Through the ban on black money, black money was being executed by the government in real estate, and there was huge success. But once again, the practice of black money has started in real estate. According to sources, this time it is being done through crypto coin i.e. bitcoin. However, bitcoin is used only now for big property deal, which is being priced in between 1 to 5 crore rupees. In this kind of deal, NRI Indians are being especially supported. They are transferring this money abroad because it is not illegal to take bitcoin in many places abroad.
Ashak Agrawal, founder of bitcoin Expert and WorkNarbie.com, told the magazine that even though Bitcoin has not been regularized in India yet it is not illegal to trade bitcoin. However, there is also preparation for regularizing bitcoin soon. Property purchases have begun in Dubai via bitcoin. In the second sector, there is going to be a transaction through bitcoin.
Government took the cottage
According to government sources, the Government has been cautious about the use of bitcoin in the big deal of real estate. The ED has also started investigating this. Experts believe that Bitcoin is a serious threat to the current currency. Bitcoin will also be used to violate FEMA law. ED has raided two bases using bitcoin.
Regular approval can be obtained
Agarwal said that virtual taxation like bitcoin could get legal status in India too soon. Virtual currency can be brought under the purview of Reserve Bank Act 1934. There is a plan to recover tax on the income from the investment of the government's virtual currency. The rule of the Foreign Exchange Management Act may apply on transfer of money abroad. Capital gains tax can also be considered for transfer of virtual currency. Terms of Know Your Customer (KYC) will be prepared for investing in a virtual currency. The Committee created for the Virtual Currency has considered these proposals.
What is the bitcoin?
Bitcoin is a virtual currency. Bitcoin has been discussed in recent times as a global financial transaction and payment, but due to lack of guidelines to regularize the crypto currency, it remains a very risky currency. Of course this is not a valid posture, but the Reserve Bank has not declared it illegal.
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