Posted on 02/13/2021 5:19:02 PM PST by MtnClimber
India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions.
There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumors that the country was mulling over banning all private cryptocurrencies.
Apparently, officials were serious about banning cryptocurrencies. Citing an unnamed senior finance ministry official, BloombergQuint disclosed the government’s move. However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would be given three to six months to liquidate their investments.
As per the report, India’s Parliament will proceed to introduce a law that bans the usage of cryptocurrencies in all forms, including restricting trading via foreign exchanges.
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I expect this to spread. Governments want to prevent any way tax avoidance could be accomplished.
On the flip side of India’s ban is Kenya, an East-African country that has proposed to make Bitcoin its base currency.
When will we start to receive e-mails from wealthy Nigerians offering to share their bitcoin if we help them move it out of Nigeria?
India and Nigeria. Shocking. Spam emails hardest hit!!!
Chuckle I’ll have to check my junk mail for the messages
I expect this to spread. Governments want to prevent any way tax avoidance could be accomplished
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Correct. And governments are afraid that their dollar, or in this case the rupee will devalue and become more meaningless.
Already in this country Janet Yellen is freaking out about cryptocurrencies.
And just like that...
“From bit dust ye came and from bit dust ye shall return.”
1st Cyptothonians 4:3
Like all “prohibitions” in history, this will only serve to bolster the asset and more money will pour into it.
God forbid governments of nominally free people let them do what they wish, and own and transact private property, etc.
Bust up the big tech
Agreed.
American banks already getting in the crypto biz. They will end the swashbuckling days. It will soon be controlled just like silver.
Just move it to a thumb drive.... use a VPN and Bypass the government. My crypto is now worth 185K. I continue mining Ethereum.
There isn’t tax avoidance. Trust me, the IRS is all over this.
But the central banks don’t like not having control of the monetary supply.
Morgan Stanley will be buying in the next couple of weeks.
Well, yes, they don’t like that aspect, but what really has them exercised is the notion that their effective monopoly on fiat currency is being challenged.
Now that really freaks them out.
That is brilliantly funny.
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If you don't declare your crypto holdings and the capital gains, that is CRIMINAL TAX EVASION. Think long and hard about that and don't for one minute think your amateurish ways of "hiding out" are safe and secure.
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