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umar22pk
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May 28, 2018, 07:21:11 PM |
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Any one From India?
Is it true that Cryptos will be banned in India??
Do we have to Pay taxes to Indian Govt. For keeping Cryptos
At the time being it was just news, government giving a signal to banks to monitor Alt coins to prepare some homework, might possible in the future government regulate digital currency so it will be easy for banks at that time. Secondly in the bitcoin or altcoins trade there is chance of huge profit & loss, government warns all banks & user of altcoins by banning to avoid huge losses. |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Emran4567
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Activity: 182
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May 29, 2018, 10:10:48 PM |
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Actually the ones banning these governments are the bankers, because they are threatened by the loss of customers, because investors will switch to crypto investment because in crypto the absolute advantage is taken by ourselves, and the government that understands about crypto will always support, because for the sake of economic progress its people.
And due to the fact that the government did not give tax, the government, through the bank, gave all kinds of lanes and banned it.
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chris200x9
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Activity: 1316
Merit: 1011
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May 30, 2018, 01:57:42 PM |
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Already 2 months over only one month left don't know what action Indian governament is going to take against Bitcoin users and Exchanging sites. They clearly announced in parliament that they will not support for cryptocurrency but they don't know how to stop crypto users in their country so they took this decision.
Now the big question is after completion of 3 months how people can exchange crypto to fiat currency in India? any solution?
Following solutions are possible: 1) You will have to use a website like local bitcoin and make a deal in cash locally. 2) Exchanges will come with option like PayPal payment. The first option Local bitcoins is ok but it will affect the crypto users how means if they don't have other options to sell there cryptocurrency and only one option left then automatically the buyers will decrease the value it's common in any business. when demand increases people start to use that advantage. Second option PayPal. i think PayPal will not support any exchanges because cryptocurrency is the biggest enemy for PayPal in the market. |
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Melody2
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May 30, 2018, 02:01:38 PM |
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I don't know how true this is. I have a feeling it is just a rumour but so far it has generated a lot of fud in the past few months. India will miss out if the parliament succeeds in banning cryptocurrency and bitcoin. Very wrong of them to do this at a time when the rest of the world is considering its adoption
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Shadon24
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May 30, 2018, 02:08:27 PM |
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Any one From India?
Is it true that Cryptos will be banned in India??
Do we have to Pay taxes to Indian Govt. For keeping Cryptos
In India, the government decided to take control of the market and create a level playing field for Bitcoin, which has spent a lot of effort and money to standardize the money market in India. Degrees |
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ekateriinae
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Try as hard as you can!
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May 30, 2018, 02:13:31 PM |
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if this real then what will happen to the new ICOs from india? i can see nowadays more and more ICOs popup from india. what a huge loss for india. im hope it will not be real. sad to hear more and more countrys banning cryptocurrency.
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mung_nasib
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Activity: 602
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DeFixy.com - The future of Decentralization
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May 30, 2018, 03:26:04 PM |
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If the news really happens it will make a turmoil on the world of cryptocurrency but we as traders must remain patient and optimistic that coin various prices will continue to rise and provide an opportunity for them to make a profit.
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funchiestz
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May 30, 2018, 03:35:10 PM |
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With these prohibitions we can never go. It's like an activity that was designed to keep the price of Bitcoin constant. Forbidden news comes in succession. It's not nice.
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sabihanazir
Newbie
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Activity: 126
Merit: 0
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May 30, 2018, 04:01:43 PM |
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I am not an indian, So i think Indian government do not ban bitcoin now but the indian government says that they do not regard crypto as a legal tender and will try to remove payments by using coins like bitcoins.
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saifanik
Jr. Member
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Activity: 147
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May 30, 2018, 04:21:50 PM |
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Finance Minister of India said to his statement that btc and other cryptocurrencies are illegal in india.He doesn't said this ban,so it doesn't mean to stop crypto.If btc pay it's tax in due time then there are no problem use it till.
