A Rough Road for Crypto Regularization in India
With steemit growing and looking like a real alternative to my 9 to 5 job. I also gained some knowledge on cryptos here and instantly got interest in blockchains and trading.
Bitcoin’s most important characteristic that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Like gold, it is no one’s liability; this means that no entity needs to stand behind it and it is not redeemable in an authoritative manner for anything. It saves owner from theft, taxation, devaluation and confiscation.
Source:Quora
Why Governments are afraid of Bitcoins?
Precisely the reasons that makes it desirable to an individual. Decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.” That lack of central authority is the primary reason governments are afraid of the cryptocurrency.
Why Control Matters?
Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement, collect taxes on it, and trace criminal activity. All of this control is lost when non-government bodies create their own currencies.
Control over currency has many downstream impacts, perhaps most notably to a nation’s fiscal policy, business environment, and efforts to control crime. While each of these topics is broad and deep enough to fill volumes, a brief overview is enough to provide insight into the general concept.
Source: Investopedia
What Indian Govt says?
Finance minster Arun Jaitley, in his budget speech (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.
“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Jaitley said.
What I feel should be done?
Political parties here prefers a defensive approach even when its time to play front forward. Interestingly VC's are still not illegal in India and Govt is very much okay with us making money as long as we are paying a 30% tax (More than 10 lakhs of Income) on our earnings. Read @firepower 's article on how to pay taxes in India. I wont mind paying taxes for its my responsibility and expect Govt to use it to give me a secure environment. Instead our Govt is framing laws that demotivates me from investing and making money here.
Your guidance will be much appreciated @kingscrown @cryptoeagle @transisto @firepower @laxam @me-tarzan.
Needless to say don't forget to upvote and follow @thenomadictales for regular updates.
From the Archives
Reviewing the Air Seat Cushion
Reach out to "NOT SO RANDOM' for all the Not So Random things I do.
I’m just waiting for the government to collapse into itself they can mind there business and stop 🛑 having their hands in everyone’s pockets
Our govt prefers easy routes. Doing a framework takes more efforts than just closing it. More so 30% tax is a good enough percentage for doing absolutely nothing. Hope they mend ways before people gets really pissed over and kick them out of power.
Steemit has the potential to overcome the 9 to 5 job thing. ......
But it is not going smoothly in india.....
Love frm Kashmir
Thank you Junaid. Look forward to meet you someday in Kashmir.
U r welcome bro
You got a 3.72% upvote from @buildawhale courtesy of @thenomadictales!
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