Bitcoin to be soon legal in India

chayanika (33) in bitcoin • 7 years ago

Just read about the legalization of Bitcoin in India.

For sure, it is expected to be the price to increase by 20% higher to what current price of Bitcoin is today.

On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.

Mr Mohit Calra ( CEO of Coinsecure) stated :
“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it's all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”

Reference:
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

bitcoin india legal

7 years ago by chayanika (33)

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partrician1 (52) · 7 years ago

its the regulation part that gets me. anytime government decides to regulate things, the people who made the item big get screwed while the governments goggle up and dive in! can you imagine being taxed for mining? this worries me.

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chayanika (33) · 7 years ago

Miners when they sell the bitcoins that they have mined, they will have to pay capital gains tax on any profit that they have made while owning them. Furthermore, if an individual mines bitcoin as a business, the net earnings from that business will be treated as self-employment income, and will be subject to self-employment tax.