they ask for licenses from exchanges, and KYC verification. But one thing is what Japan is doing, and another thing is what China did. Their government clearly didn't understand BTC very well. I think they will now start asking for licenses as well, and resume exchanges operations.

I don't think you should include Russia on that list though, because they seem to be making efforts in dealing well with BTC as well. A proof of that is the Moscow Stock Exchange planning on trading Cryptocurrencies.

[darthmaul]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

Yes they have taken the initiative about the bitcoin in India for sure and there is official news regarding it.

The thing is they are concerned regarding the black money and money laundering but they will not touch you if you are showing up all the wealth that you earn from the bitcoin to income tax office. That would be competitive tolerable as you are not doing anything wrong about it. India has mass movement last year to recall the black money by changing their fiat currency into different valued notes so they will never want bitcoin to support that otherwise they will ban it too.

[FaithETH]

In my opinion China and Russia wanted to spread fear among young investors who sold their Bitcoin for a lower price than they bought it. And they did it successfuly! Fortunately, the Bitcoin's price has already recovered so we don't have to worry. I was calm all the time but you never know what can happen.

[daserpent]

It will be legalised eventually and govt will want to be paid capital gains tax on it.

[Rossy Akbar]

I hope all the news about the counties who doesn't want btc at their spot is an issues or not true, it doesn't even bad thing. And I really very praying to my country will not follow all those country to banned the btc. Hopefully because we're enjoyed the thing.

[surix]

You can check by yourself about the percentage of trandes/exchanges that India has in the whole bitcoin economy, I don't think it's significant. So their altitude doesn't really matter that much, at this moment.

[kenkoy]

Let us admit that Bitcoin has been abused by some investors. Taking advantage of its decentralized nature and anonymity. It is well known before that Bitcoin was used by drug syndicates to conceal themselves on their transactions. India's government was just doing its part to regulate this kind of issues with Bitcoin. Bitcoin is not illegal, we just need to regulate it.