Recently India has passed a crypto bill to tax crypto income by 30% but at the same time claiming that taxing cryptos doesn't make them legal and states it's country's sovereign right to tax crypto and this atrocity doesn't stop here as they have mentioned that the decision about banning crypto or legalizing it will taken after further consultation.
Can they tax something which is not legal? How can a country tax something which is not legal? Moreover they still have plans of banning crypto since they are not clear about their stands on legalization. Not sure if it's an attempt to unofficially break the crypto market in India or what's going on.
Share your thoughts on this.
Source:
https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cmsWait, didn't they say that they won't ban bitcoin anymore and will instead tax it? And now they are once again talking about banning? What is this country actually up to? It's funny to see how they still can't decide what they want to do with crypto currencies. As if taxing their citizen 30% wasn't enough for them.
I guess by "legal" they meant that taxing doesn't mean that they are now considered as a legal tender. This means you are free to trade, use or accept bitcoin but it is not mandatory for someone to accept it as a mode of payment. I mean when you pay with bitcoin, the merchants can deny this form of payment (since it isn't a legal tender) and ask for fiat money.
yes onece they changed their decision about bitcoin to ban but to taxi it. even tax percentage is too high but still people were hopping at least it will become legal there, but the latest news again make some confusion. but everyone know and sure about it that not only India but every other country will make bitcoin legal in future.