High taxation risk - India

[albantani]

This is what I worry about when cryptocurrency becomes legal in a country, of course the government must take advantage of this momentum. it's good that cryptocurrency in a country becomes legal, in the sense that the government supports it, but I think if paying taxes with 18 percent value is really outrageous even in the news the Indian government does not mention about security in investing. tax 18 percent I think can not make sense.

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[burnchan]

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

Regulating crypto is indeed a good way to ensure security to it’s users. However, 18% tax is way to high. I think it is much better to have a certain percentage of tax to a different amount range.
In this way, those with small amount of crypto income would have smaller taxation.

[pooya87]

18% for taxes is huge but it still isn't the biggest thing that i have seen. i believe the biggest one was 25% so far. in any case i think this is done to scare people from investing in bitcoin most of all because they have been fighting it pretty much all through last year as their people were making their exit through bitcoin disregarding all the shady things their government have been doing through banks.

[Haxor321]

Taxes are lifeline for any country without which some country survives.  But rates of taxes should be genuine.  Lower rates of taxes are welcome step.

It is true that taxes are normally issuing in the community in all countries but some of the government issued tax with a high cost which is really unreasonable for the most of tax payers. Even having tax is good because it is actually goes to governments activities by helping to have a better community. But all people are hoping that taxes will be always reasonable for everyone so nobody will disagree to this.

[The_Dark_Knight]

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

Taking into account the nature of bitcoin and how difficult it is to link a particular address or transaction to a person it is very unlikely that many people are going to cash out their bitcoins and be subject to that tax, after all why are you going to volunteer almost 1/5 of your profits to the government that did not took any risk in order to produce profits?

[Gyromancer]

18% tax is included big in my opinion. If this is implemented then investment in crypto currency will decrease or the people will invest illegal crypto currency. In my opinion, the standard tax is less than 10%. If more than 10% then it is equivalent to prohibiting crypto currency in a subtle way. I can not understand why his government does not forbid it. I am very sorry for the people in their country.

[darksanya]

people with such taxes will refuse to invest. and even worse, if they start looking for illegal ways, where you can invest money. In any case, in India there is now no means of regulation, so that everything functions like a clock. That's why it's strange to hear about so high taxation

[v0rtecxz]

I think that the tax is too big, if they really want to give taxes to the users of crypto, I think the government should be wiser again in calculating the value, think how the fate of the crypto traders with a capital that is not large, with taxes high enough then their profits will be sufficiently reduced so that will be little that they will get

[Jpja]

I've always wondered - how do they know that you conduct transactions with cryptocurrencies? Even in the United States it is not everywhere able to realize what to say about India... And how can you demand payment of taxes without having transparent cryptocurrency legislation?

[bitcoinman93]

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

I would think of it as a step before the regulation of bitcoin as money. It's necessary for authorities to understand and test it first, 18% tax is bit cruel but it will do the job

[freesia_pnp888]

either regulating it, or taxing it, no between but taxing is lil weird to me.

[taiwww]

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

That looks like an attempt to keep people away from the crypto currency. I am not sure why the hell India is putting such taxes on the virtual currency after they see that there are already bad economic conditions in their country. They should be more careful about these things as at least with he online bitcoin trade some more money is coming to their nation. As far as I have India stands among those country where the crypto currency is use has increased heavily recently. And it was so much last year that this year RBI declared it as illegal tender within the country and people are subject to their own risks.

Anyway who cares, the implementation of such things in India might take a long time.

[Burogh]

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

I think that tax rates is too high. But the good news from it is cryptocurrency activities will become legal and government issuing regulation on the crypto trade. I think that tax rate should be reduce and investor will more comfort to trade crypto

[kasurnya]

Taxes are important for the sustainability of state development but tax rates that are too high will only burden the public, especially for bitcoin users whose income is uncertain would be difficult for them to share between profits, daily needs, and tax rates.

[fatema]

I think it's certainly good news. The government of India is better than bribing cryptoos by imposing tax on cryptos. The minimum income tax in India is more than 18%, which can be 20% for the middle-class country. So I think this type of tax is reasonable for the middle-class country. This type of tax would be suitable for all Indian states.

[coinwizard_]

Taxing crypto is better than banning it. However, in India a lot of the regular trading for every day goods in done in the street markets where people avoid tax. I don't think crypto will be different, people will still trade and don't bother with tax

[Colt22]

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

That is a bad step by your government that they are imposing that much tax on bitcoin. I do not think that in that step they are in the favor of bitcoin but your government just want to get a huge amount of money from the users of bitcoin. If they like the use of bitcoin for their state then they also have to know that bitcoin is much more beneficial for any state and they have to make the adoption much easier with no tax or lowest tax.

[The_Dark_Knight]

18% tax is included big in my opinion. If this is implemented then investment in crypto currency will decrease or the people will invest illegal crypto currency. In my opinion, the standard tax is less than 10%. If more than 10% then it is equivalent to prohibiting crypto currency in a subtle way. I can not understand why his government does not forbid it. I am very sorry for the people in their country.

You will be surprised by the thinking of the governments for most of us such a tax is simply too big but for many governments that is a low tax, there are many countries that charge more than half of your income in taxes, so I will not be surprised that in the future instead of getting a lower percentage in taxes charged we will get higher taxes in the future.

[peter0425]

18% for taxes is huge but it still isn't the biggest thing that i have seen. i believe the biggest one was 25% so far. in any case i think this is done to scare people from investing in bitcoin most of all because they have been fighting it pretty much all through last year as their people were making their exit through bitcoin disregarding all the shady things their government have been doing through banks.

Well we don't know if people of India will be against because for me its a steep price to pay for having bitcoin or crypto in your wallet. Maybe there are more casuals bitcoin enthusiast in India and for them this is really a high price to pay. However, if we are going to compare it to let say Russia's crypto Rubble, which I heard was around 20%-30%, damn that was like the largest bracket you have to pay for a monthly Income Tax here in my country. I guess its really the part of the bargain that we have to deal right now, face high taxes and regulations, or completely ban it.