One in ten bitcoin transactions are made in India
Last Friday, the Indian tax authorities sent a further report to tens of thousands of investors in cryptos currencies to pay taxes, according to press agency Reuters.
Last month, too, a message was sent to investors regarding taxes, but that message appears to have been ignored. Something that should not be called a big surprise. Investors have little interest in sharing profits or losses with the government. After all, there is no legal obligation to require them to do so.
Until such guidelines have been implemented, it will become a serious battle for the Indian tax authorities.
The government previously carried out an investigation into crypto-trading at the country’s 9 stock exchanges. It found that over a period of 17 months it traded over 3,5 billion dollars in transactions.
As no tax was paid on this trade, the Indian tax authorities were forced to take action. Until now without much success.
Banks limit activity
Bitcoin exchanges in India appear to be increasingly under attack.
The State Bank of India (SB), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank appear to be monitoring, blocking or obstructing stock exchange accounts.
Two weeks ago, the popular Indian cryptox exchange Koinex indicated that it had already been inconvenienced by Indian banks, forcing Koinex to suspend cases temporarily.
The exchange indicated in a blog post:
“Many of our users have faced difficulties with INR withdrawals on Koinex. A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to Koinex in the past 2 weeks. This created a bottleneck in the cash flow of user funds, thus hamstringing INR withdrawals on the platform”
The GOI has issued repeated warnings against investments in cryptoscurrencies, but there has been no ban to date. The cryptom coins also appear to be becoming increasingly popular. According to the largest bitcoin fair, Zebpay, it is estimated that 200,000 new users will be added each month in India.
Indians particularly charmed by crypto currencies
Some 10% of the bitcoin transactions in the world would meanwhile already take place in India, according to Constantin Papadimitriou, President of Pundi X. The Indonesian company, which calls itself the Walmart of crypto currencies, surveyed 3000 respondents in India, Indonesia, Japan, Russia, the United Kingdom and the USA.
interesting about this: Cryptos particularly accepted/anticipated in emerging economies. would have liked to see break down of gender/age of those who own cryptos @PundiXLabs #cryptocurrency #bitcoin https://t.co/sW04u0NmTO
— Nadine (@texastee) January 16, 2018
It emerged that Indians are very interested in cryptospecies. 68% of them believe that they will use cryptos currencies within the next ten years. Only in Indonesia is that number higher – at 74%.
Japan, the country where crypto currencies are really embraced by the government and where regulations have already been implemented, comes in third place with 66%.
The investigation has further shown that, should Indians have the funds, they would fully invest in crypto currencies. No less than 16 percent would invest extra money in crypto currencies. This is the second choice in investment opportunities. Only saving with a traditional bank was 24 percent higher on the list. It was only in third place – with 12 percent – that investments in shares or bonds emerged.
Bron: Bitcoin Magazine Benelux
Foto: Flickr / Stefano Ravalli