India Said To Introduce Law To Ban Trading In Cryptocurrency
- Thread starter dealmaker
- Start date
Good. That shit is a waste of time and resources
Mostly agree. But I like how cryptos put pressure on the central banks to somewhat check their relentless currency devaluation. Also like how cryptocurrencies can be used to escape taxation in case taxes become too confiscatory. Wealth tax? F* that. Put it all in cryptos and leave the country.
Whatever country you go to someone will expect an exchange of currency , for food, shelter. The cops will demand it if your tail light is out. They will throw you in jail if you don't have enough. If you are using a medium dependent upon commodity hardware ,phones , electricity, you are fucked . Lose the file? Fucked. Forget the password ? Fucked . Miles and miles of technobabble defining the spec.. even the people who talk about it look and sound like deranged delusional nerds
Completely untrue. Didn't the US as a stimulus money just create trillions out of thin air?
And cryptos don't put pressure on other cryptos either. The more successful a crypto is, the more imitators created to compete with it.
*India has biometric data on 88% of its population
*India was able to stealthily sledgehammer its black economy by replacing the 500Rs and 1000Rs notes overnight
*Accept it or not Cryptocurrency does facilitate a black economy and if this bill gets passed it will wipe 1 Billion plus users out of the cryptosphere
India might just do it.
*India was able to stealthily sledgehammer its black economy by replacing the 500Rs and 1000Rs notes overnight
*Accept it or not Cryptocurrency does facilitate a black economy and if this bill gets passed it will wipe 1 Billion plus users out of the cryptosphere
India might just do it.
A proposal was recently introduced by the Indian Central Economic Intelligence Bureau (CEIB), presenting for action the possibility of imposing an 18% tax on all Bitcoin trading within the country.
The report predicts that the country sees an estimated 40,000 crore INR ($5.5 billion, where 1 crore equals 10 million units) worth of Bitcoin transactions in the country. Those 18 percent, called the good and services tax (GST), will bring about approximately 7,200 crore INR ($1 billion) in revenue tax fo the Indian government.
The report predicts that the country sees an estimated 40,000 crore INR ($5.5 billion, where 1 crore equals 10 million units) worth of Bitcoin transactions in the country. Those 18 percent, called the good and services tax (GST), will bring about approximately 7,200 crore INR ($1 billion) in revenue tax fo the Indian government.
Governments have to learn to work with Bitcoin, not attack it.
This is a very positive piece of news for India compared to their stance of a few years back. India has a great shot at being a major player in the coming digital economy because there's a lot of talent in that country. If so I really hope they can finally do something to help their very poor because that's a real stain on the country.
This is a very positive piece of news for India compared to their stance of a few years back. India has a great shot at being a major player in the coming digital economy because there's a lot of talent in that country. If so I really hope they can finally do something to help their very poor because that's a real stain on the country.
