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India's confusing crypto bill
Oh, what a surprise!, this is what I was going to say till I read the arguments.
To be honest, despite India's government and bank acting as we all know in the last years the bill is not confusing at all.
Let me clear that for you! The Finance Minister said that taxing crypto doesn't mean that it will become legal. She meant, taxing crypto will not make it a legal tender, i.e, cryptos can't be used against products and services. Otherwise, how can several crypto exchanges are working in the country? Most of them are above 1 billion USD valuation.
Exactly, I don't understand why poeple are so confused about this.
It simply means that cryptos will not be a legal payment method, which would force everybody from the administration and from the private sector to take payment in bitcoin. It simply doesn't recognize this as a legal payment method but that doesn't mean you're not allowed to use it if you want that.
Goats are not legal payments in Europe but it's not against the law to sell somebody 10 goats for a bicycle.
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India’s Finance Minister Nirmala Sitharaman clarified in Parliament that taxing cryptocurrencies does not give them any kind of legal status.
You pay taxes from your profits from rice farming in India, right? Does rice have legal status?
Is rice legal tender, no! Is rice outlawed? No again!
Where is the confusion?
Oh, and btw from an article quoted:
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There are about 15 million to 20 million cryptocurrency investors in India, with total holdings of about ₹400 billion, as per industry estimates.
There goes the myth of India's 100 million users and trillions in crypto invested.