- Nov 16, 2011
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So today again government made statement that adding tax does not mean they made crypto legal. It can be banned after consultations. How do you feel about this?
Crypto may get banned in India
- Thread starter awesomewebsites
- Start date
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Deleted member 807298
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who care crypto can be sell anywhere on world
- Nov 16, 2011
- 19,809
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So much confusion. Very disturbing for investors. And there are so many investors. If they want to ban it, ban it clearly at once.
- Nov 16, 2011
- 19,809
- 11,284
- Nov 16, 2011
- 19,809
- 11,284
If they declare illegal, there should be no tax. Hope there is no catch even then.
- Apr 23, 2012
- 2,875
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Dude, it's just FUD.
The Finance Minister clearly stated that nonchalantly.
Her exact words were - "I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently when consultations give me input."
The government announced a tax that came in post several consultations. Has a proper structure. Includes a wholeass amendment and a brand new section.
The government announced a blockchain-based currency.
The Finance Minister clearly stated that nonchalantly.
Her exact words were - "I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently when consultations give me input."
The government announced a tax that came in post several consultations. Has a proper structure. Includes a wholeass amendment and a brand new section.
The government announced a blockchain-based currency.
- Nov 16, 2011
- 19,809
- 11,284
They declared tax for it. And still not clear whether ban or not. Is it ok?
- Apr 23, 2012
- 2,875
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It just means that there is no clear decision of its "legalization". In the current spectrum, it's completely unregulated. That is how it needs to be, it doesn't need legalization or a ban.
With the introduction of a tax, the government will bring in a large portion of it under the umbrella of taxation without ever actually "legalizing" it.
If they openly "legalize" it. Then crypto immediately turns into a legal tender in India. That is like opening a large can of worms. From AML to FEMA, the compliance headache is immense.
moonshine7000
Elite Member
- Mar 4, 2013
- 4,375
- 4,005
Not really the IRS wants you to report your income no matter the source
https://nypost.com/2021/12/30/irs-wants-thieves-drug-dealers-to-report-their-income/
SEO Ranker
Newbie
- Feb 11, 2022
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I read somewhere indian govt start taking tax on crypto. i think it's good start they are just try reduce uses of crypto in india also good for investor it's legal indirectly
- Nov 16, 2011
- 19,809
- 11,284
Many users are discouraged by tax. But ban will completely cut them out from crypto.
SEO Ranker
Newbie
- Feb 11, 2022
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I don't think the same. People can now invest without any fear of ban until govt collect taxes so it's good move
- Nov 16, 2011
- 19,809
- 11,284
The way they have put it, it made like impossible for small investors to make profit with crypto investment.
SEO Ranker
Newbie
- Feb 11, 2022
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Yes, that's true still there is hope may be in upcoming years they reduce taxes on crypto