India: Cryptocurrency State of Affairs March 2018

firepower (79)in #bitcoin • 7 years ago

We're getting closer to the end of the financial year 2017-2018 and a lot has transpired in India with respect to cryptocurrencies. The government is mulling a framework around them but the banks continue to arm-twist major exchanges preventing smooth operation.

In recent times couple of Indian bitcoin exchanges are shutting down citing government policies or lack thereof as the reason but the truth is that Indians are queuing upto cryptocurrency exchanges in the country to buy Bitcoin and alt-coins.

Steem however isn't in the picture yet in the list of popular cryptocurrencies in India. So far they are Bitcoin, ETH, LTC, XRP, TRON, OMG, BCH, GNT, BAT and others. Some of the older Bitcoin only exchanges are now starting to offer alt-coin trading as well.

^Source

I've been using Coinome, Coinsecure, Unocoin in recent times and have had a good experience with them.

Indian government is nowhere close to recognising any of the blockchain based virtual currencies as currency and prefers to call them cryptographic-assets. Just a fancy name that announces that they don't know jack.

Indian government and the bankster squad seem to be welcoming the underlying blockchain technology. It has multiple use cases and the government including the PMOs office has stated they are looking into it.

The tax department is on a roll sending notices to HNWIs for tax evasion and trying to unearth as much money as possible from investors, investing in cryptocurrencies. However, if you are declaring your returns from cryptocurrencies then you will be fine. I suggest everyone to file their income tax returns this year to avoid any run-in with any government agencies and prevent any further scrutiny into your personal finances.

I will keep us all posted here on Steemit on the factual developments taking place in India. I really hope the government welcomes cryptocurrencies and makes it easier for everyone from India to trade in these new financial assets.

For the time being please don't listen to any mainstream media FUD. There is no ban on trading in any type of cryptocurrencies. Trading activity is going on as normally as it has in the past year. There's nothing and no one to fear. Good luck.

If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:

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#india #cryptocurrency #blog #firepower

7 years ago in #bitcoin by firepower (79)

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thecrytotrader (70) 7 years ago

Thanks for this positive news bro @firepower and you are right that Indian cryptocurrency exchanges and banks are not showing any issues with Cryptocurrencies and performing every transaction smoothly because iam using Zebpay for buying cryptocurrency and all the transactions are smoothly completing.

Their is no official announcement about Cryptocurrencies by India government but people are just spreading fake News for Creating FUD,

Let's see what Indian government will decide for the future of Cryptocurrencies in India.😇

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idestroy (49) 7 years ago (edited)

Is India so different than other countries...? NO. All is a process, Do not be afraid.
The cryptocurrencies or "the cryptog.... as they name them must adhere to the laws and regulations of each country; the investors must make their financials activities summary transparent (annual periods as usual) annually or as requested by laws. Only to follow the rules.
Interesting post , I am voting you @firepower

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musamalijames (62) 7 years ago (edited)

True.. People shouldn't listen to any media which we have noticed are making contradictions. And we all know how these contradictions market their channels. But for now, the public shouldn't hold themselves back from accessing alt coins. Their is a lot of income generated from the cryptocurrency market just as their are a lot of losses. People just have to invest what they are willing to lose. Let no one get left out... the world is going crypto. And some of these coins might be cheap now, but they will be far expensive in the near future.

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turpsy (64) 7 years ago

It is alarming at the ignorance showned by the government on cryptocurrecies and the regualr they try to impose. You can imagine the government calling all crypto bitcoins.

I am happy to see that you are advising people from India on how to go about the tax. Great post @firepower

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neebootoo (52) 7 years ago

Is a shame they do not try to learn and know more about cryptocurrency, but choose to display their ignorance publicly.

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2 votes

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awakeningartist (66) 7 years ago

Filing it fs, they are getting better and better. You can either keep running from them or just pay n chill right?

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investingtips (3) 7 years ago

Hope the crypto powers that be within India see the potential of Steemit, it bewilders me that one of the best use-case cryptos still only has a $820 million market cap! I'm sure that will change for the better in the future however :)

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4 votes

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rajuyadav (58) 7 years ago

You can do a lot more than this for Indian steem community.

