Quote from: JohnBitCo on Today at 05:34:49 PM

Quote from: arbifahrozy on Today at 05:20:55 PM

they are actually taking profit by imposing heavy taxes on it. If they really care about it they must have accepted it as payment rather launching own currency. They imposed heavy tax on crypto trading just to stop people investing in other cryptos.

Let them legalize bitcoin even with high taxes. Remember, a few months before Indian government was proposing to ban bitcoin but now their opinion has changed 360 degrees. I am sure, in near future this 30% tax will reduce also. We should welcome the decision by the Indian government which is in favor of legalization of bitcoin.

It is easy to know why this is happening, governments hate the idea of a currency that is not controlled by them, but they love the idea of getting taxes especially now that they are desperate to get more money to spend.

However it is completely crazy to expect that people are going to pay a 30% tax on their gains, so it is likely that people living in India will simply avoid paying their taxes outright, which will probable bring to the table again the idea of banning it, as politicians are not going to like this.