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[btaliat]

India has set to implement more strict laws on the users of crypto in the country. This was made known yesterday, Tuesday, 7th December, 2021, in a newspaper, BloombergQuint, when the Prime Minister of Minister, Narendra Modi, was quoted to have levied 20 creore rupee. ($2.7milllion) or one and half years imprisonment for any violator of the said rule.
The new rule forbid usage of private wallet for crypto. All crypto must be regulated by the Securities and Exchange Board of India. Also, there will be minimum amount one can invest on crypto henceforth in India.
What do you think of this new development?

 

[Ridorz]

Well, I don't have much to say on this, and I can not say is a good news or bad news for Indians. But I can just say that the new rule is far better than total ban of crypto currency in the country. If thi

 

[Ridorz]

I mistakenly pressed a "post reply" button on my first post above.
So, as I was saying, I can the decision of making a new rule on a crypto currency in the country is better than to ban crypto currency. If this rule has been made in my country (Nigeria), it will be a better option. Every one will try to comply with the rules, but instead of make a new rule they banned crypto currency.

 

[Wisdom01]

I really hope this doesn't really make the crypto users In the country have less interest , because the government are making it look like a mote centralised something ,since they are saying that the crypto currency that could be invested would have minimum and others ,the policies are a bit not too convenient for me , because what of investors that wants to invest more

 

[Lobardi]

They are taking things Rightly they know that if they will allow a loose policy for Crypto more people will be able to use it without regulation which will create problems for them so that is why they are making sure that they are doing the necessary things right to keep having the process in their hands .

 

[Wisdom01]

They are taking things Rightly they know that if they will allow a loose policy for Crypto more people will be able to use it without regulation which will create problems for them so that is why they are making sure that they are doing the necessary things right to keep having the process in their hands .

yes and also they might not be able to tax cryptocurrency if it's not regulated ,so the regulation is really needed for the crypto currency business to suceed in a larger way and dimension , and based on my observation , it will be difficult if they don't again control in regulating it I think ,

 

[gammarays]

I mistakenly pressed a "post reply" button on my first post above.
So, as I was saying, I can the decision of making a new rule on a crypto currency in the country is better than to ban crypto currency. If this rule has been made in my country (Nigeria), it will be a better option. Every one will try to comply with the rules, but instead of make a new rule they banned crypto currency.

Better option you say, entire ban on crypto is much better than that draconian rule given to Indians. Do you know crypto currency holders are taxed 30% of their holdings? Well the certain thing about crypto is that people won't adhere to this like in other places where there's an outright ban.

 

[BullyMaguire]

Better option you say, entire ban on crypto is much better than that draconian rule given to Indians. Do you know crypto currency holders are taxed 30% of their holdings? Well the certain thing about crypto is that people won't adhere to this like in other places where there's an outright ban.

This is what i think as well and they are even considering to go higher than that. It's basically them saying "give us your money or stop using crypto currency. You don't like it? then stop being stubborn and stop owning crypto" i bet their ban isn't successful and they want to have a way to make them stop

 

[Balint098]

Seems a lot of Indian crypto users and investors are now moving away from centralized exchanges that automatically apply the many taxes that the government of India impose upon them and start using decentralized exchange more. There's no much Indian crypto users do in this case, either they will obey or break the law and risk getting arrested.

 

[btaliat]

I think all these are made to cripple the activities of crypto in India. But the fact is that crypto has gone beyond being threatened. Other countries and even more countries are now adopting crypto either to save their economies or to make sure it serves as means of generating money for them.

 

[gammarays]

This is what i think as well and they are even considering to go higher than that. It's basically them saying "give us your money or stop using crypto currency. You don't like it? then stop being stubborn and stop owning crypto" i bet their ban isn't successful and they want to have a way to make them stop

Damn, you mean they still want to increase the tax? That's inhumane of them. India is a populated country with a higher rate of poor people. Most young people depend on crypto to take care of themselves. Well there will always be ways to maneuver these issues just like we're doing here.

 

[btaliat]

Damn, you mean they still want to increase the tax? That's inhumane of them. India is a populated country with a higher rate of poor people. Most young people depend on crypto to take care of themselves. Well there will always be ways to maneuver these issues just like we're doing here.

Government may be doing this as a way of discouraging the usage of crypto. You remember that Indian launched its CBDC but it failed woefully as the citizens prefer to stick with the usage of crypto coin over the usage of the country's coin, hence the country introduction of stiff policies to discourage crypto users

 

[BullyMaguire]

Damn, you mean they still want to increase the tax? That's inhumane of them. India is a populated country with a higher rate of poor people. Most young people depend on crypto to take care of themselves. Well there will always be ways to maneuver these issues just like we're doing here.

Yeah they wanted to increase the tax it's ridiculous.

Government may be doing this as a way of discouraging the usage of crypto. You remember that Indian launched its CBDC but it failed woefully as the citizens prefer to stick with the usage of crypto coin over the usage of the country's coin, hence the country introduction of stiff policies to discourage crypto users

Exactly my thoughts. They want to discourage them on using crypto currency because they are not successful with their plans before.they need a way to make them stop at some other way i think that's why they make the tax so unreasonable

 

[gammarays]

Government may be doing this as a way of discouraging the usage of crypto. You remember that Indian launched its CBDC but it failed woefully as the citizens prefer to stick with the usage of crypto coin over the usage of the country's coin, hence the country introduction of stiff policies to discourage crypto users

It'll be almost impossible to restrict people from transacting with crypto currency. There has to be a way around that high tax. People will make use of app wallets instead of Cex platforms or even create an account with other CEX platforms that are outside India just to avoid the tax. It's a really bad situation.

 

[Horia_10]

That's awful kyc and 30% tax and along with that a minimum amount trading allowed only that puts the entire market on a stable mode and this makes the people almost not allowed to trade , So either people will trade nothing or they will trade big time and pay no taxes actually indeed by leaving Indian exchange platforms .

 

[BullyMaguire]

That's awful kyc and 30% tax and along with that a minimum amount trading allowed only that puts the entire market on a stable mode and this makes the people almost not allowed to trade , So either people will trade nothing or they will trade big time and pay no taxes actually indeed by leaving Indian exchange platforms .

Im fine with KYC as I don't have anything to hide but the percentage of tax is something that i would never accept. I don't understand why they don't seems to care about their people's interest when they don't even have a slight contribution on crypto currency market or what those people earn

 

[Horia_10]

That's because India is not a developed country and many people find it hard to eat two times a day even so the authorities must increase their tax collection via many ways possible to run the state and many other expenses which are important for a state like defense expenses for the Country .

 

[Margery]

Cryptocurrency will always be tried to be controlled, as it is in direct competition with conventional fiat currency. But, usually no one wants to pay taxes, because they think that they should, although this is not so. It is simply necessary for the state to create transparent laws for this and conditions for the extraction of cryptocurrency. After all, it usually happens like this: first they punish, and then they sort it out and come up with something.

 

[Horia_10]

Exactly if the help and effort provided by the authorities in a sector for its growth is nothing , they should not be opting for taxes and in such conditions the users of such things are right to resist and not wanting to pay any taxes because it is there hard money and the authorities have not given it for free so they can't have taxes on it .

 

[Margery]

As I understand it, taxes are paid for the fact that you create conditions and the opportunity to do something. Well, it turns out like a private business, it's one thing when you work at a state-owned enterprise and they remove tax from you. Another thing is when you organized your business (cryptocurrency mining) and have to pay tax. This is one question. Another question is, how legit is this business?