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RE: Making Sense of Indian Finance Minister's Statement in Parliament—Cryptocurrencies Aren't Banned In India!

in #bitcoin7 years ago

The government clearly said that they have a problem with using crypto as legal tender because it is difficult to monitor. The government has issues with people investing fiat in crypto because the profits from these also need to be taxed like the people who invest in stock market are taxed. Once fiat is converted to crypto it becomes very easy to hide it away/ pay and take bribes. They want to regulate cryptos and there is nothing wrong with that. The govt has the right to tax profit. If you think they don't, then you need to probably build everything on your own, including the starting materials for everything since the govt used taxpayers money to make everything available for you. It will be better still, if you can show the govt a way to earn enough money so that they wouldn't need to tax people for making all the things work.