You wake up one day to read newspaper headlines
" India legalizes bitcoin , follows path of Japan and United States"
India legalizes bitcoin and treats it as a commodity and since it is difficult to prove weather the gains are long term or short term , it will be taxed at 10-15% flat.
Those who trade in cryptos shall have to pay income tax with their as per their respective slabs.
Banks start to offer crypto services, you can just log into netbanking and start to buy bitcoin or other cryptos and sell them for INR. But a disclaimer should be dispayed sating that cryptos are very volatile and risky and hence users should know what they are getting into.
what a great world to live in.
I somehow believe Modiji sarkar will make this dream come true, what is Digital India without digital currency.
Good hypothetical scenario but the government has only just taken steps to enable cashless transactions. In india, RBI is a much revered institute as compared to the image of the Federal bank in USA or other Central banks in the west.
From the recent reactions of RBI, they don't seem to share such enthusiasm and the govt will not take a call on this without RBI's approval. Keeping these things in mind, it looks unlikely that such a dream would indeed come true.
If this does happen then I think we can see a large chunk of the tech-savvy youth who are finding it really hard to find jobs, switching over to mining to earn some side income. What innovations in terms of frugality and jugaad the Indian miners will bring to the scene would be exciting to see.
The only problem is the entry-barrier of high initial investment and availability of the required hardware.
