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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That is probably a big part that I did not think about. It must be nice to be able to just create money out of thin air. There may be all kinds of favoritism, graft and kickbacks that people never involved with it could never conceive.
All is taken care thru Coinbase.com which important into turbotax.
Mine and hold. No one can tell the future but Biden admin will encourage crypto.
I was a crypto account Manager for nearly eight years at State. I could not imagine the ability to amass so much processing power to solve computations. Last year I pitched an American coin to several friends who work at an intel agency... to harnass millions of mining rigs in public sector to hack other nations communications. Modeling on the current mining techniques it would pay miners with crypto and further Fund Black Budgets.
Cute how Crypto buyers think their assets are safe from the same people who just stole a presidential election in the most powerful nation on Earth.
Yellin proposed or mentioned she was open to a wealth tax, but holding crypto is not a crime.
When you cash it in you need to declare the buying price to establish the cash basis to calculate the capital gains tax, but that is what you are suppose to do with any commodity or asset.
Just like a painting you buy and it gains value. You don’t deed to declare anything until the point you cash it out as I understand it.
LMAO ROFL...hilarious post of the week!
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