[2018-07-13] Crypto to be Treated as a Commodity in India as Lifting of Ban is U

[Vladdirescu87]

Crypto to be Treated as a Commodity in India as Lifting of Ban is Underway

India's government official has revealed that the country's Authorities are more likely to consider cryptocurrency ban and start treating them as commodities. Citing a superior government official who is more involved in the currently happening regulatory discussion in the cryptocurrency periphery, India is more unlikely to oblige a blanket ban on cryptos regardless the latest-enforced central bank authoritative command that forbids banks from offering services to the various burgeoning sector.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-to-be-treated-as-commodity-in-india-as-lifting-of-ban-is-underway/

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[1713932886]

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[1713932886]

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[magneto]

What's the difference of recgonising it as a commodity? I don't really understand that part.

If they're truly looking to lift the restrictions put in place by the central bank of India then I think it's going to be awesome. There are obviously no guarantees this is going to come through, so don't get your hopes up too high yet.

If they are going to lift the ban but put in an outrageously expensive GST then I don't think it'll do any good anyways. I'm not sure if this is the case with bitcoin apparently being treated as a "commodity" instead of a good, but it was certainly in the rumours previously.

[Harlot]

What's the difference of recgonising it as a commodity? I don't really understand that part.

If they're truly looking to lift the restrictions put in place by the central bank of India then I think it's going to be awesome. There are obviously no guarantees this is going to come through, so don't get your hopes up too high yet.

If they are going to lift the ban but put in an outrageously expensive GST then I don't think it'll do any good anyways. I'm not sure if this is the case with bitcoin apparently being treated as a "commodity" instead of a good, but it was certainly in the rumours previously.

I am not familiar with their taxing system but a classification of cryptocurrency on what kind of asset are they will result into different tax rates. Also classifying them as commodity will help their legislative assembly or even their executive branch of the goverment on not making cryptocurrencies not acceptable as a form of payment in their country. So do you now know where I am going? Classification is important for this kinds of assets as it will really determine the future of cryptocurrencies in their country or even the world as it will surely affect the prices.

[Tylev]

Crypto to be Treated as a Commodity in India as Lifting of Ban is Underway

India's government official has revealed that the country's Authorities are more likely to consider cryptocurrency ban and start treating them as commodities. Citing a superior government official who is more involved in the currently happening regulatory discussion in the cryptocurrency periphery, India is more unlikely to oblige a blanket ban on cryptos regardless the latest-enforced central bank authoritative command that forbids banks from offering services to the various burgeoning sector.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-to-be-treated-as-commodity-in-india-as-lifting-of-ban-is-underway/

It is very important that in India they are not going to introduce a full ban on crypto currency. The fact that they can classify bitcoin and other crypto currency as a commodity is also very good. Now, any classification is important, it is important that the crypto currency is at least somehow recognized and had an official status. In the future, the status can be changed, now it is very important to give the people the opportunity to assess more the advantages of the crypto currency. If the crypto currency is properly valued, then the people themselves will defend their rights. And there are a lot of people in India.

[Slow death]

"Trade is not a criminal offence. Most of us trade in various asset classes in the stock market. So how is this [cryptocurrency trading] any different? What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing," the official stated.

this becomes a joke

India’s Finance Ministry Panel Recommends Government Discourage Use of Digital Currencies


Former Indian Gov’t Official Shaktikanta Das: Crypto “Should Not Be Allowed At All”


India’s HDFC Joins List Of Banks Banning Crypto Purchases Via Card

and there is a lot of news that clearly indicates that the position of the Indian government and the position of India's central bank will not change.

[Kakmakr]

"Trade is not a criminal offence. Most of us trade in various asset classes in the stock market. So how is this [cryptocurrency trading] any different? What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing," the official stated.

this becomes a joke

India’s Finance Ministry Panel Recommends Government Discourage Use of Digital Currencies


Former Indian Gov’t Official Shaktikanta Das: Crypto “Should Not Be Allowed At All”


India’s HDFC Joins List Of Banks Banning Crypto Purchases Via Card

and there is a lot of news that clearly indicates that the position of the Indian government and the position of India's central bank will not change.

It is quite obvious what their position is on this. They want Crypto currencies to be full regulated, before they give it their full stamp of approval. In a regulated environment, owners of Crypto currencies can be identified and funding of illegal actions can be minimized.

Unfortunately for them, this type of regulation does not work. Look at the regulations that are applicable to firearms. The criminals still use unlicensed firearms to rob and kill people and official are bribed to license illegal firearms.

Bitcoin can still function without regulation, so this will not stop criminals from using it for illegal activities. Just look at the drug trade for instance and see how much cash is used to buy and sell drugs.