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Author Topic: Is india going to uplift the ban on cryptocurrencies?  (Read 261 times)
rajkr
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May 31, 2018, 10:08:34 AM
 #21

Indian government will only regularize the use of concurrency. Many exchanges has filed case against government for not allowing to do business . Even many celebrities, politician in india are in favor of crypto currency. legalization . When share market had been started in India , same protest was seen , but now it is legalize and playing a good role for Indian economy.So supreme court will take hearing in this regard in July moth.
https://inc42.com/buzz/cryptocurrency-this-week-supreme-court-to-hear-bitcoin-rbi-case-on-july-20-and-more/
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May 31, 2018, 11:07:06 AM
 #22

The Indian government has phobia for the crypto world and is therefore preventing organizations under its direct regulation from it. Even the tax imposition on crpto trading results from this phobia if not how do you explain it. But my firm believe is that with continuous improvement in cryptocurrencies acceptability the world over India would change policy stance in the future.
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May 31, 2018, 11:10:43 AM
 #23

AFAIK the RBI only released a memo stating that all banks under their regulations wouldn't be able to entertain trades made to and from crypto exchanges, so there's no outright ban regarding that. If the majority of the countries around the world start to accept bitcoin to meddle with their local banks, I think India would somehow gain an idea on how to use such an opportunity to their advantage. Right now, they don't see that allowing these type of trades make money, and potentially create some jobs if a foreign investor decides to establish his/her own exchange on the Indian soil. I guess we'll have to wait for things to develop but in the mean time, it seems that they aren't interested in playing ball with crypto exchanges.

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May 31, 2018, 11:22:18 AM
 #24

Recently, bloomberg and some other cryptocurrency media channel published a news that they have information from the sources in indian govt. that government is planning to apply 18% GST on bitcoin purchasing.

it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,

another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,

so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?

I know that someday if all of the people in the world shall use crypto currencies then maybe INDIA will finally open up crypto in them.

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May 31, 2018, 02:17:54 PM
 #25

Indian government will only regularize the use of concurrency. Many exchanges has filed case against government for not allowing to do business . Even many celebrities, politician in india are in favor of crypto currency. legalization . When share market had been started in India , same protest was seen , but now it is legalize and playing a good role for Indian economy.So supreme court will take hearing in this regard in July moth.
https://inc42.com/buzz/cryptocurrency-this-week-supreme-court-to-hear-bitcoin-rbi-case-on-july-20-and-more/

So there are no temporary restraining orders or anything to that effect? The ban will be in place indefinitely? That's a pretty shitty way to handle it in my opinion. If a rule potentially violates the constitution, it should be put on hold while the decision is up in the air. The ban would be put into full effect around July 5, 2018 so there will be around two weeks of limbo. Still, I guess it's pretty good that they seem to be listening to the people at the very least.

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May 31, 2018, 09:08:51 PM
 #26

Announcement of transaction ban in india makes this virtual currency exchange rate chaotic. the article of policy taken by the government of India outside the predictions of the observers. users and investors who have a virtual currency are predicted to soon withdraw their virtual money before the value continues to fall again. I think the government does not actually prohibit the existence of cryptocurrency in India, but the government only gives new arrangements in it like those done by the country like China and Australia, even Australia announced the new currency exchange rate regulation. this is all more to the rules, not to a ban. so no restrictions need to be revoked. in the end people in the market are the only one who can make this chaos get recovered soon.

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June 01, 2018, 05:18:50 PM
 #27

To be honest, it is not yet clear from the government side but there are some news articles which are claiming that government is willing to put taxation in crypto trading. However, Reserve Bank is against the usage of cryptocurrencies and Reserve Bank officials have clearly mentioned that they are willing to eliminate the usage of cryptocurrencies but on the other hand Income Tax Department is not willing to give away tax revenue has claimed by news stories. But as I said, it is still unclear and thus we should wait for the official announcement from the government.

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June 01, 2018, 06:51:10 PM
 #28

Indian cryoto currency is in court matter as of now and we may see positive changes in some time in before aug and then things may change in India


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June 01, 2018, 10:15:11 PM
 #29

Nice news. Hope that it comes true. It can help bitcoin a lot. Right now, Bitcoin needs good news in order to increase the price. There are too many people holding their bitcoin and they do not want to buy more. It need a good motivation in order for the people to jump in. India is a big country. I believe that they will create a great chance for bitcoin

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June 01, 2018, 11:08:01 PM
 #30

On one side,it would be a good news for bitcoiners in India for government letting them to use it.On the other hand,double taxation should be avoided and taxing should only be done when bitcoins bought from exchanges.

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June 01, 2018, 11:27:12 PM
 #31

Recently, bloomberg and some other cryptocurrency media channel published a news that they have information from the sources in indian govt. that government is planning to apply 18% GST on bitcoin purchasing.

it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,

another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,

so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
Yes I also heard about that news that India will uplift the ban from bitcoin and I also heard that it is because of the struggle of the users of bitcoin in that country.
I heard from my cousin that the people of that country demanded the government to do some possiblilty for them to legalize bitcoin for them and to make it possible for the whole country to use bitcoin openly. He also discussed about a case against the government ban.

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June 01, 2018, 11:29:36 PM
 #32

Sooner or later they government will make some changes on the laws and regulation they publish on India, some rules I think they will alter a little or they will change the banning rules someday.
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June 01, 2018, 11:40:51 PM
 #33

So in short that is huge stress on the Indian peoples. They will be having GST plus extra 18% taxes on the crypto currency sounds very unfair. People will leave the crypto that way and indirectly it could be the ban of crypto currencies from the Indian territory. I mean just look at the whole scenario, the heavy taxes can be bad for those who are mining in the India and they will end up loosing all the profits in the taxes only. I think this will never happen as it is not in the public interest and there are huge number of people who does use the crypto currencies in the India. Or it could be the case that government want to take full advantage of the crypto enthusiast.

