Indians Look to Buy Bitcoin Overseas as Regulations Tighten.

[Msile]

Indians who buy from overseas online sites prefer bitcoin because of the security that comes with bitcoin purchases. Outside of India, only single-factor authentication is required. So when it comes to using one’s credit or debit card to buy products on overseas sites one also runs the risk of compromising sensitive financial data and hacks. So using bitcoins would add one layer of security.

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[Kakmakr]

Most people would see this as a negative thing, but I see the positive side of this. People will find innovative ways to use this technology, even when their government ban the technology. We always say the technology is unstoppable, but the people using the technology is unstoppable too, even if they have to trade through family and friends in other countries.

Governments must accept that this technology is Borderless and that people will find ways to use and trade with this, even if they ban it. The governments that ban Crypto currencies, should not receive one single tax cent of that income.

[Dudeperfect]

As we all know that Indian government has clearly mentioned that they are willing to eliminate the usage of cryptocurrencies within the country and as a part of their ongoing efforts, they have instructed banks to stop giving services to the exchanges involved in the crypto trading. On the other hand, we are still able to trade fiat to crypto and vice versa using traditional bank transfer option like NEFT or RTGS without breaking any existing law so we don't need to find any international exchange to trade our crypto.

[ariaalex]

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.

[cryptodreem]

If the indian authority asks for tax then i would say probably there're some posibilities that crypto currencies may get legalised in that country. Besides, as they trying to impose tax which means they will look after the crypto transactions. It is good in a sense that the investors will rely on crypto more from nowonwards

[elmirdo]

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.

This is actually bad for both investors and the government. All the investors will not be able to do this and government will not get more tax on crypto profits.

[Jaslinbor28]

This is sad that Indian government is taking advantage of the situation and imposing heavy tax on bitcoin trade nut unfortunately we dont have anything to do. This is making the trade unnecesserily expensive and this is telling upon the development of bitcoin.

[South Park]

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.

While your suggestions are well thought and make complete sense you must understand that governments are composed of people and they take irrational decisions in the same way that people do in their lives, so I will not be surprised if many governments decide to ban cryptocurrencies but unless the ban is global dedicated individuals can acquire cryptocurrencies in a country in which that is legal.

[kaya11]

Very much unpleasant, we feel those Indian out there. We have high taxes also here in us, but what can we do? It is good rather than crypto exchange getting banned. The worst case is we cannot say lessen it for it is the law by the government-its a torment but thankfully we managed to endure. If things goes to worst then I would not bother moving to another side of the earth.

[vv181]

I'm started to think its a way for governments to get along with cryptocurrencies. They are all taxing its and making strict regulations. Its the only way they able to get an advantage from cryptocurrencies.

[stayeduptolate]

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 .

Obviously this is a very good news . After the news from the month of April that India ordered all the Indian exchanges and crypto traders to withdraw their all money from crypto currencies and now promising people that they are making laws and regulations regarding bitcoin in India and the people in India can safely enjoys bitcoining as they are also insisting on paying taxes on crypto currencies by all the crypto traders and I personally think that implication of tax on crypto currencies is not that much bad , it will help bitcoin and other crypto currencies to remove allegations like its use in illegal activities.

[South Park]

I'm started to think its a way for governments to get along with cryptocurrencies. They are all taxing its and making strict regulations. Its the only way they able to get an advantage from cryptocurrencies.

This kind of measures will only work temporarily, they are trying to extract resources from the people that are investing in cryptocurrencies because those that are investing in the market have some spare money and they want some of that but as soon as the economy begins to show problems you can be sure that they are going to try to confiscate your bitcoin or to ban it and at that point people will begin to fight back.

[Coinlover9]

It's going to take time after the regulations come into effect it will be easy

[jamisky]

Since earnings are being made on the crypto market.  It's just a matter of time before taxation comes in India doing that is a bold step though in recognising the cryptocurrency market and I believe other countries will soon follow the path.

[joebrook]

It's going to take time after the regulations come into effect it will be easy

Since the regulations of cryptocurrency hasn't been enforced yet, why is the government asking bitcoin and other crypto users to start paying taxes for their cryptocurrency transaction an i think they shouldn't try to find a way of buying bitcoins outside the country without having to pay tax. Its their civic responsilbility.

[7788bitcoin]

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.

This will be the biggest challenge every country has to encounter if they are trying to make it hard for the users to purchase and invest with their money, trading should be open to all and no country will be gaining anything by trying to stop the users, if they thing that it is used in illegal activities they have to come up regulations rather than making it hard for their citizens.