Bitcoin was created as an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies. Shortly other cryptocurrencies followed with a much better and faster payment network. We generally read and hear how people are utilizing this feature for international payments. A lot of Indian expats now have started using cryptocurrencies to remit money to India. This is not only helping them with a cheap transaction fee but also their families are now getting access to the money immediately. Read this below article and do share your views.
http://economictimes.indiatimes.com/nri/invest/many-indian-expats-turn-to-crypto-to-remit-money/articleshow/87247432.cmsThat is one of the major concerns of Indian government alongside the usual money laundering clause. When money is transferred through the usual channels, government earns tax revenue from both side of transaction. Also income tax is applicable to the recipient of that money. Now if that same person is using a crypto wallet to remit that money, government is not getting tax revenue. Moreover, if people are using p2p method to convert their cryptos, It becomes increasingly difficult for the government to track them as foreign repatriated income.
But when it comes to savings for an individual working abroad, that makes complete sense!