I will wait for more concrete information or wait until the Indian government implement such plan for higher taxes, I see, this just another form of Regulation, yes, it is unfair to the Crypto user in India and would have some effect on the Status of Bitcoin in the region, nevertheless, still, Bitcoin remains stable on the market trading, a lot more investor are coming in, and other are just waiting for the right timing when the price indicator is favorable to them for investment. 

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June 02, 2018, 01:10:56 AM
 #34

I think this is a sad news for all of us, we should pray that what happened to a friend of bitcoin in india soon finds clarity and government is cooperative with its people instead of giving GST by 18%, obviously it will burden friends there , with the implementation, taxes and all things higher and expensive, may the Indian government immediately revoke this idea, amen
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June 02, 2018, 01:21:17 AM
 #35

Indian cryoto currency is in court matter as of now and we may see positive changes in some time in before aug and then things may change in India
I do not think India makes the decision to ban the BTC is wrong. I think the BTC is a very potential coin, which benefits the economy and traders in cross-border commodity trading. Very convenient for us. But BTC also brings rich profits to many people. So I think they were wrong to refuse Crypto.
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June 02, 2018, 02:34:19 AM
 #36

India is somewhat unique in ways. For one it has waged a war against paper money to invoke a demonetization scheme. An 18% general sales tax(?) on bitcoin could be unfair if other electronic transaction methods aren't taxed @ similar rates. It could make transactions in bitcoin more expensive than transactions utilizing alternative electronic payment methods which could put bitcoin @ at disadvantage.

Indeed, imposing taxes on crypto currencies are rather unfair in comparing to other electronic payment systems. 18% tax on buying Bitcoin, then 18% tax on selling Bitcoin, total 36% tax on purchasing Bitcoin. I think the government of India threatened by banning the crypto currencies in order to declare such high taxes on crypto trading.
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June 02, 2018, 03:12:11 AM
 #37

Indian cryoto currency is in court matter as of now and we may see positive changes in some time in before aug and then things may change in India
I do not think India makes the decision to ban the BTC is wrong. I think the BTC is a very potential coin, which benefits the economy and traders in cross-border commodity trading. Very convenient for us. But BTC also brings rich profits to many people. So I think they were wrong to refuse Crypto.

But I don't think that you really understand the issue here. They don't care about its potential, they are afraid that it can disrupt them in economically, and their are a lot of risk investing on crypto specially in ICO related project. Do you think that the government of bank will just say, "OK let just allow them because it has a potential and lots of benefits for our fellow citizens." Lol. They are really afraid of it that's why RBI, issue this memo and this will be a continuing battle.




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June 02, 2018, 03:38:20 AM
 #38

In other words the indian government hates bitcoin and wants the people to quit on doing decentralized money behind their backs cause they dont have any control over it and can't track transactions or identify the users identity. I dont think that they'll lift btc ban anytime soon because the indian government is somehow retarded in it's decision making first they've done demonetization making cash useless and leaving thousand's of it's citizen hungry then people found an alternative way to pay goods and services then they ban it.


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June 02, 2018, 09:17:59 AM
 #39

I think to see to what degree the regulations will be disadvantageous to Bitcoin we have to wait until they will be implemented. For example, purchasing goods with BTC will not have disadvantages compared to purchasing goods with fiat imo. The GST is paid by consumer and is already included in the price of goods  and services. It can be from 0% to 28% ( aerated drinks, luxury cars, tobacco products, movie tickets costing more than Rs.100) and it will not be different when goods or services purchased with Bitcoin.

But 18% GST on Bitcoin purchasing is a different story. It's easy to imagine that it can be disastrous for Indian exchanges if they will be forced to add 18% to the existing rate. Of course no one will buy BTC there and no one will be able to sell. In short, it could be the end of Indian crypto exchanges. This is what should be thoroughly thought out and I hope that Indian government will come up with a wise decision eventually.
India is a country where most of the smart people originated but not smart politicians.More that 60% if Indian politicians are uneducated even didn't complete their schoole level education.So they are imposing unnecessary taxes just to make income to the governments but they are still in the number one corrupted country so all the revenue of the governments were just eaten by the politicians.So again they want more money from crypto currency users but I don't think they will pay extra taxes to buy crypto currencies they can buy it from foreign exchanges with ease.

That's right, but don't forget that in other countries we can observe almost similar situations. I'm sure this will change in the future when it will be simply impossible for uneducated people to rule a country, but even now those uneducated politicians utilize services of advisers who are competent in specific fields. Were it not so, we would be living in the stone age, but fortunately they listen to those advisers from time to time and that's why there is a hope that Indian government, along with other progressive thinking governments of the world, will enact a crypto-friendly legislation because such legislation is the imperative of our time.

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June 02, 2018, 09:31:18 AM
 #40

In other words the indian government hates bitcoin and wants the people to quit on doing decentralized money behind their backs cause they dont have any control over it and can't track transactions or identify the users identity. I dont think that they'll lift btc ban anytime soon because the indian government is somehow retarded in it's decision making first they've done demonetization making cash useless and leaving thousand's of it's citizen hungry then people found an alternative way to pay goods and services then they ban it.

I think demonetization is nothing to do with bitcoin because in India people were using bitcoin and other coins before demonetization. India wants to go with digital money means they are expecting people to use bank transfer and other online transfer options more than cash method but they don't like bitcoins because some of the politicians think that it is Ponzi scheme. The main reason is they can't track these transactions so they asked all banks in India stop doing business with these crypto exchanges.
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