Instead of a ban, India may turn cryptocurrencies into a commodity

[RocketSingh]

After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.

https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/

[yoseph]

A very sound and great choice by the Indian government, THey said they didn't even think about banning cryptos at all but they wanted to regulate so that they would know the source of the funds being used in cryptos.

[IBXNetwork]

There's no way they could ban Cryptos. Its just nonsense, they are just FUDing.
Being India one of the biggest stars in cryptoworld they will ban it? And be left behind compared to China , Phillipines or other countries that are actually legalizing it?

Some recent news said SBI is going to acquire 30% of BCH hashrate so there's no way they could ban all cryptocurrecies

[jjacob]

A very sound and great choice by the Indian government, THey said they didn't even think about banning cryptos at all but they wanted to regulate so that they would know the source of the funds being used in cryptos.

It is speculation about the Indian government’s intentions, nothing more and nothing less. What we do know is that the Reserve Bank’s move to cut banking links for Bitcoin exchanges has effectively stunted Bitcoin in India. It will take some time before the government actually manages to reverse this.

[RocketSingh]

Some recent news said SBI is going to acquire 30% of BCH hashrate so there's no way they could ban all cryptocurrecies

That is SBI Group of Japan. Not the Indian bank.

[Nisharawal]

After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.

https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/

This is really a good and positive approach by the Indian Government that they are planning to ban the cryptocurrencies and instead they are planning to regulate it. I was expecting this results from past few months and at last, it was out recently a few days back. Yes, Cryptocurrencies using as a commodity will be good for both users and government, but i fear what kind of tax slab rate are they gonna introduce over here and can make it legal would still earn us good amount of money after cutting out the taxes and charges, this question is going to be a bigger one.

[UniQue7]

Hey, that's a great update!! hopefully, they can create something like that as it would help bitcoin with trust.

[RocketSingh]

Hey, that's a great update!! hopefully, they can create something like that as it would help bitcoin with trust.

I'm sure GST is coming to Bitcoin. I'm worried about the tax slab.

[Script3d]

A very sound and great choice by the Indian government, THey said they didn't even think about banning cryptos at all but they wanted to regulate so that they would know the source of the funds being used in cryptos.

yeah i hope they will follow the Philippine path its legalize here we just need to comply to be able to exchange bitcoin to our local money im glad they think first before banning out. i hope they make it legal as fast as possible.

[susila_bai]

A very sound and great choice by the Indian government, THey said they didn't even think about banning cryptos at all but they wanted to regulate so that they would know the source of the funds being used in cryptos.

yeah i hope they will follow the Philippine path its legalize here we just need to comply to be able to exchange bitcoin to our local money im glad they think first before banning out. i hope they make it legal as fast as possible.

Even in south korea the government has declared Bitcoin and other cryptocurrency as assets and investment purpose so it is just like a good commodity and government can declare it as a commodity and impose the commodity tax which will bring a big tax income for the government if it is declared as commodity in India.

[CryptoKingh]

I have said this before, until there is something in writing/legislation, they will not ban crypto. Every county that has "banned" crypto has never put anything into legislation. Governments need blockchain technology for innovation, therefore, they will never put a crypto ban in legislation.

[suchi2591]

as per the latest news it seems to be true. still its difficult to say what indian authorities will decide.

[jjacob]

Hey, that's a great update!! hopefully, they can create something like that as it would help bitcoin with trust.

I'm sure GST is coming to Bitcoin. I'm worried about the tax slab.

Rather than the tax slab, what matters more to the Bitcoin community is certainty in policy. The RBI wakes up one fine day and decides to get banks to squeeze bitcoin exchanges. The government seems to frame committees but does nothing beyond that. No long term focus or policy direction.

[RocketSingh]

Hey, that's a great update!! hopefully, they can create something like that as it would help bitcoin with trust.

I'm sure GST is coming to Bitcoin. I'm worried about the tax slab.

Rather than the tax slab, what matters more to the Bitcoin community is certainty in policy. The RBI wakes up one fine day and decides to get banks to squeeze bitcoin exchanges. The government seems to frame committees but does nothing beyond that. No long term focus or policy direction.

BIG tax may eat out the chance of profitability.

[Emitdama]

After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.

https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/

As of now reserve bank of India has already banned the buying and selling of bitcoin or any other crypto currency in Indian market, although it has no power over the peer to peer trading unless govt interferes and asks to stop every wallet service in India, although govt is still very quite on the issue of bitcoin and crypto currency ban by reserve bank, though we can expect the ban to be lifted and cryptos to be referred as commodities.

[gamalzour]

After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.

https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/

This is really a good and positive approach by the Indian Government that they are planning to ban the cryptocurrencies and instead they are planning to regulate it. I was expecting this results from past few months and at last, it was out recently a few days back. Yes, Cryptocurrencies using as a commodity will be good for both users and government, but i fear what kind of tax slab rate are they gonna introduce over here and can make it legal would still earn us good amount of money after cutting out the taxes and charges, this question is going to be a bigger one.

For sure it will be good for both the traders and investor and also for the bank and govt to regulate the usage of bitcoin or any other crypto currency rather than banning it, although the ban had its own limitations but by banning crypto currencies it meant a shutdown of a whole industry among the market, thus the choice of regulating will be good for all although it might take some time to get inducted.

[newcollegestar]

A very sound and great choice by the Indian government, THey said they didn't even think about banning cryptos at all but they wanted to regulate so that they would know the source of the funds being used in cryptos.

It is speculation about the Indian government’s intentions, nothing more and nothing less. What we do know is that the Reserve Bank’s move to cut banking links for Bitcoin exchanges has effectively stunted Bitcoin in India. It will take some time before the government actually manages to reverse this.

The thing is the ban has been imposed by the Reserve bank of India and not by the finance ministry nor by the govt itself and for govt to interfere they will need to have proper reasons to do so, thus it might take a bit of time to recover from the current crypto trading situation in India, although it is possible that the ban might be reversed and the govt might term bitcoin as a commodity rather than an asset.

[Vineeta2oct]

Regulating crypto currency trading is better alternative than banning it. If crypto trading continues in India, then I think it will give Indian economy a good boost plus Govt will get more taxes from people who will gain from Crypto. Due to regulations, scams will reduce. So regulating the crypto trading is win win for the Govt. and Indian Public.

[snkiworld]

Regulating crypto currency trading is better alternative than banning it. If crypto trading continues in India, then I think it will give Indian economy a good boost plus Govt will get more taxes from people who will gain from Crypto. Due to regulations, scams will reduce. So regulating the crypto trading is win win for the Govt. and Indian Public.

Before regulating bitcoin,authorities must catch scammers who are run MLM type bitcoin business to cheat people.India Govt must make good regulations and also create awareness among people.

[kehtuanjkqjheu109990]

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