Indians Look to Buy Bitcoin Overseas as Regulations Tighten.

[goymas]

As cryptocurrency regulations start to pile up in India, a new trend is emerging for Indians to acquire cryptocurrencies from abroad, such as from relatives or friends with overseas accounts.

The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies, promising that a regulatory framework for them will be announced soon. Earlier this month, the Indian tax authority issued notices to 100,000 crypto traders asking them to pay taxes.

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates

That sounds pretty cool right , crypto growing in india. well , I guess this is a good news , except the tax news .

[Suharti12]

Tax has always been unpleasant for the profit-making traders, but India is great with cryptocurrency, they are not persistent in searching for loopholes in trade or investing in crypto.

[globalking]

yes correct lot people are doing that because the government is not very friendly with bitcoin so people have no other option left

[Sonajin_Coin]

This is really too bad as it is a lose lose for any country that does this.  There is no way they can really ban it and people with big money including those exchange will just end up moving overseas to a more friendly jurisdiction.  South Korea tried something similar and then did a 180 once they saw that major exchanges were ready to move overseas.

[dothebeats]

As cryptocurrency regulations start to pile up in India, a new trend is emerging for Indians to acquire cryptocurrencies from abroad, such as from relatives or friends with overseas accounts.

The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies, promising that a regulatory framework for them will be announced soon. Earlier this month, the Indian tax authority issued notices to 100,000 crypto traders asking them to pay taxes.

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates

That sounds pretty cool right , crypto growing in india. well , I guess this is a good news , except the tax news .

It seems that the Indian government is taking advantage of the fact that they can really tax crypto if they wanted to, and I know there'd be a lot of opposition with this move but what else can the Indian traders do? It's a shame that you can't freely trade crypto in your own country and you need to resort to other expensive ways just to trade. This will inhibit the growth of crypto in the said country and instead of the government benefiting from the taxes, there'd be none since most people would likely choose buying overseas and taking their business in there.

[mk4]

Unfortunately now even LocalBitcoins[1] requires KYC. The best way for you to buy and sell bitcoin right now would be to look for buy and sell offers on probably social media, then straight up meet people to transact. Unfortunately global adoption also has some downsides: strict regulations.

[1] https://localbitcoins.com/

[Kemarit]

Tax has always been unpleasant for the profit-making traders, but India is great with cryptocurrency, they are not persistent in searching for loopholes in trade or investing in crypto.

Well they might find ways to circumvent this regulations but its a bigger risk that they have to make.

This is really too bad as it is a lose lose for any country that does this.  There is no way they can really ban it and people with big money including those exchange will just end up moving overseas to a more friendly jurisdiction.  South Korea tried something similar and then did a 180 once they saw that major exchanges were ready to move overseas.

That's the only options left for big Indian's exchanges. Move elsewhere to continue their business because the government is not very friendly.

Unfortunately now even LocalBitcoins[1] requires KYC. The best way for you to buy and sell bitcoin right now would be to look for buy and sell offers on probably social media, then straight up meet people to transact. Unfortunately global adoption also has some downsides: strict regulations.

[1] https://localbitcoins.com/

Ye, Recently LBC required KYC especially for high profile traders. Straight meet up to do bitcoin transaction will be the best choice, but the risk is there. I guess we all have to live with strict regulations, taxes and all sort of state revenues imposed if you want to be involve in crypto.

[goymas]

As cryptocurrency regulations start to pile up in India, a new trend is emerging for Indians to acquire cryptocurrencies from abroad, such as from relatives or friends with overseas accounts.

The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies, promising that a regulatory framework for them will be announced soon. Earlier this month, the Indian tax authority issued notices to 100,000 crypto traders asking them to pay taxes.

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates

That sounds pretty cool right , crypto growing in india. well , I guess this is a good news , except the tax news .

It seems that the Indian government is taking advantage of the fact that they can really tax crypto if they wanted to, and I know there'd be a lot of opposition with this move but what else can the Indian traders do? It's a shame that you can't freely trade crypto in your own country and you need to resort to other expensive ways just to trade. This will inhibit the growth of crypto in the said country and instead of the government benefiting from the taxes, there'd be none since most people would likely choose buying overseas and taking their business in there.

I totally agree with your statement . yes , that's true Indian government will have lot of profit due to this move and they might have taken it deliberately . I just hope all the things should go well with india .

[bobo012]

As cryptocurrency regulations start to pile up in India, a new trend is emerging for Indians to acquire cryptocurrencies from abroad, such as from relatives or friends with overseas accounts.

