Hi there, Actually we all want to know why RBI do not comfortable with cryptocurrency trading or investment.
Actually, trading of cryptocurrency in India is like you are snatching the source of The Government's income.
source: here
Okay just think If we are trading crypto then the Government is not getting any benefits from our trading. Basically, the main reason is Government's benefits. As we know our country's development depends upon Tax which we are paying on everything whether it is Audi A8 or a box of Matchis. Everybody pays tax for everything so that they can support in our country's development.
Have Look on few more reasons:
- MONEY LAUNDERING & BLACK MARKET: Crypto can be used for these purposes easily because no one is monitoring what you are doing whether it is wrong or right.
source: here
TERRORIST AND ILLEGAL ACTIVITY: Cryptocurrencies can be easily used for illegal activity because there is no third party involved then no one can trace your record. You are free to do whatever you want to do.
NO TAX BENEFIT: In case of crypto we are neither getting any tax benefit at the time of investment nor at the time of return. For an example when you invest in equity-based investment you are able to get tax benefits at the time of investment and at the time of return as well.
TAX EVASION: Basically Tax evasion is the act of not reporting or underreporting taxable income or overstating
deductions in order to avoid paying tax on your true taxable income. It can also be applied to Federal Excise taxes
although in that case, it would be the under or nonreporting of taxable sales or failure to remit the tax collected.
SELF BENEFIT & NO SOVEREIGN SUPPORT: In case of cryptocurrencies you are looking just your aspect, not the government. In case of crypto, Government can discourage you and Government will never support you.
So what's the solution,If we can understand our responsibility and be honest with our duty for our motherland then our benefits becomes more than it's losses?
If you have any idea or suggestion about How can we solve these problems then please comment ?
I hope we will get a good news tomorrow. what you think?
Here are my previous blogs:
- A Wolf Man Shaun Ellis. How and Why he became a Wolf Man?
- (EOS) Why Daniel Larmier wants to change entire constituion
- Is Bitcoin A Blind Game?
- True Meaning of Love
- Never judge a book by its cover
Thank you so much for your love and affection ;)
feel free to give me your feedback and suggestion you are always welcome.
Fucher main crypto ka kya hoga india main ?
I think the should apply GST on trading.
Becouse of p2p transaction.. government is scared about it.
Yeah Man.
Good lesson
Thank you @amands
Government scared about it because no one controll on bitcoin
yes, Because it can be used in terror fund easily.
Yes govt. Feared of it
yes, they should be.
This post received upvote from @tipU :) | Voting service | For investors.
I up vote u
Aman good post.... Govt can use this in subsidies so that it can be used in beneficial manner rather than fully banning it :)
When indian government release his own cyptocurrency and setup buy for bitcoin and other coin then solve this problem
Yes, It coin be the solution..... coin name should be MII(Make in INDIA)
cool post! Enjoyed reading your article...keep up the great work!