Let's assume Bitcoin gets accepted as an asset in India!

[pakhitheboss]

We have been listening about Bitcoin getting the acceptance as a commodity in our country.

But, if it ever happens what will be the terms & conditions of the government?

If it does get recognised then that means, we need to show or reveal every transaction we did using our personal wallet. Another thing which I feel that they will force us to use wallets that they can track or wallets that can be controlled by them.

So, what exactly happens to decentralized economy? When they are controlling as well as monitoring us?

Therefore, think before submitting your documents! on any local crypto exchange.

[avikz]

Therefore, think before submitting your documents! on any local crypto exchange.

That's exactly I have been saying since long to every other member of Indian sub-forum. Indian crypto exchanges are not preferred place to trade cryptos as on yet. Indian government is very skeptical about cryptocurrencies and very concerned about its anonymity. So it will be a miracle if they ever accept it as an asset. At least I don't have much hope!

But if it happens, they will be very stringent from the very beginning. They will impose stricter kyc norms as well as make individual reporting mandatory for both the exchanges and the individual. We can also expect separate taxes on crypto transactions and income from crypto trading.

No one knows what's gonna happen and even if they ban it, they might give retrospective effect on their ban policy. So it's bet to avoid any Indian crypto exchanges. Government gives a damn about decentralized economy, rather they see it as a risk!