[New author's introduction] Bitcoin Ban in India? RBI new Guidlines
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Hello steemit friends, Today i would like to talk about current position of Bitcoin/cryptocurrency in India. This is my first blog on steemit, before i start i would like to thanks my friend and mentor @moneyguruu who introduce me this wolrdwide platform where i can share my view and my skill with all of you.
let's talk about Bitcoin
Bitcoin a digital cash.
Bitcoin is a type of virtual currency and the network on which those virtual currency can be stored and movedaround. Bitcoin is the world's first cryptocurrency it is a form of electronic cash. The inventor Satoshi Nakamoto introduced the bitcoin to the digital world in 2008. For creation and transaction Satoshi developed a peer to peer electronic cash system. Normal currencies are of cource tracked by bank and their employees and computers system.The transfer of bitcoin is totally based on open source cryptographic protocols managed in decentralized manner. Bitcoin network shares a public ledger called the blockchain , it cointain detail of each and every transaction done by user or traders.
Leagal position of Bitcoin in India
At present position and leagal status of bitcoin vary from country to country. Bitcoin is in stage where some countries have allowed it's use and trade , while other have banned or restricted it. As per the Indian coinage Act 2011 section 2 (a) "coin" meance any coin which is made of any metal or other material are stamped by the goverment which is a leagal tender .So it is clear that bitcoin being a virtual currency lacking the sanction of the appropriate authority in india. Bitcoin dose not fall under the coinage act. In India bitcoin is a capital assets under section 2 (14) of the income tax Act 1961 which talk about properties and securities held by an a assessee . By the sale and transfer of an asset any profit arise from it, Bitcoin it may be treated as capital gain under the income tax act there by making it taxable. As per the press release by RBI on December 5 , 2017 to make more clear concer over the usage and flow of virtual currency like bitcoin, litecoin etc. wherein it was clarified that it has not given any authorization to operate such virtual currency, further it was also clearly stated that many user , traders etc. will be doing business at their own risk.
India going to Ban Bitcoin???
India are not going to ban Bitcoin. Indian central bank RBI are not authorise Bitcoin as a normal currency because bitcoin are not come's under any Indian Acts. In India there is a lack of regulation governing virtual currency like Bitcoin. In recent RBI press release RBI just not authorising any payment of virtual currency RBI not yet declare that Bitcoin is ban in India. RBI make aware of security risk such as hacking, malware attacks, loss of password compremises of access, so this kind of losses can cause a permenent loss of virtual currency.
Guy's if you having any bitcoin firstly don't panic our goverment not yet going ban Bitcoin. Recently RBI releas some notice to all banks to not allow any virtual currency payments. Don't worry your not going get any kind of losses in bitcoin you just move your bitcoins to any international wallet.
If India leagalize the Bitcoin following would happen
- Bitcoin would come under the purview of RBI's Act 1934.
- Investor's would be taxed for keeping Bitcoin.
- RBI would issues guidelines regarding investment in Bitcoin.
- Returns from investment in Bitcoin would be taxed.
So guy's this is all about my todays topic Bitcoin/cryptocurrency position in India.
what kind of post you should expect from me?
You can expect post related to books summary, short stories,articals on self developing skills,motivational thoughts all this and many more you can expect from me .
Friends keep smile on your face even your in tension at least your smile make someone to smile, happy!
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This post was moderated and accepted by @santarius
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You have a minor misspelling in the following sentence:
It should be government instead of goverment.Yes, he is doing minor mistakes in spelling but not an issue at least he is trying to say in her own words instead of copy-paste of other content and try to aware genuine info. I appreciate his efforts and also believe that day by day he is going to improve their grammatical mistakes.
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