I think we are going to spend $10,000 per bitcoin sooner than we thought because more countries are legalizing bitcoin. Australia is going to do it on July 1st, India is on its way. What do you think?
Still no clarity on the situation in India. It is not clear whether the government is going to legalize it or not. Already, many of the officials have said that Bitcoin is having a negative influence in the form of tax evasion and use in ransom demands. They may or may not legalize BTC. But even if they legalize BTC, the tax is going to be very heavy.
Good luck to the Indian government when trying to enforce that, laws can say whatever they want but that does not mean the laws can be enforced, look at the war on drugs, look at all the money spent, the resources, all the people in jail and drug usage instead of being down is up.
It is next to impossible to enforce a ban on the ownership of Bitcoins, due to the anonymity of the transactions. But that said, if the government authorities start harassing users who sell their fiat for BTC (or vice versa), then it can create a lot of headache to the Indian crypto-users.