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sandrazeal11 (49) 7 years ago

Thanks for the information sir, How badly our govt is after these exchanges to stop people getting into cryptos. They should rather support and encourage cryptocurrency instead of them to against it.

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ira93 (41) 7 years ago

a time steemit will also be very popular in India, do not worry. As time goes by we will get towards the destination.

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i-am-sirtoyen (52) 7 years ago

I'm a follower! Thanks for the info
Do you have an idea when steem would rise again?

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lizbethk (59) 7 years ago

Yeaa that's true..

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baboyed1000 (50) 7 years ago

They really need to latch on to the concept of cryptocurrencies as the wave is sweeping the world. Nobody should allow themselves to be left behind. No amount ot government policies can stop the exchange of cryptocurrencies if the people are resolute to use it despite their mechanism. I am sure steem will soon be recognised but they need to allow it to evolve.
Good post

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estheromoyiwola (56) 7 years ago

Nice update on the cryptocurrency. Welldone @firepower

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nomita (4) 7 years ago

wow great information....great post....
keep it up>>>>>>>

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lizbethk (59) 7 years ago

Thanks for keeping us posted sir.
It's a real help, it's like reading Indian cryptocurrency news..
Will be looking forward to it.

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hardikv (66) 7 years ago

A post on filing taxes in India towards the end of this month would be great help to all Indian crypto users 🙏🏼

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rahul.stan (65) 7 years ago

I don't know how to file taxes😞

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iskandarawe (51) 7 years ago

Make us add knowledge about bitcoin. Thank you
Regards
@iskandarawe

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zemiatin (62) 7 years ago

The governments that are going to embrace cryptos instead of banning them will have a lot to gain in the future. I hope India will be open towards accepting cryptocurrencies.

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nilim (49) 7 years ago

Now a days the steemit users stop giving upvotes...I hardly get an extra upvote.If they don't help us how can we survive in steemit.
I worked hard to make my posts.When no one appreciated then it hurts.

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blog-beginner (57) 7 years ago

How do we pay taxes on the profit earned. Is it the net profit or profit on each transaction. Not all of my crypto trades were profitable. It mostly leaves me in a net negative state. Do I still have to pay taxes because I earned 3k on BTC once but lost may be 10k in following trades.
And how much is the tax. Any idea ?

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thenomadictales (56) 7 years ago

Just a doubt here. I don't need to declare anything until and unless I claim or withdraw anything out of it right?

Payment came from steem and rotated in exchange. Nothing withdrawn and no monetary benefit.

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walad (62) 7 years ago

Nice post @firepower

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jos3lider (58) 7 years ago

It would be interesting if the Indian government gave its approval to the cryptocurrencies and better than that, promoting steem in India would give us more power to strengthen the community in steemit, they are millions of people and that is growing much more economically!!

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rhyscn (49) 7 years ago

Agreed on the media FUD. I just wrote a post about it . I think most governments do want to adopt blockchain/crypto but of course they want to do so in a way that they maximize their tax revenue and protect their currency/industries. Make no mistake, being known as a country that embraces blockchain will be critical in the future, these countries have seen what happened in Silicon valley and won't want to miss out on this opportunity. I think after G20 things will be much clearer, there are several days of central banks and finance ministers meeting, crypto regulation will certainly be on the agenda.

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zein94 (45) 7 years ago

thanks for the information, bitcoin is created by someone from japan and the coin created is very limited, this bitcoin is likely to continue to be valuable and top. many of the bitcoin splits have occurred, from here we can see that bitcoin will be a very valuable top rank.
good luck always friends @firepower

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ibroe (43) 7 years ago

thank you for the information brother

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jchauhan (54) 7 years ago

It's refreshing to read India is adopting Crypto even if the media is spreading unnecessary FUD, the Indian channels here in the UK are always spreading fear for cryptocurrencies.

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slbit (25) 7 years ago

По мере того как Биткойн вырос, он был вынужден бороться с потоком трафика в сети. Разработчики разделены о том, что делать.???

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face2face (69) 7 years ago

So tax are applicable only for those who invest in cryptocurrency from their accounts and earn profit?

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dev1993 (47) 7 years ago

Great article.. But after India's finance minister's remark on Bitcoin lots of uncertainty are going on..