The government of India has tried a lot to subdue the usage of Bitcoin and other coins in India but to no avail. The have decided to suppress the effort of investors, traders, exchanges and miners. But they can't thrive.
India will Punish Bitcoin Holders
- Thread starter Suba
- Start date
So sad that this ban is currently occuring by governments across the world and it isn't helping matters but funny enough it helps to improve the community strength and belief in the growth of the space.
If they choose to punish bitcoin holders, what have they done to reduce poverty in their country? Holding bitcoin is not a sin as far as you did not scam any one to get it.
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Why are some some countries very much against Crypto currency? This is a way many citizens help ànd support their lives and family as well, why are they kicking against it? This so bad, once this currencies are not doing any harm to the country, so what's the problem?
It seems the thread is been posted for a very long time. The India government now accepted cryptocurrency. The only thing is that they have started talks on the regulatory measures.
As of now, BITCOIN isn't banned in India. Now the government has announced a 30% tax on crypto gains. They still haven't disclosed their position about crypto mining and using crypto for transactions. They allowed crypto trading as of now and they are charging 30% on the gains. China banned Bitcoins a few years back, but that didn't affect the price of Bitcoins, that's the beauty of it. It is decentralized and can survive any changes and policies enacted by the government. Welcome to web 3.0.
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For now the government of India don't really know the correct steps to take as regarding the state of crypto currency in that region but I know that they would certainly come up with a working system in a short time.
I think that the punishment should be sent out on those that do not comply with the basic set rules for the Bitcoin transaction operation in the country. That is what should happen.
Because Indian have now come to terms with the bitcoin I don't think there will be any punishment attached to anyone that uses the coin in the country anymore because the government now support it.
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This is something that I do not see as a good path to go if you do not want people to use cryptocurrency. It is okay with disallowing financial institutions to be involved but you should not go after the people trading them.
I don't think that the rules that was laid with a applicable again because the president of the country is now a bitcoin enthusiast and preaching about the acceptance of Bitcoin.
One of the things that most countries are really afriad of when it comes to the issue and trade of cryptocurency is that the control and regulatory power over financial issues and the circulation of cash in the economy would be curtailed.
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India didn't actually ban bitcoin instead, they regulated it and imposed 30% tax on anyone who is transacting on digital currency like bitcoin and others. I think this will probably generate revenue for them.
It's not really because they are interested to generate revenue but because they are trying to discourage people from dealing and transacting with cryptocurrency , 30% tax imposion is quite huge.
Why will that happen, I don't think India has the power to do that, before you can be able to move the Bitcoin market you need to have a huge amount of money.
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Yeah, that is actually very true. But if people are making a lot of money from cryptocurrency they will have no other option that to continue trading even with a 30% tax which is ridiculous.
Not really about traders , what about investors who have accumulated some of the cryptocurrency and waiting to have up to 30% increase after a whole lot of time and later have to forfeit all to the government. Even if they have to regulate cryptocurrency , the 30% tax is too much.
All the crypto holders in India will be given a deadline to declare their assets and meet any new rules. Anyone who violates, will be punished.
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Bitcoin holders are usually not the ones who are to be punished at all if there is a need to do so.
There are a lot of fake exchanges and they should be dealt with appropriately.
There are a lot of fake exchanges and they should be dealt with appropriately.
I do not see any reason why countries are cracking down on cryptocurrency. If you do not want it I believe that the best thing to do is to increase taxes associated with this assets.
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