Post 8/2024

BIG news from India on #cryptocurrency

According to an official from the Reserve Bank of India (RBI), cryptocurrencies cannot be classified as "currencies" due to their lack of intrinsic value. P Vasudevan, an executive director at the RBI, emphasized this point during a panel discussion at IIM-Kozhikode. He highlighted that it is ultimately the government's responsibility to determine the approach towards regulating cryptocurrencies. At present, bitcoins lack legal recognition in India, and investors are subject to taxation on the profits generated from trading them.

#Bitcoin‬ #BTC‬ #indiaceyptotax #Write2Earn

Indian cryptocurrency exchanges such as CoinDCX and WazirXIndia now require users to provide originator information when making deposits from personal wallets or other exchanges.
This new requirement has added complexity to trading cryptocurrency on these platforms, causing frustration among users. It's becoming quite a challenge.

I hope Indian Finance Minister N.Sitharaman do something in this matter.

#indiaceyptotax #CryptoNews🚀🔥

🇮🇳 JUST IN: Indian Finance Minister has announced that there will be no changes in direct or indirect taxes.

#Crypto scenario in India: 🤨

1. Flat 30% #TAX
2. 1% TDS
3. No set off for losses

#Cryptotax #indiaceyptotax #cryptotaxindia

POV on Pi42 👇

Perpetual traders speculate on crypto prices through paper contracts rather than buying/selling actual coins.

And when it's in INR pair, no involvement of USDT or VDA.

I think this is the reason Pi42Exchange not charging any crypto TAX.

#Write2Earn #TrendingTopic #TradeNTell #BTC #indiaceyptotax

BIG NEWS FROM INDIA 🔥🔥

- The Reserve Bank of India (RBI) has announced plans to introduce offline functionality for its Central Bank Digital Currency (CBDC) pilot project.

- The move is aimed at expanding the accessibility and usability of the digital rupee, allowing users to conduct transactions in areas with limited or no internet coverage.

- The introduction of offline functionality is seen as a step towards promoting financial inclusion by catering to a wider range of users across different regions of the country.

#indiaceyptotax #cbdc #RBI

The 2024 budget for the crypto industry would heavily depend on the country or region in question, as different governments may approach this sector with varying degrees of regulation, support, or restrictions.

1. Regulatory Framework: Governments might allocate funds for developing and implementing regulations to govern the crypto industry, including areas such as taxation, anti-money laundering measures, investor protection, and overall market stability.

2. Blockchain Technology Development: Budget allocation for research and development in blockchain technology to foster innovation and growth in this sector. This could include funding for projects related to scalability, security, interoperability, and sustainability.

3. Education and Awareness: Governments might invest in educational programs to increase awareness about cryptocurrencies and blockchain technology among the general public, businesses, and financial institutions.

4. Cybersecurity: Increased funding for cybersecurity measures to protect crypto exchanges, wallets, and other infrastructure from hacking and cyber threats.

5. Financial Inclusion: Initiatives to promote financial inclusion through the use of cryptocurrencies and blockchain technology, especially in underserved or unbanked populations.

6. International Collaboration: Budget allocation for collaboration with other countries and international organizations to develop common standards and regulations for the global crypto industry.

7. Support for Blockchain Startups: Funding for incubators, accelerators, and grants to support the growth of blockchain startups and entrepreneurial initiatives in the crypto space.

8. Research and Innovation: Investment in research projects exploring the potential applications of blockchain technology beyond cryptocurrencies, such as supply chain management, healthcare, voting systems, etc.

These are some of the potential features that could be included in a budget for the crypto industry in 2024.
#indiaceyptotax #Write2Earn #BTCBefore2025

The media has not shown this because these people are not going to Ram Mandir

This was clicked at 2AM last night at Kanpur railway station. These are unemployed youth looking for jobs.

50 lakh people are going to sit in an exam to fill a 60,000 vacancy. This is the truth of India. Scary. #indiaceyptotax

What You Think About Narendra Modi!
Share your Thoughts !!!!
#Review #Politics #narendramodi #indiaceyptotax

🔔 India's Finance Minister Nirmala Sitharaman Unveils Budget in Parliament, No Change in Crypto Tax !

India's Finance Minister Nirmala Sitharaman presented the budget in Parliament, maintaining the existing tax structure for cryptocurrencies. Crypto investors in India will continue to face a 30% tax on profits without set-off for losses and a 1% TDS (Tax Deducted at Source) on all transactions. This decision has prompted the Indian crypto community to trend #ReduceCryptoTax on Twitter (X) India.
#JUP #TrendingTopic #fomc #indiaceyptotax #IndiaBudget

#indiaceyptotax has not introduced any changes to its controversial tax deducted at source (TDS) policy that is affecting the crypto industry.

The nation's finance minister #Nirmala Sitharaman revealed the budget in parliament on Thursday as usual. Expectations were low for a change in the stiff taxes on crypto transactions, which include a 30% tax on profits and a 1% TDS on all transactions. However, there was a glimmer of hope because of efforts from the domestic crypto industry and a study from a think tank pushed hard for a reduction in the #TDS.

In general, this budget had lower expectations in terms of the financial sector as India is headed for general elections in the next two months. Sitharaman announced no changes in taxation - both direct and indirect.

In the election year, the finance ministry doesn't usually present a full budget but an interim one to fund its expenses for a short time. A full budget is usually expected in July after the results. Prime Minister and his Bharatiya Janta Party are expected to return to power, according to polls.

India's crypto industry has urged the government to reduce the 1% TDS to 0.01% ever since it was first announced two years ago. Indian crypto exchanges have been in survival mode, trying to extend their runways in response to the 1% TDS.

