Maybe we found a way to avoid taxation!!??

[crashedanon]

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

[jrrsparkles]

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

What is the difference between your idea and the existing p2p trading model?

Whatever the government is proposing the citizens have to abide the law and now its actually a good thing because for very long time there is a wrong information was spreading that India banned cryptocurrencies but now they are regulating it.

[arbifahrozy]

they are actually taking profit by imposing heavy taxes on it. If they really care about it they must have accepted it as payment rather launching own currency. They imposed heavy tax on crypto trading just to stop people investing in other cryptos.

[JohnBitCo]

they are actually taking profit by imposing heavy taxes on it. If they really care about it they must have accepted it as payment rather launching own currency. They imposed heavy tax on crypto trading just to stop people investing in other cryptos.

Let them legalize bitcoin even with high taxes. Remember, a few months before Indian government was proposing to ban bitcoin but now their opinion has changed 360 degrees. I am sure, in near future this 30% tax will reduce also. We should welcome the decision by the Indian government which is in favor of legalization of bitcoin.

[batang_bitcoin]

I'm not sure if that's going to work but no matter what it is, it won't change the fact that they're going to put 30% of taxation. I guess because of the news, everyone there is going to think of how they can skip paying that much in taxation. Or some would just totally be fine and will obey it since they want the legalization to move in instead of rotating bans.

[wxa7115]

they are actually taking profit by imposing heavy taxes on it. If they really care about it they must have accepted it as payment rather launching own currency. They imposed heavy tax on crypto trading just to stop people investing in other cryptos.

Let them legalize bitcoin even with high taxes. Remember, a few months before Indian government was proposing to ban bitcoin but now their opinion has changed 360 degrees. I am sure, in near future this 30% tax will reduce also. We should welcome the decision by the Indian government which is in favor of legalization of bitcoin.

It is easy to know why this is happening, governments hate the idea of a currency that is not controlled by them, but they love the idea of getting taxes especially now that they are desperate to get more money to spend.

However it is completely crazy to expect that people are going to pay a 30% tax on their gains, so it is likely that people living in India will simply avoid paying their taxes outright, which will probable bring to the table again the idea of banning it, as politicians are not going to like this.

[Johnyz]

Government will always make a way to collect taxes and this is a huge one, looks like this is way higher compare to the corporate tax in India.

Well, if there’s a way and its legal go for it since paying that huge taxes that will just ended up into a corrupt politicians are not worth it, so I will also do the same to look for alternatives luckily our government still have no say about taxing crypto profit yet.

[Taskford]

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

Taxation on crypto is not bad since it means that they are allowing their people to use crypto so best to adopt those changes since it can help your economy and crypto will become legal on that country.

But what bad thing their is the amount supposed to be taken since 30% is huge but I believe if many people talk about this heavy tax and negotiate to lower it down then provably this figures will lessen and everything will be settle.

[Yamifoud]

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

Does your smart contract has been working already? Or that you need people to try and rid of their money?
I'm not sure about the 30% taxation in India for I don't see the link. Yeah, it was big is that is true but I guess they need to legalize it first before imposing a tax on crypto.
As we are in the widespread use of cryptocurrencies now and obviously become hot in the eyes of the government leaders, we can't avoid that taxation comes and there is no way we could avoid it unless we move to other places where tax is free.

[AmoreJaz]

Taxation on crypto is not bad since it means that they are allowing their people to use crypto so best to adopt those changes since it can help your economy and crypto will become legal on that country.

But what bad thing their is the amount supposed to be taken since 30% is huge but I believe if many people talk about this heavy tax and negotiate to lower it down then provably this figures will lessen and everything will be settle.

they can't avoid these charges especially if they are using their local exchanges to convert their crypto to their fiat. what they can do is yes, negotiate with their government because that's a lot if it will be deducted from small time users. they need to meet at some point where crypto users are not at their disadvantage.
taxation is not bad because it means the government is accepting the crypto market in their system. however, the laws should be fair in both sides.

[Oceat]

Good luck on your new crypto currency if you will find any investors with that. It doesn't change the fact that your government still putting a tax on every crypto currency and I think being a creator will have more tax than the investors and traders. I don't know what was the full contexts but tax is tax and you should pay for it or else you want to stay in prison if they caught you.

