Why Bitcoin/Cryptocurrency will not be BANNED in India?
NOT LEGAL TENDER!..INCOME TAX DEPARTMENT RAIDS!..FROZEN BANK ACCOUNTS!
Among all the hype of banning bitcoin and cryptocurrency in india why i am still optimist that it all is here to stay ?
Why? you ask
International Monetary fund's "fastest growing country among all emerging economies" has to meet 7.4 % GDP growth target in 2018, and without the boost from the digital currencies this seems like a distant dream. India faces unique challenges with respect to its monetary system. Counterfeiting, tax evasion, and corruption are rampant, and inflation threatens the affordability of even food products and gasoline.
Demonetization was done in the spirit of removing the fake currency notes and finding black money;improving economy and cutting the funds of terrorists by the roots.
Demonetization had disappointing results and unintended consequences and adoption of cryptocurrency is a potential solution to many of these problems as :
1 ) This would remove any chance of counterfeiting! All hail the mighty BLOCKCHAIN
2 ) Taxes can be directly collected at the Exchange Node
3 ) All the chances of tax evasion are removed as KYC is mandatory
4 ) The blockchain can replace extensive paper pushing, hence NO CURROPTION WHATSOEVER.
"Bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk."
According to Mr. Aman Kalra, Coinsecure..
"If we listen to Mr. Jaitley’s comments carefully, we’ll notice that he never referred to bitcoin and other cryptocurrencies as illegal, and always mentioned that they are waiting for the report from the group that was formed for this purpose "
Income Tax Department Sending Notices to investors and traders
The only concern of Indian Income Tax Department is to make sure that every individual who has generated some income though trading of cryptocurrencies [knows they are] liable for taxes.
If we look at the volume of cyrptocurrencies traded in india across all the exchanges and since all this comes under Capital gain tax ,around 25-30 % tax of it would make a great tax avenue for the indian government.
At Zebpay, India’s leading bitcoin exchange, said the industry was adding near 200,000 users every month with an estimated trade volume of about 20 billion Indian rupees ($315 million).
30% from the the profits from this $315 Million is around $95 Million (Huge amount eh!) .
Just from one exchange we have around 15 today.
Some Important News :
1 )Andhra Pradesh signs MOU to develop blockchain stack and set up blockchain university
2 )Yes Bank and Axis Bank has partenered with Ripple.co for cross-border settlements
3 )Analysts at financial services giant Nomura predict that bitcoin’s 2017 rally could add as much as 0.3 percent to Japanese GDP growth in the new year, according to a Bloomberg report.( India closely follows the technological advances of japan)
Well that's all i can think about it. All we can do now is wait for the report from the group formed for this.
Source for Images : https://steemit.com/@firepower
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