India legalizes crypto

[Freemind]

Maybe to all crypto enthusiast over the country of India this is a good news but also a bad news either due to the tax given was too high and too much for the tax payers. Is this 30% tax is also the same to their prime commodities, or only applicable for the cryptocurrency? Just a question only.

From what we can read in the news, it is only for cryptocurrencies, since no other types of products are mentioned. Anyway, I don't think there has been any new news about it, so I don't have any more information. Nothing has been confirmed from the government either, so I guess they are still talking about the proposal. Hopefully the government thinks better of it and lowers that percentage a lot or else the only thing they are going to achieve is that the people who have more funds in cryptocurrencies leave the country.

[helin9108]

All crypto lovers from India still confuse about this matter because indian government not legally announced anything about crypto legalization but they imposed 30% tax on crypto earning, So how you treat or believe that crypto is a legel tender in india. And also one thing is  difficult to understand that how you calculate tax? mean if you are holding bitcoin since 2018-19 and you sell it now so how you pay tax even if you are not making any profit.

[Vx1]

All crypto lovers from India still confuse about this matter because indian government not legally announced anything about crypto legalization but they imposed 30% tax on crypto earning, So how you treat or believe that crypto is a legel tender in india.

So there is still not certain whether Cryptocurrency is legal or illegal?  but the Government of India has imposed a tax on Crypto income ?
It's the same in my country, recently my country will also impose a tax on Crypto income but also there has been no official confirmation whether this Crypto is legal for payment instruments.  But the joy here, we can do all Crypto activities such as mining, trading and others.  We can do all of that without any restrictions, except using Crypto for direct payment, which we can't do yet.

[smart_oa]

This 30% tax is more like a torcher for the investors. Govt wants to impose a 30% tax on the gain but what will happen when they will take a loss? Govt doesn't want to help people financially but they want to eat the honey from them. A very bad practice from the govt and this will further demotivate them to invest in crypto.

[Freemind]

This 30% tax is more like a torcher for the investors. Govt wants to impose a 30% tax on the gain but what will happen when they will take a loss? Govt doesn't want to help people financially but they want to eat the honey from them. A very bad practice from the govt and this will further demotivate them to invest in crypto.

Presumably, when there are losses, it will be the government and the Ministry of Finance who contribute to the citizen who has lost money with his investments. The government cannot collect that 30% only when there are profits, by legislating it also has the obligation to respond when there are losses, but in the information we have now nothing has been said about it. I think we should wait for more news or try to expand on what we have so far, because otherwise it's hard to understand what's going on.

[surendertakyaan70]

Yes you are right. I am an Indian myself. And I am happy that crypto is now allowed in our country. We can invest without any hesitation. Because the Indian government has regulated crypto. But with 30% tax. Which is a more in my opinion.

[mohdelayo]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

A good news that came witha huge blow particularly to enthusiasts of blockchain and cryptocurrency in India, 30% tax is a total reap off, from sides of the regulations. But generally, this is a bright news for the global cryptocurrency communities, imagine a huge nation such as India have legalizes cryptocurrencies holding and trading among others utilization, other smaller nations will only follow suit in the course of time.

[Carbitcoin]

Cryptocurrency is gathering momentum every now and then. Organisations and institutions are seeing the need to start accepting the new way to easy life.

[Freemind]

A good news that came witha huge blow particularly to enthusiasts of blockchain and cryptocurrency in India, 30% tax is a total reap off, from sides of the regulations. But generally, this is a bright news for the global cryptocurrency communities, imagine a huge nation such as India have legalizes cryptocurrencies holding and trading among others utilization, other smaller nations will only follow suit in the course of time.

At the moment, the Ministry of Finance has not made any further statements after publishing this news. I think it is possible that the government is looking at the cryptocurrency legislation differently because they have realized that 30% is a very high percentage, and that could accelerate capital flight or money laundering. If the government reduces the percentage of commissions and offers payment facilities to investors in cryptocurrencies, I am sure that many fiscal problems would be avoided and people would be willing to collaborate.

[lepbagong]

We know that India is a country with the largest population in the world and they have advanced in renewable technology, so it is only natural that India accepts crypto.
India is one of the largest countries in Asia that has developed crypto.
but if you look at the 30% tax, it will certainly be difficult for crypto users, will there not be later doing something that is not in accordance with the rules because they avoid high taxes.
Of course this will be taken into consideration as well because anyone will do something to be able to get the cheapest.
we will see further developments whether there will be changes or indeed crypto actors in India will receive the tax imposed?

[collinsjie]

This is a great step forward forward for the crypto community. Despise the high the tax imposted to the crypto invest, it will always get better. The tax may likely reduced as time go on.

[DAMKAR]

This is a great step forward forward for the crypto community. Despise the high the tax imposted to the crypto invest, it will always get better. The tax may likely reduced as time go on.

I agreez It's good  step, as you said It's forward step if the India government legalize crypto.
Although the government take the high tax, but maybe it will be reduced by the time.
Keep calm and wait.

[Freemind]

We know that India is a country with the largest population in the world and they have advanced in renewable technology, so it is only natural that India accepts crypto.
India is one of the largest countries in Asia that has developed crypto.
but if you look at the 30% tax, it will certainly be difficult for crypto users, will there not be later doing something that is not in accordance with the rules because they avoid high taxes.
Of course this will be taken into consideration as well because anyone will do something to be able to get the cheapest.
we will see further developments whether there will be changes or indeed crypto actors in India will receive the tax imposed?

I agree with you that India is making a lot of progress in terms of renewable energy and cleaner technologies for the environment, but that is of no use if a 30% tax is imposed on cryptocurrencies. What all governments, in this case the Indian government, must do is find a way to collect taxes on cryptocurrency investments and allow citizens who use cryptocurrencies to earn as much profit as possible. It is useless to legalize investments in cryptocurrencies if you are going to ask for 30% later, that only creates more tax havens as I have said other times.

[Alichlas92]

30% tax is pretty big. it looks like they are forced and have no other choice.. at least they play in crypto safely

[Alichlas92]

I agreez It's good  step, as you said It's forward step if the India government legalize crypto.
Although the government take the high tax, but maybe it will be reduced by the time.
Keep calm and wait.

the Indian government takes the opportunity, maybe it won't lower the percentage that has been set, it can be raised. The government doesn't need to think about the risks, it just receives the benefits for free