Do you want to be able to use Bitcoin and not go to jail?
If the answer is yes then we’ll walk you through our analysis into the current regulatory environment in India with regards to Bitcoin and other cryptocurrencies that will help you to be the better judge of whatever you do with your coins.
Disclaimer – Bitcoin is the peer-to-peer digital currency that bitcoin can be used to conduct transactions across the globe.
The legality of Bitcoins has been controversial.
Some jurisdictions have expressed the need for laws and regulations to deal with Bitcoins.
Bitcoin use around the most of the world (especially in the developing nations) is unregulated at present.
BuyUcoin’s guide for Indians who are willing to trade in Bitcoin or any other Cryptocurrency:-
- Taxation –
There are Short Term and Long Term Gains to be declared and duly taxed in your Income Tax Report (ITR) for given financial year.
- Legal Tender –
The Indian Finance Ministry has made a clear instruction in the 2018 Budget that Bitcoin or any other cryptocurrency is not accepted under the guidelines of ‘Legal Tender‘.
It means that any payment settlement done with Bitcoin or any other cryptocurrency considered as a currency will be faulty and illegal.
- Trading –
Exchange platform like BuyUcoin facilitates Buying or Selling of cryptocurrency as a digital asset.
All the gains/losses made on the subsequent trades are to be reported by you in your ITR filings.
Things that you aren’t supposed to do with these coins obviously–
- Use of Bitcoin for foreign money laundering.
- Use of Bitcoin for illegal activities offline.
- Use of Bitcoin for illegal activities online (both are easily caught).
Other than these scary activities we mentioned, you’ll be fine with your cryptocurrency.