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Siglo // Send airtime with your siglo tokens (http://) |
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CoinSpeculator
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May 30, 2018, 04:36:54 PM |
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whenever i hear some country ban bitcoin, i think they do this for a purpose. you know what they purpose is  |
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xiboothrezi
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May 30, 2018, 04:53:09 PM |
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At the time being it was just news, government giving a signal to banks to monitor Alt coins to prepare some homework, might possible in the future government regulate digital currency so it will be easy for banks at that time.
Secondly in the bitcoin or altcoins trade there is chance of huge profit & loss, government warns all banks & user of altcoins by banning to avoid huge losses.
Furthermore, we must first understand the limits given by the government regarding the use of bitcoin in which aspect. Since most governments only forbid bitcoin to be used as a means of payment, that means bitcoin can still be used as an investment tool or commodity. |
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supermine
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May 30, 2018, 05:03:46 PM |
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Already 2 months over only one month left don't know what action Indian governament is going to take against Bitcoin users and Exchanging sites. They clearly announced in parliament that they will not support for cryptocurrency but they don't know how to stop crypto users in their country so they took this decision.
Now the big question is after completion of 3 months how people can exchange crypto to fiat currency in India? any solution?
Following solutions are possible: 1) You will have to use a website like local bitcoin and make a deal in cash locally. 2) Exchanges will come with option like PayPal payment. Even localbitcoins also becomes hard to use if the governments ban crypto currencies in their country and all the bank accounts will be watched carefully so if a trader sending money often to the random bank accounts then surely he will get caught.So local transaction si the only possible way for trading and it becomes very tough to make every transactions locally.But we can still access the exchanges by using TOR so what they can do? |
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rahimali
Newbie
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Activity: 252
Merit: 0
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May 30, 2018, 05:04:09 PM |
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I have heard of it. Yea it is true. India has banned bitcoin. I wish one day The Government will welcome bitcoin. The day will be near.
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bocyaj
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May 30, 2018, 05:06:04 PM |
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I am not from Asian countries. But I had some friends in India,China.Upto to my knowledge ,bitcoin is not a illegal one.Finance Minister of India had announced bitcoin is not a legal tender. But he doesn't mentioned bitcoin is a illegal asset.This shows bitcoin is a neutral asset in India.
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teejayrichard2
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May 30, 2018, 06:53:01 PM |
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well i saw a piece about the rumour also about bitcoin ban in india but till date nothing has come up though there are few restrictions for the now. i believe in the days to come it will become clear whether bitcoin will be banned or not
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CGPA
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Activity: 120
Merit: 10
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May 30, 2018, 06:58:46 PM |
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Actually, as far as i know Bitcoin is still not ban by Indian government. Even it's not allowed yet. Maybe it's a rumor that, Bitcoin is banned in India.
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magneto
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May 30, 2018, 08:05:52 PM |
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It's important to note that the RBI is the one that put up the restrictions regarding regulated banks not being able to trade with essentially any crypto exchanges, or businesses that accept crypto. That is not a "bitcoin ban". The RBI has no power to prosecute individuals or businesses for using bitcoin. But they do have the power to unlicense banks if they don't comply.
You won't get taxed for keeping bitcoin, but there are rumours currently circulating about India trying to implement a 18% VAT on bitcoin.
Essentially, they are regarding bitcoin as a good. And that may result in worse tax rates for traders, in the long run. But this isn't yet in place.
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Jin xiou
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Activity: 131
Merit: 10
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May 30, 2018, 08:10:57 PM |
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I am not from India but I have heard something about this, I don't think that this is true because btc is really a currency that deserves to become the main currency in the world and I am sure that time will come and it will be as most experts expect
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MonaLeeTracy
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May 30, 2018, 08:25:02 PM |
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I am not from Asian countries. But I had some friends in India,China.Upto to my knowledge ,bitcoin is not a illegal one.Finance Minister of India had announced bitcoin is not a legal tender. But he doesn't mentioned bitcoin is a illegal asset.This shows bitcoin is a neutral asset in India.
means the news is wrong, because the Indian government did not approve of bitcoin as a legitimate payment transaction. so in the information we also need to be careful. because everything is not necessarily true |
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