Indian Government is trying to legalise Bitcoins in India. Why?

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The Government of India is trying to legalise bitcoins.

So, say I would purchase 25 bitcoins by paying in Indian Rupees to a 'X' Bitcoin company. In turn, my identity could be know by that 'X' online wallet and could be traced back to my Public Address.

The government would therefore tax me for the amount of bitcoin I purchased.

Suppose, I made a transaction of this money to some person 'Y' who is a drugs dealer. His lives in another country and there is no ways attached so that his real identity can be known. (He hasn't associated with any Bitcoin company where he has to give his identity.)

How will legalisation would tackle this? How legalisation will ensure that money transferred to someone, somewhere is for good purposes?

Venkatesh

Posted 2017-08-07T06:43:04.467

Reputation: 17

Answers

In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.

Kalra said:

“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.”

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.

Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.

Hello #India we've been expecting you! Very curious to see where this goes for #bitcoin. h/t @BKBrianKelly pic.twitter.com/9uacy5GZH9

— Chris Burniske (@ARKblockchain) June 15, 2017 The legalization of Bitcoin in India is expected to further increase trading volumes and Bitcoin activities in India by significant margins.

In INDIA, GST is also rolling out these days and becomes a hot topic. Visit LegalRaasta to gain complete knowledge on GST Return Portal.

Amit

Posted 2017-08-07T06:43:04.467

Reputation: 11

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downvoted. There are many possibilities to get your address, and probably the easiest is to use existing malware on your windows PC (I doubt someone with a highly secured operating system raises such questions). Your request is so speculative, and was partly already answered in one of your previous post.

You need to dig deep into bitcoin to avoid being "visible". There is no single answer. Your whole social environemnet, technical environment and tx needs to be full of trust. It all boils down to trust.

This "drug dealer stuff in another country": come on! If he is from security agency? Don't be childish.

I don't see the point to explain in a developper focused area, how to avoid tax paying in India. Speculative posts and misbehaviour against governmental rules can be found in the slack channels and r/bitcoin.

Please ask a more specific question like "how do I secure my xxx environemnet, to avoid yyy stealing my bitcoins", and you might get help. And then don't let us feel like we are helping to do criminal things.

pebwindkraft

Posted 2017-08-07T06:43:04.467

Reputation: 4 568