Re: What to do with Crypto after 5 July ?

Quote from: killx on July 03, 2018, 05:26:17 PM

Please Read It Fully Before Commenting Wink

As you all know, 5 July onwards bank transactions associated with crypto will stop. I'm not panic selling crypto.

According to some news, crypto regulation draft will be presented in the parliament. So I think crypto will be regulated in India.

If crypto is regulated, what do you think I should do (given the constraints)

1. Assets over 2 Lakhs in crypto
2. Don't have any record of transactions (and can't make either, as I used services like Shapeshift)
3. Earned legally through faucets, bounties, giveaways, airdrops, etc.
4. No INR transaction till now related to crypto
5. Currently a student
6. Don't hold a PAN card

I don't want to evade the taxes. If assets are taxable , I'll pay the taxes.

The only thing I am worried about being wrongly classified as holding black money.

If you want to safely cashout your earnings right now even after the banning of cryptos you can do so by personally exchange your coins to someone else using a peer to peer transfer and accept the money using tez or paytm whatever you have, alternatively you can wait for the govt to reverse the ban and then sell your coins in the market itself then I guess it will be better for you to hold a PAN card, although if the amount is within 2lakh 50 thousands then the RBI wont be much interested in it.