India: Cryptocurrency State of Affairs March 2018
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.
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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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.😇
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
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.
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
Is a shame they do not try to learn and know more about cryptocurrency, but choose to display their ignorance publicly.
Filing it fs, they are getting better and better. You can either keep running from them or just pay n chill right?
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 :)
You can do a lot more than this for Indian steem community.
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.
a time steemit will also be very popular in India, do not worry. As time goes by we will get towards the destination.
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.