Today, I will share with you a detailed news about the latest situation with cryptocurrencies spoken in India.
First of all, I regularly follow the decisions, regulations and press releases of countries regarding cryptocurrencies. I know that we have users living in India, especially on steemit, so I will try to inform them in an understandable way by sharing the news.
China was the first country to ban cryptocurrencies and mining. Recently, reports and statements shared by Russia to ban or regulate cryptocurrencies have been effective. I would like to inform you that at the moment there is no regulation or ban in Russia. But in my opinion, Russia would prefer to regulate, not ban. Then, I shared with you a detailed news about the Hungarian Central Bank's desire to ban cryptocurrencies. You can get detailed information by clicking on the news I shared below.
Now I will try to share with you the current situation with cryptocurrencies in India…
Indian Finance Minister Nirmala Sitharaman said at a press conference today that the Government of India and the Reserve Bank of India are working in harmony and that they will make the decision on cryptocurrencies together.
On February 1, the Finance Minister announced that they could not fully agree with the Reserve Bank of India and that there were differences of opinion. On the same day, the finance minister announced that they would take 30% tax on all crypto money transfers and income.
Finance Minister Nirmala Sitharaman shared information about the 15% tax on long-term earnings and other arrangements they will make. In the 2022-2023 period, it announced that they will issue the blockchain-based digital rupee.
All of what I said above are statements supporting that India will not ban and regulate cryptocurrencies. Below, I will share with you my thoughts on the tax rates in this regulation.
Although the finance minister made his statements in this way, the Reserve Bank of India last week stated that cryptocurrencies have no value, even comparing cryptocurrencies with tulips, stating that they are "even more worthless than tulips".
That's why I don't think the Ministry of Finance of India is working in harmony with the Central Bank, I will share my personal views below.
By clicking on the link below, you can examine in detail the report shared by the Reserve Bank of India on cryptocurrencies on its official website...
Cryptocurrencies – An assessment
My Personal Thoughts:
First, if you are setting a tax percentage on a commodity or asset, it indicates that you have already accepted that thing. Determining the tax percentage related to cryptocurrencies is a very important statement that cryptocurrencies will be regulated in India, but the determined tax percentage is very high.
You do not know that a person who invests in cryptocurrencies will earn income, will you support investors with their losses? The answer is no, but you plan on taxing your income with a percentage like 30%. This percentage is too high, I think it should be lowered.
I hope that many more countries will decide to regulate cryptocurrencies correctly, not ban them. This is very important for the future use of cryptocurrencies as a payment method.
You can confirm the above information by clicking the links below...
1️⃣ https://forkast.news/headlines/india-govt-rbi-working-together-crypto/
2️⃣ https://forkast.news/headlines/india-to-tax-on-crypto-income/
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