India legalizes crypto

[legend45]

I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously

I am not sure if the Chinese government would change their mind and legalize cryptocurrencies, it would be very rare and their credibility would be damaged, although it would be good news without a doubt. Who is in time not to ban cryptocurrencies is the Russian government, now logically focused on the crisis with Ukraine, when that conflict is resolved (I hope peacefully) maybe the Putin government will only tax cryptocurrencies and they can continue to be used more widely in Russia.

me too, I also don't believe Chinese will change their mind and allow bitcoin.
But I think chine will have own crypto currency.
that's my prediction, let's see.

[pacar_tiri]

me too, I also don't believe Chinese will change their mind and allow bitcoin.
But I think chine will have own crypto currency.
that's my prediction, let's see.

China is big country.
I think they will have own consideration about crypto technology especially block chain.
I also think China will create own crypto

[Freemind]

China is big country.
I think they will have own consideration about crypto technology especially block chain.
I also think China will create own crypto

No one should doubt that cryptocurrencies are still being bought and sold in China, there are many ways to do it without using exchanges or using VPNs and proxies. China will not have a cryptocurrency as we know it, the Chinese government has been working on its CBDC currency, the Chinese Yuan, for some time, but there is still no exact information on how it is currently. If anyone wants more information you can read this article: https://www.cnbc.com/2021/02/24/chinas-pboc-joins-cross-border-digital-currency-project.html

[shadowdio]

In my opinion the tax of cryptocurrency is very high, I don't think the crypto traders in India are okay with this high tax. Seems not cool but I guess this is fine than banning cryptos, atleast they can still using it and make some money.

[Bobcrypto]

Extremely very high crypto tax, this is ideal is not a welcome development at all for Indian. In my opinion, i think the government of India should reconsider this move, because it is not a good idea. They should cut down the tax rate to at least, 10% to the enhance users profit. 

[Hisbullah]

Extremely very high crypto tax, this is ideal is not a welcome development at all for Indian. In my opinion, i think the government of India should reconsider this move, because it is not a good idea. They should cut down the tax rate to at least, 10% to the enhance users profit.

Yeah, I think It will be the problem for India investors if the government take the high tax of crypto transaction.
Agree with you, should reconsider.

[therozaq]

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.

Yeah finally good, If India government legalized crypto currency, but It will make investors annoying too, because government take the high tax.

[bayiajaib]

Yeah finally good, If India government legalized crypto currency, but It will make investors annoying too, because government take the high tax.

I think it's no mater if the government take the tax.
Because It will use for development of country.
I agree with tax and nice to hear India legalized crypto

[MrSpasybo]

30% is a rather high tax rate but common for the crypto market in other countries. I don't understand why the Indian government decided to use such a high tax, I think 10% is a reasonable rate for this market. The more people enter the market, the higher the tax will be and everyone will benefit.

[de_prof]

30% is a rather high tax rate but common for the crypto market in other countries. I don't understand why the Indian government decided to use such a high tax, I think 10% is a reasonable rate for this market. The more people enter the market, the higher the tax will be and everyone will benefit.

Agree with you, 10% is reasonable to take tax.
As investors and traders we all have high risk

Sometimes get profit, often loss.
It's really annoying

[bmr]

After a long period of time we get the news but this is really appreciable to the crypto enthusiast. It brings the new weave in the crypto market soon.

[Freemind]

Yeah, I think It will be the problem for India investors if the government take the high tax of crypto transaction.
Agree with you, should reconsider.

In life everything has a price. It would seem normal to me (although I do not agree with that percentage) that the countries that decide to regulate and accept cryptocurrencies apply a high tax rate. Keep in mind that the current inflation of the dollar is going to end in an economic recession that will affect the entire planet, which is why I think it is "normal" that governments impose such high taxes. All governments want to have enough reserves of money (and gold) for when the time comes.

[Freemind]

In my opinion the tax of cryptocurrency is very high, I don't think the crypto traders in India are okay with this high tax. Seems not cool but I guess this is fine than banning cryptos, atleast they can still using it and make some money.

I agree with you, 30% is a lot. In any case, I believe that these amounts are a reference, and that if the law is finally applied in India, it may be a lower percentage. If they finally apply the law and the tax is 30%, what they will be doing is promoting the use of tax havens for cryptocurrencies and getting many citizens to buy and sell their cryptocurrencies on the black market. Regulations must be positive for both parties, otherwise they do not serve or fulfill their function.

[rizqillah]

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.

Yeah, I think 30% for tax , it's so much.
They just think about profit, the government didn't know and think
about loss.
Investment and Trading we always face loss and profit, but If the government take the tax so high, We as investors will suffer.
I agree Indian government legalized bitcoin mad altcoin, but better take the tax 10%, It's more realise

[DearMary]

Good news for India, finally