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Indian Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency
hostnamaste
Member, Patron Provider
in General
Indian Supreme Court ends RBI's bank dealing thing. There was no Ban on Cryptocurrency jus bank dealing was blocked by RBI
Source: Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency
Is it possible that now providers can accept Cryptocurrency in India or still it is banned and will take time?
Comments
Right now directly converting Bitcoin to INR still not reactivated so you can use P2P services for now.
But most of the Bitcoin wallet providers will resume withdrawal service within next 1/2 months.
You can but I'd wait for this financial year to end so that there is no headache during filling IT returns.
EDIT:
Only the ban is lifted, regulations are not in place. So if you accept cryptocurrency as a method of accepting payments, I really don't know how your accountant would show it.
So better to just wait till the regulations are in place.
Not a wise move to accept on a public forum that you were accepting cryptocurrencies even after the ban was imposed, it may backfire.
You are right.. Edited..
But can't edit on your quote..
Thanks mate, but Is it profitable for you?
Because I have researched and found that it is allowed (Convert BTC to INR) but needs to pay 30% under the gambling tax.
Thanks mate, this is what I thought to hold back for a few days / months and see what the government has to say.
I flagged it to get edited My bad I did not think otherwise.
Instead of making rules, regulations & best practises, they are preparing to challenge the judgement! I have no words to say!
https://tech.economictimes.indiatimes.com/news/technology/rbi-to-seek-review-of-supreme-court-order-on-cryptocurrency/74503555
I think that's for Mining and trading purposes.
You can convert immediately after receiving them.
That's why more and more companies move out these days from India to somewhere else.
But still you have to confirm with your CA
They can give you better advice.
No problem. Will learn from my mistake. Thanks
What do you expect when some 50+ years dudes decide what to do about new technologies..
It is not a legal tender as stated by the previous finance minister. That said, the government will try it's best to regulate it.
I don't think it's coming back into action anytime soon. I don't know if people are still interested as they were back then.