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[SCAMEXPOSER]

the government of India is been strategic while they kept watching the cryptocurrency market, the government will regulate crypto as a commodity, prohibit its use as a payment mechanism, then seek to build infrastructure for KYC/AML around fiat gateways.
The government is also concerned with use of cryptocurrencies to commit crimes since it can't be tracked.

 

[SCAMEXPOSER]

I believe the government of India has taken the best decision in favor of cryptocurrencies and it will enable them to compete favourably with other cryptocurrency loving nations. India is a techie country so they will definitely have a robust KYC regulatory mechanisms which will be a model for other countries to emulate from in due course.

 

[Brain]

Wow this is indeed a nice turn up they should keep it up maybe this sudden change is that they have seen need for Cryptocurrencies and have decided to embrace it so I think other countries that neglected it should also take the bold step that India has taken it's really impressive more wins to Cryptocurrencies.

Well stated, it is time that other countries like mine realize that bsnning crypto currency isn't the solution. so instead of bsnning trying regulating it for a start and see how it goes. You might just realize your error and correct it than just outrightly banning which in effect has no economic sense.

 

[Yugocean]

In India, it is proposed to include income from cryptocurrencies with the regulation in the income tax. Right now the Income Tax Department cannot inquire about cryptocurrencies from banks. Therefore it has been recommended to add the words like "crypto" or "digital" with "currency", "asset" in parts of the Income Tax Act; along with this, some other regulation can also be amended.

 

[SCAMEXPOSER]

In India, it is proposed to include income from cryptocurrencies with the regulation in the income tax. Right now the Income Tax Department cannot inquire about cryptocurrencies from banks. Therefore it has been recommended to add the words like "crypto" or "digital" with "currency", "asset" in parts of the Income Tax Act; along with this, some other regulation can also be amended.

Definitely, these are legal proceedings that the Parliament will have to adopt and I also read that that it is already included in their next year budget. Obviously cryptocurrencies and financial experts will partner to ensure things are well amended though might be subjected to review at Intervals

 

[Yugocean]

It is said that govt also want to tax cryptos invested in platforms outside India, however, I am not sure what plan it has and also this is unclear that if the govt tax the investors directly or use sone indirect method. (Income Tax is direct).

 

[SCAMEXPOSER]

It is said that govt also want to tax cryptos invested in platforms outside India, however, I am not sure what plan it has and also this is unclear that if the govt tax the investors directly or use sone indirect method. (Income Tax is direct).

I also don't see possibility of India government to tax cryptocurrencies their Citizens invest in exchange plaforms that are operating outside India except they will ask their Citizens to declare their assets to enable them have access to information on their Investment outside the country.

 

[Yugocean]

They can tax only what they can accept aa assest, however digital thing isn't something to detect, nor the government is aware "what the blockchain is".

Previous Congi govt was very much shit with so many taxes, this time there are although less tax, but still it is not wise to tax crypto. If tax is only on profit, then it is ok, otherwise it would be another burden, and people will move to more anonymous.

 

[Wisdom01]

good to see that they would be regulating it and not banning it ,I think banning it could actually be a harder something to turn around , because lot of cryptocurrency firms would leave the country to another , leading to shortage of revenue ,to me it's good that they are actually regulating it instead of placing emphasis on banning cryptocurrency