Hi there, Actually we all want to know why RBI do not comfortable with cryptocurrency trading or investment.
Actually, trading of cryptocurrency in India is like you are snatching the source of The Government's income.
source: here
Okay just think If we are trading crypto then the Government is not getting any benefits from our trading. Basically, the main reason is Government's benefits. As we know our country's development depends upon Tax which we are paying on everything whether it is Audi A8 or a box of Matchis. Everybody pays tax for everything so that they can support in our country's development.
Have Look on few more reasons:
- MONEY LAUNDERING & BLACK MARKET: Crypto can be used for these purposes easily because no one is monitoring what you are doing whether it is wrong or right.
source: here
TERRORIST AND ILLEGAL ACTIVITY: Cryptocurrencies can be easily used for illegal activity because there is no third party involved then no one can trace your record. You are free to do whatever you want to do.
NO TAX BENEFIT: In case of crypto we are neither getting any tax benefit at the time of investment nor at the time of return. For an example when you invest in equity-based investment you are able to get tax benefits at the time of investment and at the time of return as well.
TAX EVASION: Basically Tax evasion is the act of not reporting or underreporting taxable income or overstating
deductions in order to avoid paying tax on your true taxable income. It can also be applied to Federal Excise taxes
although in that case, it would be the under or nonreporting of taxable sales or failure to remit the tax collected.
SELF BENEFIT & NO SOVEREIGN SUPPORT: In case of cryptocurrencies you are looking just your aspect, not the government. In case of crypto, Government can discourage you and Government will never support you.
So what's the solution,If we can understand our responsibility and be honest with our duty for our motherland then our benefits becomes more than it's losses?
If you have any idea or suggestion about How can we solve these problems then please comment ?
I hope we will get a good news tomorrow. what you think?
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