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Showing 3 of 3 results by killx
Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges WazirX and Koinex Loop are working on peer-to-peer model.
Thats good for now atleast they are doing something to continue trading cryptos
If in future, I convert my cryptocurrency to rupee by P2P transaction, how will I prove that it is legal money ( not black money or any money laundering ).
Maybe, crypto will grow x100 in 2 years. So I can have over a crore rupee in crypto. That may attract attention of authorities if I one day get a crore rupee in my account.
First,you have to keep every record of your earnings. Like bounty sheets , airdrop, other sheets.it will help you in future.
It also depends ,how much value you have.
It also depends ,how much value you have.
But everywhere I'm using my pseudonym.
I have more than 2 lakhs (exact amount I'll cannot disclose)
Please Read It Fully Before Commenting 
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.
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.