Is india going to uplift the ban on cryptocurrencies?

[nicktalman93]

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?

[Guvn0r]

Few exchanges have filed case against RBI for their circular againts cryptotrading. The Supreme court have moved dates of hearing to July. The news about taxation came much later, but it cannot be said as a proper signal that India (RBI) will lift the ban on exchanges.

It's a very uncertain situation right now.

[Wahyud11]

but the Reserve Bank of India has issued a press release on Thursday that has directives to attract support for the virtual currency business. The news sent madness across India's cryptocurrency community and everyone can only talk about how India's central bank has banned cryptocurrency. The large FUD wave following in the market pushed up the price of cryptocurrency in India significantly. But, does RBI actually prohibit cryptocurrenci

[Hydrogen]

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?

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.

I think demonetization is a mistake and bitcoin is best suited to a role of creating jobs and boosting economies when it is deregulated/unregulated and taxed at very low rates. There appear to be concerns over economic slowdown in europe atm. If recession hits it has a tendency to multiply poor economic policy.

If economic slowdown and recession are bad enough, it might well be in governments best interest to lift bans on crypto currencies. Of course, unfortunately legislation isn't always determined by what is best for anyone.

[realcrypto]

After exchanging cryptocurrencies to fiat an individual will still  use the fiat to do taxable business in the country so there is no point collecting tax in the process of exchanging. Government just want to make things difficult.

[magneto]

India doesn't actually have a ban on crypto. Its central bank is has simply said that any banks that is regulated by them (pretty much every major bank) is now unable to facilitate crypto-related transactions. So it's not an outright ban, but will still have a pretty profound impact.

To me, it doesn't make any sense to tax bitcoin as a good at such high rates. It discourages anyone from trading on regulated exchanges, which pretty much means that it would fail the agenda of trying to reap tax revenue off taxing crypto.

It doesn't make much logical sense to do it, but they still may make it happen. I personally don't see the restrictions on regulated banks by RBI lifting any time soon, though.

[talkbitcoin]

there is absolutely no ban on cryptocurrencies in India, i don't know why you put the word "ban" in your title.

there has been a lot of FUD in the media and a lot of discussion in the Indian government to decide what they should do about cryptocurrencies and their fast growth and adoption of bitcoin in India. one proposal was to ban it altogether which nobody agreed with and now another proposal is to regulate them and add a big tax for them which is still not passed as law.

nobody knows what will happen eventually yet.

[avikz]

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?

Ok, lets get the facts right first. Cryptos in India is not banned so there is no question to lift any ban. People are free to trade cryptos in India. However, the central bank directed every regulated bank in India not to provide services to the crypto related companies. But this matter is now in the hand of the Supreme court. So nothing is official yet.

The news about the 18% GST is also not confirmed yet. It is a proposal given to the GST council to impose such tax and the matter is being debated with the council. If it happens, it will effectively kill the crypto to crypto trading in India while give boost to the crypto to fiat transactions. However, the matter is in a very nascent stage and we really don't know what the outcome would be.    

[timerland]

If the 18% GST is implemented, then obviously it would mean that the Reserve bank of India will lift their restrictions that were recently placed on banks. It's not a ban, but it's still restrictive.

However, since India has been pretty much campaigning against any anonymous payment method, which included cash, I don't think that even though they are talking about a tax reform which means increased taxes on bitcoin trading, it is guaranteed that it will happen.

Things are quite uncertain within India right now regarding the regulation of bitcoin and other cryptos. It doesn't really make that much of a difference, to be honest. Even if RBI's regulations are lifted, and these new taxes come into effect, it'll still mean that mainstream crypto exchanges would not be able to operate due to the higher tax rates. Either way, p2p trading with cash or other non-bank payment methods will be the future of bitcoin trading within India in my opinion.

[wantjokull]

Yes they are going to uplift and the news is true as it is flashing in our local news paper also. India is planning that since the day budget was finalised, they tried to make publicity of illegal tender but that eventually failed and thus now they have no option but to regulate everything.

