Can Indians Hold Stable Coins?

[hamaravijay]

Hello!


I hope all you know able about what are stable coins?


For example like USDT tether, binance usd etc.



Can indians hold stable coins after converting from btc to usdt......?


stable coins belong to dollar price know like 1 coin= 1 dollar so indians can hold the stable coins......?

Thanks!

[chronicsky]

As far as Indian Govt understands, Stablecoins are just Altcoins.

so they should come under similar view as holding bitcoin, ethereum, monero, ...

They should not be counted as Holding Foreign Currency.

[TheUltraElite]

Can indians hold stable coins after converting from btc to usdt......?

It is your choice what you want to hold. Nobody is forcing you not to hold them. They are not illegal either and even if they were made so I am sure users would find a loophole to use them.

stable coins belong to dollar price know like 1 coin= 1 dollar so indians can hold the stable coins......?

The value of the coin only denotes the value nothing more. Even if it is considered as foreign currency you can do what you wish with it.

This however does not exempt you from paying taxes, if that is what you are aiming at.

[hugeblack]

Can indians hold stable coins after converting from btc to usdt......?
stable coins belong to dollar price know like 1 coin= 1 dollar so indians can hold the stable coins......?

There is no legal framework that legitimizes cryptocurrencies in India and therefore we cannot classify them as legal or not.
Consequently, crypto transactions are related to 44ADA of the Indian Law, which provides for taxation of profits from income (Capital Gains.)
Thus, you can buy Bitcoin, hold it in a safe place, or exchange it to Stable coins without problems, but when you withdraw you must pay taxes on profits.


Some warnings:

 - Since there is no legislative framework, it is dangerous to use Bitcoin/Altcoins to buy assets/gold/cars/house.... etc (transfer it to the bank first and pay taxes.)
 - It is best to make BTC --> Alt exchanges using decentralized platforms.

Why do you need to keep hodl? The main purpose of Bitcoin is speculation?

[akram143]

Sure you can and even you may able to skip paying taxes as well if you trade using stable coins over the fiat money.But when you are cashing out into your bank account then you have to give the source of income for it when the amount is too big.

[Keshav1458]

Surely, you can hold stable coins, if you don't want to buy USD then USDT is a safe option, Although In India the Currency is Inflatedday by day in against dollar

[Gaggi92]

my opinion is holding stable coin is very risk full because stable coin supply not burned in a limit period better is hold other good concept crypto Ethereum and Nrg coin is the best example