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Indian Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency
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Indian Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency

hostnamastehostnamaste Member, Patron Provider

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

  • ViridWebViridWeb Member, Host Rep
    edited March 2020

    @hostnamaste said:
    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?

    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.

    Thanked by 1hostnamaste
  • BlaZeBlaZe Member, Host Rep
    edited March 2020

    @hostnamaste said:
    Is it possible that now providers can accept Cryptocurrency in India or still it is banned and will take time?

    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.

    Thanked by 1hostnamaste
  • BlaZeBlaZe Member, Host Rep
    edited March 2020

    @ViridWeb said:

    Not a wise move to accept on a public forum that you were accepting cryptocurrencies even after the ban was imposed, it may backfire.

    Thanked by 1ViridWeb
  • ViridWebViridWeb Member, Host Rep

    @BlaZe said:
    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.. :disappointed:

  • hostnamastehostnamaste Member, Patron Provider
    edited March 2020

    @ViridWeb said:

    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.

    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.

  • hostnamastehostnamaste Member, Patron Provider

    @BlaZe said:

    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.

    Thanks mate, this is what I thought to hold back for a few days / months and see what the government has to say.

  • BlaZeBlaZe Member, Host Rep

    @ViridWeb said:
    You are right.. Edited..
    But can't edit on your quote.. :disappointed:

    I flagged it to get edited :D My bad I did not think otherwise.

    Thanked by 1ViridWeb
  • BlaZeBlaZe Member, Host Rep

    Instead of making rules, regulations & best practises, they are preparing to challenge the judgement! :neutral: I have no words to say!
    https://tech.economictimes.indiatimes.com/news/technology/rbi-to-seek-review-of-supreme-court-order-on-cryptocurrency/74503555

  • ViridWebViridWeb Member, Host Rep
    edited March 2020

    @hostnamaste said:

    @ViridWeb said:

    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.

    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.

    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.

  • ViridWebViridWeb Member, Host Rep

    @BlaZe said:

    @ViridWeb said:
    You are right.. Edited..
    But can't edit on your quote.. :disappointed:

    I flagged it to get edited :D My bad I did not think otherwise.

    No problem. Will learn from my mistake. Thanks

    @BlaZe said:
    Instead of making rules, regulations & best practises, they are preparing to challenge the judgement! :neutral: I have no words to say!
    https://tech.economictimes.indiatimes.com/news/technology/rbi-to-seek-review-of-supreme-court-order-on-cryptocurrency/74503555

    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.

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