[2017-09-21] ET: Trading in bitcoins under taxmen, Enforcement Directorate lens

[polynesia]

Trading in bitcoins under taxmen, Enforcement Directorate lens

http://economictimes.indiatimes.com/news/economy/policy/trading-in-bitcoins-under-taxmen-enforcement-directorate-lens/articleshow/60771755.cms

Investments in cryptocurrency have come under the radar of tax authorities and investigation agencies amid concerns that they could have become conduits for illicit flows and the movement of black money.

The Special Investigation Team (SIT) on black money appointed by the Supreme Court has expressed worries about cryptocurrency and suggested curbs on their trading in its draft report.

There are concerns on the way it operates... Some unaccounted money could be flowing into these,” said an official aware of the matter. The team is likely to submit its final report in a month, the person said.

[onrise]

This days what ever news is coming in media or any announcement of government is mostly on the negative side of it. Does it mean that it is becoming difficult and more predictable about the future of the bitcoin in country. Soon government may come out with the law and it could be like end of the bitcoin and they may say they are bringing their own coin Laxmi coin as news stated before.

[bitdragon84]

This days what ever news is coming in media or any announcement of government is mostly on the negative side of it. Does it mean that it is becoming difficult and more predictable about the future of the bitcoin in country. Soon government may come out with the law and it could be like end of the bitcoin and they may say they are bringing their own coin Laxmi coin as news stated before.

This is common FUD across the globe in big countries. Russia still can't make up its mind on how to deal with crypto and Russia is really big on crypto adoption and mining. Even Japanese government had pushback initially. It is the job and nature of ED and RBI to express concerns. Customer protection is their biggest concern followed by Money Laundering - both of which can be addressed by legalizing exchanges with record keeping and KYC requirements and restricting ICOs, Localbitcoins, cloud mining scams - which give a bad name to Bitcoin IMHO.

There have been 10,00,000 downloads on Zebpay and Coinsecure has 100 BTC trading volume per day. I think the cat is out of the bag now to banhammer Bitcoin China-style but who knows?

[1NV3ST0NM3]

Trading in bitcoins under taxmen, Enforcement Directorate lens

http://economictimes.indiatimes.com/news/economy/policy/trading-in-bitcoins-under-taxmen-enforcement-directorate-lens/articleshow/60771755.cms

Investments in cryptocurrency have come under the radar of tax authorities and investigation agencies amid concerns that they could have become conduits for illicit flows and the movement of black money.

The Special Investigation Team (SIT) on black money appointed by the Supreme Court has expressed worries about cryptocurrency and suggested curbs on their trading in its draft report.

There are concerns on the way it operates... Some unaccounted money could be flowing into these,” said an official aware of the matter. The team is likely to submit its final report in a month, the person said.

Obviously bitcoin will come under the radar of taxation soon. Its obvious consdering that its price has boomed to an all new level and made many millionares. But it still a confusion whether to treat it as asset or a currency.