The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies, promising that a regulatory framework for them will be announced soon. Earlier this month, the Indian tax authority issued notices to 100,000 crypto traders asking them to pay taxes.

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates

That sounds pretty cool right , crypto growing in india. well , I guess this is a good news , except the tax news .

It is a shame for india to stiffle crypto revolution, and disable their citizens form equality in participation with the other countries. People will always find a way though, as this example shows us

[South Park]

As cryptocurrency regulations start to pile up in India, a new trend is emerging for Indians to acquire cryptocurrencies from abroad, such as from relatives or friends with overseas accounts.

The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies, promising that a regulatory framework for them will be announced soon. Earlier this month, the Indian tax authority issued notices to 100,000 crypto traders asking them to pay taxes.

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates

That sounds pretty cool right , crypto growing in india. well , I guess this is a good news , except the tax news .

I really think that the same that have happened with tax havens will happen to bitcoin as well, those that have enough money can store their money and avoid taxes that way, how long it is going to take for a country to become a bitcoin tax haven? When that happens all of those whales are going to move to such a country and are going to avoid paying taxes.

[TepungBeras]

Yes it is true that it is very good news from India and taxes have always been unpleasant for those who produce or for entrepreneurs and traders, the therapy is mandatory and for the common good in government.

[Emma Alex]

It is really good news for the industry. Crypto will grow more with the result of the news. I hope India will grow more with the use of Crypto. But there should be a regulation regarding law.

[salinagomez]

It appears that the Indian government is exploiting the way that they can truly charge crypto on the off chance that they needed to, and we know there'd be a ton of resistance with this move however what else can the Indian dealers do? It's a disgrace that you can't openly exchange crypto in your own particular nation and you have to fall back on other costly routes just to exchange. This will hinder the development of crypto in the said nation and rather than the legislature profiting from the duties, there'd be none since a great many people would likely pick purchasing abroad and taking their business in there.

[andyward]

It's really sad to see that tax is held upon Cryptocurrency transactionss. But then again, if your government starts taking taxes, you have no ther way left except to pay for it. It's not fair enough for the investors.

[MinerHQ]

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates

In some countries, personal gain taxes are not there but I know in India investors need to pay for all kind of investment gains.

That sounds pretty cool right , crypto growing in india. well , I guess this is a good news , except the tax news .

I think it is not correct because what I know is recently RBI has asked all banks not to deal with crypto exchanges means investors can't buy and sell through their bank accounts. This is like an indirect ban on cryptos and it is not a good news for crypto investors. Only option to buy and sell will be between people to people and which will reduce the demand for cryptos.

[climaxcrypto]

It seems that Indian government really wants to stop bitcoin but it’s a foolish idea for this country because the previous users of btc using this through their known people in abroad but the government also taking step for this is not fare and they applied tax for this OMG so they should think about this future scenario how profitable bitcoin is and they can increase their economy with this.

[Pursuer]

you can never stop people from using bitcoin, not even from trading it. they will always find a way to do it thanks to the fact that bitcoin is decentralized and censorship resistant. and as they do that, the methods they use become easier because people will move on to more decentralized ways and as they become popular they will also become more user friendly.

it is best for every government to accept bitcoin and regulate it already with no dumb laws so that they can keep the control while still having it regulated. if the regulations are unreasonable or if there is talk of ban, people will think about going around it all and ignore their government.

[aoluain]

Any government can introduce as much regulation as they want but
As posted above we all can choose to adhere to the rules or not because
bitcoin itselfin decentralised.

More regulation just restricts what the owner can do with the crypto
and how freely it can be moved. It also restricts who can afford to
have crypto for example to be able to aquire it from outside the
country.

[chickenado]

As cryptocurrency regulations start to pile up in India, a new trend is emerging for Indians to acquire cryptocurrencies from abroad, such as from relatives or friends with overseas accounts.

The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies, promising that a regulatory framework for them will be announced soon. Earlier this month, the Indian tax authority issued notices to 100,000 crypto traders asking them to pay taxes.

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates

That sounds pretty cool right , crypto growing in india. well , I guess this is a good news , except the tax news .

hhmmp..government is tightening regulations for jist finiding ways to get more taxes for cryptocurrencies traders and investors i'd say. Always the government hides in their reasoning that they have to tighten regulations to avoid using this platform to illegalities but for me they are jist hungry vultures waiting to get the chance to devour their preys in no time.

[sungaiyangderas]

the Indian government exploits the way they really can fill crypto, but what else can Indian dealers do? It's a shame that you can not openly exchange crypto in your own country and you have to go back to other expensive routes just to exchange. This will hamper the development of the crypto in the country rather than the legislature that takes advantage of the task.