What to do with Crypto after 5 July ?

[killx]

Please Read It Fully Before Commenting 

As you all know, 5 July onwards bank transactions associated with crypto will stop. I'm not panic selling crypto.

According to some news, crypto regulation draft will be presented in the parliament. So I think crypto will be regulated in India.



If crypto is regulated, what do you think I should do (given the constraints)

1. Assets over 2 Lakhs in crypto
2. Don't have any record of transactions (and can't make either, as I used services like Shapeshift)
3. Earned legally through faucets, bounties, giveaways, airdrops, etc.
4. No INR transaction till now related to crypto
5. Currently a student
6. Don't hold a PAN card

I don't want to evade the taxes. If assets are taxable , I'll pay the taxes.

The only thing I am worried about being wrongly classified as holding black money.

[RocketSingh]

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

[suchi2591]

Exchanges are preparing a p2p solution for that. Still we have 2 wait and watch.

[Deepa18dec]

I'd say stay optimistic and even if decision is not in favor of crypto enthusiasts, keep investing and earning. There will always be other ways to convert your crypto to fiat.

[RAMSHIVDEEPAK]

First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.

[killx]

First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.

But everywhere I'm using my pseudonym.

I have more than 2 lakhs (exact amount I'll cannot disclose)

[RAMSHIVDEEPAK]

First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.

[hubballi]

If you have kept your savings in btc then I think you can sellin p2p exchange as you are going to sell directly to the end user and transactions will be between you and him so their is no record of btcso no tax problem

[ogabonny]

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

excellent,the ban may be in place,people will still be involved informally,away from the prying eyes of government.

[Blackshadow007]

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

excellent,the ban may be in place,people will still be involved informally,away from the prying eyes of government.

Of course people will always be involved with Crypto whether its Ban or not . Nothing can stop P2P Cash trades at least lol . When ban happens similar sites like Localbitcoins will pop up and most probably many of current legit Indian exchange will open escrow service with P2P platform outside of Indian Jurisdiction and thus problem solved . Do cash trades and show middle finger to govt. lol .

[snkiworld]

For now, just keep earning Crypto. There are hell lot of people in India, honestly making their living off Crypto. The voice to regularize Crypto is getting stronger everyday. Whatever comes... we'll face it together.

p.s. If u r 18+, try to have a PAN card as soon as possible and file NIL ITR, even if your Crypto gain does not fall under taxable bracket.

excellent,the ban may be in place,people will still be involved informally,away from the prying eyes of government.

Of course people will always be involved with Crypto whether its Ban or not . Nothing can stop P2P Cash trades at least lol . When ban happens similar sites like Localbitcoins will pop up and most probably many of current legit Indian exchange will open escrow service with P2P platform outside of Indian Jurisdiction and thus problem solved . Do cash trades and show middle finger to govt. lol .

Yes no one can stop crypto

[dTAPPO]

First of all, I want to say, The name of some country which is TAX FREE COUNTRY

10 Countries With Zero Income Taxes
The top marginal tax rate in the U.S. is 39.6%. In India it's 15%. Anyways, in these 10 countries citizens won't pay a dime in income taxes!

In no particular order, the 10 countries with no income taxes are:

United Arab Emirates
Oman
Bahrain
Qatar
Saudi Arabia
Kuwait
Bermuda
Cayman Islands
The Bahamas
Brunei

Without taxes these country is now developed. But India is still developing... If our political leader don't support BLOCKCHAIN TECHNOLOGY then I am 100% sure India will still developing country for next 50 year.

I am also sure that one day India will adopt this revolutionary technology, but in that time it will be too late.


In my opinion we need to adware more people as we can about crypto. It will be our duty after 5th July.

[Blackshadow007]

First of all, I want to say, The name of some country which is TAX FREE COUNTRY

10 Countries With Zero Income Taxes
The top marginal tax rate in the U.S. is 39.6%. In India it's 15%. Anyways, in these 10 countries citizens won't pay a dime in income taxes!

In no particular order, the 10 countries with no income taxes are:

United Arab Emirates
Oman
Bahrain
Qatar
Saudi Arabia
Kuwait
Bermuda
Cayman Islands
The Bahamas
Brunei

Without taxes these country is now developed. But India is still developing... If our political leader don't support BLOCKCHAIN TECHNOLOGY then I am 100% sure India will still developing country for next 50 year.

I am also sure that one day India will adopt this revolutionary technology, but in that time it will be too late.


In my opinion we need to adware more people as we can about crypto. It will be our duty after 5th July.

My friend the countries name you mentioned most among those are sitting on the Oil , do not forget that and thus their earning is so high that their govt. do not need tax lol .

[dTAPPO]

Yes I am with you, that's why we, India need to adopt this revolutionary technology.

Here I am asking you one question, if India will not adopt this revolutionary technology called BLOCKCHAIN TECHNOLOGY. Will India become developed country coming 50 years?

[ankurguta87]

WazirX, in an emailed statement, said it will allow users to buy and sell crypto directly by making online payments outside its platform.
It will act as an intermediary and will be connecting buyers and sellers. WazirX escrows the crypto for safekeeping during the transaction and releases the virtual money once the payment is confirmed.

Koinex too announced the launch of Loop peer-to-peer network from July. It offers a block chain-based escrow to store bitcoins till the seller confirms payments.

[suchi2591]

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

[snkiworld]

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

[killx]

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

If in future, I convert my cryptocurrency to rupee by P2P transaction, how will I prove that it is legal money ( not black money or any money laundering ).
Maybe, crypto will grow x100 in 2 years. So I can have over a crore rupee in crypto. That may attract attention of authorities if I one day get a crore rupee in my account.

[botany]

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

If in future, I convert my cryptocurrency to rupee by P2P transaction, how will I prove that it is legal money ( not black money or any money laundering ).
Maybe, crypto will grow x100 in 2 years. So I can have over a crore rupee in crypto. That may attract attention of authorities if I one day get a crore rupee in my account.

Did you get your coins more than a few years back? If you did and you haven't moved your coins, then you can argue (if required) that most of the money you earn by selling these coins is capital gains tax.

[RocketSingh]

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.

Thats good for now atleast they are doing something to continue trading cryptos

If in future, I convert my cryptocurrency to rupee by P2P transaction, how will I prove that it is legal money ( not black money or any money laundering ).
Maybe, crypto will grow x100 in 2 years. So I can have over a crore rupee in crypto. That may attract attention of authorities if I one day get a crore rupee in my account.

Did you get your coins more than a few years back? If you did and you haven't moved your coins, then you can argue (if required) that most of the money you earn by selling these coins is capital gains tax.

Capital gains tax applies on recognized asset class. Crypto is not yet a recognized asset class in India.