[14-04-2018] Crypto-traders Campaign Against RBI crackdown on virtual currency

[bitzamp.com]

Last week, the bank regulator had released a statement directing all regulated entities, including banks, e-wallets, and payment gateway providers, to stop dealing with individuals and businesses in decentralised currency.

Traders may go one step ahead to challenge the central bank before the Supreme Court. Meanwhile, these traders have been running a campaign against RBI to rethink over its decision on virtual currency.

According to Anirudh Rastogi, managing partner at law firm TRA that represents several

Read More: https://bitzamp.com/crypto-traders-campaign-rbi-crackdown-virtual-currency/

[jjacob]

I don't think such campaigns really matter. The crypto community in India is really small - people may be aware of Bitcoin but are not bothered by the RBI's directive. The RBI and the government are in sync on action against Bitcoin. The Indian government has a focus on trying to root out black money - Bitcoin has a (unfair) reputation of aiding tax evaders.

[1Referee]

The crypto community in India is really small - people may be aware of Bitcoin but are not bothered by the RBI's directive. The RBI and the government are in sync on action against Bitcoin.

While the government might have been the factor causing the RBI to do what it did, and likely making further campaigns/protests futile, I wouldn't necessarily call the crypto community in India small; it's probably one of the larger communities we have. I would even go that far, to say that they at least account for 50% of the members here on this forum, which a lot people here understandably aren't happy with how they drain this forum in every possible way.

Bitcoin has a (unfair) reputation of aiding tax evaders.

Bitcoin actually isn't any different from other tools to avoid tax with. The thing is that legally, people are all obliged to pay tax, but what if I buy a chunk of Gold through the internet, sell it later on when the price has gone up in a pawnshop or whatever and don't declare anything? What difference does it have when you put it against Bitcoin in that aspect? It has nothing to do with tax evasion, but just that Bitcoin offers people too much freedom.

[richardsNY]

The thing is that legally, people are all obliged to pay tax, but what if I buy a chunk of Gold through the internet, sell it later on when the price has gone up in a pawnshop or whatever and don't declare anything? What difference does it have when you put it against Bitcoin in that aspect?

No difference. I have been buying gold for a few years now, and while I am required to pay tax over my wealth on a yearly basis (gold adds up to that as well), I exclude all the gold when I submit my tax reports. Nothing prevents me from buying thousands of dollars worth of gold over the internet -- it's as easy as buying a laptop from whatever web shop. I honestly consider this way of buying gold to be way more of an overall threat than Bitcoin itself is. I can't buy Bitcoin without verifying myself, but I can buy gold without any problems -- let the authorities do something about this if they really want to get rid of all potential threats....

[Kemarit]

I really don't know if challenging RBI's direction in India's highest court in a good thing.  And as far as running a campaigns against RBI, will also be futile. I know that there are a lot of Indian bitcoin enthusiast just around the forum and they are really mad by this announcement coming from their Central Bank. Maybe what the country needs is a tougher law against tainted money to really curb out everything illegal (drugs, terrorist funds, money laundering). Just sad to here this kind of news as I initially thought that India will be at least in the middle or will just put a tighter regulations on crypto's, so that the Indian community will continue to enjoy trading it.