Maybe this is a positive News since they will be accepting crypto currency again and I think Bitcoin will not be ban again. So it might actually help to pump the price though. I hope to see more News like this next week or so.

[letyouearn]

I really love governments and their so-called laws... Taxes especially. If you earned something here, in crypto (risking your money, spending your time and nerves), you should give a part of your gains to the guys on the top of the hill. If you lost... well, it's your problem, man, haha 
Isn't this similar to casino/turbo options scheme?

[crashedanon]

I really love governments and their so-called laws... Taxes especially. If you earned something here, in crypto (risking your money, spending your time and nerves), you should give a part of your gains to the guys on the top of the hill. If you lost... well, it's your problem, man, haha 
Isn't this similar to casino/turbo options scheme?

I ought not to give my money as big as 30% to any organization/government. They do not consider cryptocurrencies as "CURRENCY" and yet they would like to collect taxes for the same, I do not trust them as tomorrow they might come live on television and say again that they have banned crypto, think, they have not lost anything, they made money from your loss/gains.

[Ozero]

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

So far, information about the introduction of a 30 percent tax on cryptocurrency in India has come from the words of an official from the government of this country. That is, so far it is only an intention to introduce such a tax amount and it is not yet a fact that it will be adopted as a law or other mandatory normative act. So far, the very decision to legalize cryptocurrency by the state is important for the people of India, and the amount of the tax can be changed in the future. In any case, such a solution is much better than the complete ban on cryptocurrencies, which was discussed earlier.

[TravelMug]

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

For sure though maybe someone has already this in place for all we know.

As for taxation on crypto, I think it's similar in my country, I mean our government is already imposing a huge tax already like 30% on our salary. But with crypto, it's yet implemented but slowly this could be the next move by our government because or exchanges are getting tighter as far as their KYC and other earnings that we got with bitcoin and other cryptos.

[masterrex]

On February 1, 2022, India announced 30% taxation on cryptocurrencies.

30% is a big number and as an investor and trader, I do not like it.

I have something in my mind, I want to create a smart contract where the contract will be controlled and will be buying and selling cryptocurrencies i.e will be controlled by the smart contract creator from different exchanges or p2p sources in such a way that it will be likely to pay taxes[ALMOST 90% of the times] to the Indian government.

Only two possible methods where tax will be asked, i.e the initial buying phase for funding the smart contract and the final buying phase where it will be required to sell it in exchange for fiat on an exchange.

This will cut down most of the transaction taxation of cryptocurrency.

IMHO I believe that thirty percent taxation on cryptocurrency transactions is huge and it might hurt traders and users in the long run, that is why I believe that such kinds of taxation measures are designed to deter the present cryptocurrency users in India and also send a strong message that not to invest, in cryptocurrency investment and for me, that was a very clever move from the Indian government.    

[wxa7115]

I really love governments and their so-called laws... Taxes especially. If you earned something here, in crypto (risking your money, spending your time and nerves), you should give a part of your gains to the guys on the top of the hill. If you lost... well, it's your problem, man, haha 
Isn't this similar to casino/turbo options scheme?

Governments are like the school bully that steals the money you had to buy something during your break, they think it is their right to take away your money, they do not care if you do not have anything to eat or to sustain yourself, that is your problem and you need to pay them.

And then they are surprised that people take measures to resist them, like the creation of bitcoin, and then complain about it, but tough luck they should have thought about this before they abused their position and people found finally a way to respond to their abuses.

[Jaered]

How feasible is your approach? Is it worth the headache of the transaction fee you may be accumulating, especially if you deal on the Ethereum blockchain and the tokens are not worth much in the exchange

[Vaskiy]

Governments aren't ready to create a system that helps with the perfect taxation. The key focus is to restrict people from using it. In specific now the taxation of 30% is something like an indirect way to restrict people from using it. The governments need ro realise that people are much used to it and will continue using it finding the loopholes for skipping tax issues.

[DeathAngel]

Best thing you can do to eliminate all risk is just leave India. Emigrate to a country with 0% tax on crypto. There are plenty around if you do your research, it’s not hard to find.