Altcoins Talks - Cryptocurrency Forum
Further Discussions => Legality & Taxation of Cryptos => Topic started by: jackrayan886 on March 24, 2021, 06:56:27 AM
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Banning cryptocurrency in India will cause a double loss (direct and indirect tax) for the state exchequer. Extending the current tax regime to include the income through cryptocurrency trading will help governments to collect direct taxes. Corporate direct taxes we already highlighted above.
Besides, the legitimacy will encourage the acceptance of bitcoin by merchants, which means they will able to sell products and take payments in the form of bitcoin or other cryptos. Some businesses have started it accepting, but still, the merchant’s acceptance remains in its infancy. The ban will derail the government’s dream of building a cashless economy to counteract black-money.
“Should India ban bitcoin?” Drop your comments…
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