“Digital public infrastructure and the PM’s aspiration for [innovation] will benefit from integrating provisions for long-term financing of domestic crypto projects given how India is at a pivotal phase in the crypto revolution,” said Rajagopal Menon, vice president of cryptocurrency exchange #wazirX .

ليوريج مارکیٹوں میں ایک تباہی ہے ۔ مجھے لگتا ہے baglades# کہ میں نے اسے کافی بار کہا ہے : لیوریج کا استعمال نہ کریں فیوچرز نہ آزمائیں، آپ صرف اپنے پیسے کھو دیں گے ۔ میں آپ کو اس بات کا یقین دلا سکتا ہوں۔ لیکن میں اس بار بات نہیں کرنا چاہتا ۔ میں کرپٹو مارکیٹوں میں نقل و حرکت پر لیوریج کے اثرات کے بارے میں بات کرنا چاہتا ہوں۔ توجہ دیں، کیونکہ یہ سمجھنا بہت ضروری ہے ۔ سب سے پہلے ، سمجھیں کہ لیوریج کیسے کام ليوریج کے ساتھ $100 کے کرتا ہے : تصور کریں کہ آپ 10 ساتھ خریدنے کے لیے تجارت کھولتے ہیں، یہ اس طرح کام کرے گا جیسے آپ کے پاس $1,000 ہوں۔ یہ کیسے کام کرتا ہے ؟ ایکسچینج (جیسے بائننس) آپ کو آسانی سے $900 قرض دے گا ، اور اس کے بدلے میں، اگر قیمت میں 10 کی کمی ہو جاتی ہے تو آپ کا $1,000 $900 میں بدل جاتا ہے) ، آپ کی پوزیشن خود بخود بند ہو جاتی ہے تاکہ آپ کو ایکسچینج کے مقروض ہونے سے بچایا جا سکے ۔ آپ وہی ہیں جسے "لیکویڈیٹ" کہا جاتا ہے ۔ جب آپ کو ایک طویل پوزیشن پر ختم کر دیا جاتا ہے ، تو آپ کے لیکویڈیشن کے وقت یہ فوری طور پر ایک مارکیٹ سیل بنا دیتا ہے : اس کا مطلب ہے کہ آپ کے بقیہ $900 کو فروخت کر دیا جاتا ہے اپنی رقم واپس کر سکے ۔ اب آئیے اس رجحان کو Binance تاکہ ے ہیں اور اسے بہت بڑے پیمانے پر لاگو کرتے ہیں: تصور کریں

کہ
Next post #cryptocurruncy #Pakistani_Bitcoin #indiaceyptotax #HotTrends"

30% of tax is a huge loss to traders
crypto is not a gambling at all
#crypto #YD #indiaceyptotax #BinanceSqaure #bct

Binance Aims to Re-enter Indian Market Amid PMLA Challenges 🚀🌟💰

Binance is striving to restore access to its mobile app and website in India. 📱💻
• Despite efforts, the Indian government has rejected Binance's plea to resume operations. ❌🇮🇳
• Binance requires time to establish protocols for complying with regulatory standards. ⏳📝

The world's largest cryptocurrency exchange, Binance, is in discussions with the Indian authorities to revive access for Indian users to its mobile app and website. 🌍🤝 Sources familiar with the matter revealed this information to an Indian media outlet.

According to the report, Binance is open to settling outstanding taxes up to January 12, when its operations were suspended. However, the exchange is not yet ready to conform to the Prevention of Money Laundering Act (PMLA) guidelines. 💸🔒

In the meantime, the government is taking actions against traders resorting to virtual private networks (VPNs) to access banned platforms. 🔒🛡️

Reports indicate that around 4,000 Indian crypto traders are suspected of using VPNs to trade on Binance rather than shifting their assets to compliant Indian exchanges. It is believed that nearly $4 billion worth of crypto owned by Indian traders is held in offshore wallets. 💼💰

💡🏦

#indiaceyptotax #BINANCE #INDIA #TrendingTopic: #Write2Eam

$BTC
$ETH
$DOGE

The #Indian Crypto Revolution: A $91 Billion in Bitcoin $BTC Investment Dream" with it Benefit it will had Brought.

India's population: approximately 1.4 billion (2024 estimate)
Half of the population: 1.4 billion / 2 = 700 million
Investment amount: $130 per person
Total investment: 700 million x $130 = $91 billion

Assuming an average annual return of 11% (as discussed earlier), the total investment would grow to:

$91 billion x (1 + 0.11) ^ 6 (compounded annually for 6 years) ≈ $231.4 billion

So, the total profit would be:

$231.4 billion - $91 billion = $140.4 billion

If half of India's population were to invest in cryptocurrency, it could bring numerous benefits, including:

1. *Financial Inclusion*: Cryptocurrencies offer access to financial services for the unbanked and underbanked population.
2. *Economic Growth*: The influx of investments could boost India's economy and create new opportunities.
3. *Job Creation*: The crypto industry could generate employment opportunities in fields like development, trading, and finance.

4*Technological Advancements*: The demand for crypto-related services could drive innovation and improvement in blockchain technology.
5. *Government Revenue*: Taxation of crypto gains could generate significant revenue for the government.
6.*Global Recognition*: India's embrace of cryptocurrencies could enhance its reputation as a progressive and forward-thinking nation.
7. *Financial Literacy*: The investment boom could lead to increased awareness and understanding of personal finance and investing.
9. *Reduced Dependence on Fiat*: Cryptocurrencies could reduce India's reliance on fiat currency and mitigate the effects of inflation.

Keep in mind that this is a hypothetical scenario, and the actual benefits would depend on various factors.

#BTCFOMCWatch #indiaceyptotax #BTCFOMCWatch #BitcoinPizzaDay2024