Hi all!
At the beginning of February, the Indian Ministry of Finance sent about -according to reports- 100,000 tax bills. In all cases, the reason for this was the suspicion of concealed profits from business with cryptocurrencies. The result of this execution and the thematically related debates, was the prohibition of cryptocurrencies. That itself led to lawsuits and petitions against this very prohibition.
News are circulating that the ban will be lifted at the beginning of July 2018. Of course, not without reservation. This is that the Indian state levies an 18% tax on profits from trading in cryptocurrencies.
At this point, the number of tax bills becomes interesting again. Let's assume:
- the Ministry of Finance will only start to investigate suspected tax evasion over a certain amount // maybe at least a 3-digit USD amount
- the sum of tax debts is only part of the potentially invested money
- also the capital of unexplained persons is restrained by the prohibition
Should India lift the ban on cryptocurrencies in July, it could spark a new boom of prices.
Your JP
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I feel it would be a waste for India to miss out on this opportunity to provide a transparent, auditable and incorruptible way to bank the unbanked at a very low cost through blockchain. Check out the my first steemit post that I wrote regarding banking the unbanked.
https://steemit.com/introduceyourself/@tanhongjie/hello-steemit-i-m-hong-jie
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