I believe it is more or less perfect thing for all the Indian. They will now have the opportunity to trade the bitcoin and rest of the currencies freely without any fear. They just have to pay 18% tax and thats all fine because earning from the crypto is also enough! 

[squog]

I am

Yes they are going to uplift and the news is true as it is flashing in our local news paper also. India is planning that since the day budget was finalised, they tried to make publicity of illegal tender but that eventually failed and thus now they have no option but to regulate everything.

I believe it is more or less perfect thing for all the Indian. They will now have the opportunity to trade the bitcoin and rest of the currencies freely without any fear. They just have to pay 18% tax and thats all fine because earning from the crypto is also enough! 

If this is true then it is good new that a country who banned crypto currency will reopen it. I already saw it coming when the government will tax BTC. But the important part is Indians are back in the game and that means more people will be buying crypto e. I jist hope other countries that already ban crytpo will do the same only with a lower tax rate, 18% realy hurts.

[St4yInTh3D4rk]

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?

Governments don't care about the citizen all they want is that revenue for the governments and all those taxes are going to the politicians pockets not to the countries growth.Already there were lot of revolution against the currency central government of India and in 2019 they have the common election in India so until that they won't impose any taxes I think or if they o then it will be disadvantage for them to win in the election.

[jaocoincrypto18]

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?

These development and progress shows that there is a huge possibilities that the government of India will support Bitcoin and other crypto currencies for investments so therefore i could say that the uplift is at hand. We just hope like the other countries like Germany, Japan and France that your government will impose less on taxation thru regulation so that the people will living in true prosperity thru Bitcoin earnings.

[Idrisu]

India are still using bitcoin and others cryptocurrencies till now and I think the time is going to come were India and other countries that have temporary ban bitcoin and others cryptocurrencies are going to using it for transactions.  This technology is going to last for long and we are going to use it in future and we are going to have bitcoin determine the political and internationals financial policy.

[gpamfmcq]

I do not think India will raise the ban on encrypted currencies for the time being. India is a large country with a large number of IT technicians who have a high degree of acceptance of bitcoin. I think the India government may introduce some measures to encrypt the currency exchange, but these measures will not limit the development of bitcoin in India. In fact, India's attitude towards bitcoin is It's more open.

[Betwrong]

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?

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.

I think demonetization is a mistake and bitcoin is best suited to a role of creating jobs and boosting economies when it is deregulated/unregulated and taxed at very low rates. There appear to be concerns over economic slowdown in europe atm. If recession hits it has a tendency to multiply poor economic policy.

If economic slowdown and recession are bad enough, it might well be in governments best interest to lift bans on crypto currencies. Of course, unfortunately legislation isn't always determined by what is best for anyone.

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.

[Dimon8]

At this forum, I saw a post where an Indian citizen wrote about the fact that the Bank of India plans to release crypto LAXMI. I think that the Indian authorities are interested in regulating crypto.

[supermine]

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?

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.

I think demonetization is a mistake and bitcoin is best suited to a role of creating jobs and boosting economies when it is deregulated/unregulated and taxed at very low rates. There appear to be concerns over economic slowdown in europe atm. If recession hits it has a tendency to multiply poor economic policy.

If economic slowdown and recession are bad enough, it might well be in governments best interest to lift bans on crypto currencies. Of course, unfortunately legislation isn't always determined by what is best for anyone.

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.

[nur rochid]

India are still using bitcoin and others cryptocurrencies till now and I think the time is going to come were India and other countries that have temporary ban bitcoin and others cryptocurrencies are going to using it for transactions.  This technology is going to last for long and we are going to use it in future and we are going to have bitcoin determine the political and internationals financial policy.

maybe this case is similar in my country. only for bitcoin transactions is prohibited. but for other activities related to btc are not prohibited. i think the Indian government certainly thinks that technological developments can not be avoided

[ss890]

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.