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SimonJones
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July 10, 2018, 10:18:19 PM |
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Localbitcoins is still working fine and you can transact there. Cash transactions are also possible. We will soon see more peer to peer sites for Indians.
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Gaurav11kb
Newbie
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Activity: 140
Merit: 0
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July 11, 2018, 03:04:09 PM |
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I don't think there is anything to worry about. We have locabitcoins and more peer to peer exchanges will be there to help us. So keep your crypto safe and keep earning. You can encash them whenever you want.
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Gaurav11kb
Newbie
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Activity: 140
Merit: 0
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July 11, 2018, 03:12:11 PM |
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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. RBI is pulling banking suppprt only, they are not banning crypto. So money earned from crypto will not be classified as black money. Whenever you'll change your crypto to fiat, there will a record of somekind, so you need not worry about it. Just pay the taxes as per your salary/income slab when you encash them. |
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stepwilli
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July 18, 2018, 05:13:27 AM |
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Exchanges are preparing a p2p solution for that. Still we have 2 wait and watch.
Almost every wallet which featured just storage of bitcoin and other cryptos have now started their peer to peer trading mechanism, although I would strongly suggest to hold the coins as of now instead of panic selling the reasons being there might be a reform in the laws of crypto trading and also the new mechanisms of the wallets can have flaws in them thus waiting would be better. |
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redsun114
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July 18, 2018, 07:16:17 AM |
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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. If you want to safely cashout your earnings right now even after the banning of cryptos you can do so by personally exchange your coins to someone else using a peer to peer transfer and accept the money using tez or paytm whatever you have, alternatively you can wait for the govt to reverse the ban and then sell your coins in the market itself then I guess it will be better for you to hold a PAN card, although if the amount is within 2lakh 50 thousands then the RBI wont be much interested in it. |
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snkiworld
Newbie
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Activity: 126
Merit: 0
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July 18, 2018, 07:47:24 AM |
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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. Dont sell your bitcoins now,this is just temporary ban ,safe your coins in some cold wallets and soon indian government gonna regulate cryptocurrencies .If you sell now you lose much,if you wait for 1 or 2 years you can really make big money out of your cryptos. |
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simonova
Jr. Member
Offline
Activity: 69
Merit: 3
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July 19, 2018, 10:41:41 AM |
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I don't think there is anything to worry about. We have locabitcoins and more peer to peer exchanges will be there to help us. So keep your crypto safe and keep earning. You can encash them whenever you want.
There are some problems with this approach: 1) If government decides to ban crypto completely, they will take steps against such sites also. 2) These sites offer much less price is comparison to exchange price. Not good for regular trader. Still, I hope that Indian government gives support to crypto after court directs them to do so. |
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perfect999
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July 19, 2018, 11:22:59 AM |
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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.
If the market is now regulated by govt, I mean if the ban imposed by the reserve bank of India is lifted by govt and then the market is regulated by the Indian govt then it is almost certain that they will impose taxes on profits of bitcoin and other crypto trading. Also it is possible that the above said thing takes a lot of time maybe 2 years seeing the elections upclose. |
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Osarman
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July 20, 2018, 06:12:49 AM |
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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.
He said it is estimated about 2 lakh INR value of coins he has and I don’t really think it will cause him any trouble, even during the demonetization phase people with transfers of above 2lakh 50 thousands were asked to show there records and this being a stable phase in Indian economy I really don’t thing even having assets worth 3 lakh can cause him trouble, although I would suggest him to have a PAN card issued if he is above 18 years of age. |
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