From ban to regulation, India legalizes crypto!

[C.Grigg]

In 2016, India banned cryptocurrency altogether. Now, regulation has been put into place and the prime minister has imposed a 30% tax on digital assets and proceeds from cryptocurrency. How do you think this helps those in India? Do you believe this is a step in the right direction?

 

[Nova_]

I think that's a good news. It is no longer illegal to sell and buy crypto then. 30 percent tax is fair. It seems like the taxation shows that govt is looking positively to blockchain. Now they need more regulation so that the altcoins which are scam can be removed from exchanges. And proper blockchain coins can be invested. And 30 percent is standard tax on big assets in US, Canada like nations. So it's not that bad.

 

[C.Grigg]

I think that's a good news. It is no longer illegal to sell and buy crypto then. 30 percent tax is fair. It seems like the taxation shows that govt is looking positively to blockchain. Now they need more regulation so that the altcoins which are scam can be removed from exchanges. And proper blockchain coins can be invested. And 30 percent is standard tax on big assets in US, Canada like nations. So it's not that bad.

I believe our tax rate is 20% here on capital gains less than 1-year cost basis. Capital gain tax on investments longer than 1 year is even less.

 

[Monster Masterpiece]

It is a good step because legalization will let you a chance for earning an extra income instead of banning the feature of earning which seems to not be good at all and limit chances for crypto earners.

 

[Nova_]

I believe our tax rate is 20% here on capital gains less than 1-year cost basis. Capital gain tax on investments longer than 1 year is even less.

Same case with india but crypto being asset not similar to mutual funds, stocks etc. It's treated similar to gamble based income. And the taxes on gamble based income is 30 percent. Like those fantasy league game income is taxed at same value to that of crypto india. 30 percent. seems fair to me. As long as you are not trading in stablecoins 30 is reasonable but stablecoins trading is similar to forex so that would be too high only in that case. rest trust me indians find a way to bypass 30 percent easily with cash movement.

 

[Lens]

Although, the regulation option is far better than the ban option, but the percentage levelled on crypto related assets is very high.

 

[Nova_]

Well if the percentage becomes too low, the people will ditch local currency and that is as good as losing the control over the asset like crypto. So this could affect nations who choose not to tax. Like anyone with crypto would then bypass govt and monitoring to do things which can't be controlled.

 

[GoldenLady]

Same case with india but crypto being asset not similar to mutual funds, stocks etc. It's treated similar to gamble based income. And the taxes on gamble based income is 30 percent. Like those fantasy league game income is taxed at same value to that of crypto india. 30 percent. seems fair to me. As long as you are not trading in stablecoins 30 is reasonable but stablecoins trading is similar to forex so that would be too high only in that case. rest trust me indians find a way to bypass 30 percent easily with cash movement.

I think it will push more people towards using privacy networks like Secret instead. 30% is a lot of money, especially for small retail traders whose capital isn't much to begin with.

It's also not possible to always be in profits with cryptocurrency. What happens during those times one loses money instead?

 

[Heatman]

This have actually been their plans all along. It's not only India that's going to be doing that but all the countries in the world because they can't allow cryptocurrency to intimidate them.

 

[Lens]

This have actually been their plans all along. It's not only India that's going to be doing that but all the countries in the world because they can't allow cryptocurrency to intimidate them.

Nevertheless, I still prefer the crypto regulations to ban. Most of the countries want to tap into the opportunities offered by cryptocurrencies. They could only adopt cryptocurrency by integrating regulations.

 

[Heatman]

Nevertheless, I still prefer the crypto regulations to ban. Most of the countries want to tap into the opportunities offered by cryptocurrencies. They could only adopt cryptocurrency by integrating regulations.

Yeah, the bans are totally uncalled for in my opinion as it ruins everything. It's just a way for the government to have their way with their own cryptocurrency.

 

[Lens]

Yeah, the bans are totally uncalled for in my opinion as it ruins everything. It's just a way for the government to have their way with their own cryptocurrency.

The ban could be very detrimental to the crypto community. The crypto regulations will increase the cryptocurrency adoption globally.

 

[Nomad]

The government banned crypto but the supreme court overturned the decision. In our country also the government has banned crypto and there is a pending case in the court.