Is Crypto Really Under Money Laundering Laws in India? My Thoughts on the Current Crypto Regulations and Its Impact on Investors
Today I was at my workplace and I noticed a post from @codingdefined bhai aboutCrypto is Under Money Laundering Law in India. When I read I did felt a bit scared and so did the investors and big giant companies are keep doing from past few years. Now new users are terrified to invest in crypto. Imagine I can withdraw a single piece of money from the hive or from any of my crypto wallets.
If I do have to pay a huge amount to tax then sure I will try to keep it all here but if I can never use this earned money in the real world then will it is worth earning? and it is good for me to invest my time and money both here. Sure there will be a few changes in crypto regulation laws. Today that seems to be one-way. The current law is only beneficial to the government only.
Really Crypto is money laundering? The government should look over the users who are spending months and years to earn some crypto for their daily living. If every government will do the same then sure there will be no crypto at all. If we can't use it for solving real-life problems then sure it is worthless in my opinion.
There are many countries that are crypto-friendly, and there is no tax on crypto at all. Dubai is a very famous country, big businessmen are moving to Dubai for a better opportunity. In the past few years, there are many crypto companies have shifted to this amazing country. everyone wants to earn and save their earnings so living in a crypto tax-free country is really worth it for sure. Not sure when the world will accept crypto sure they will try to regulate it no doubt about that.
I am just a redfish in the crypto words or maybe I don't even exist my total portfolio value is nothing I do see that may bug whales do earn a good amount of BTC just by their referrals.
I am not comparing myself with them sure they have gone through a lot of struggle to reach there.
I am kind of afraid after reading the article today, I am not planning to leave the hive but still, I do a bit worried about that, what if I do have to pay 58 % tax can you believe that?
will you pay that much amount in your every profit? That would be totally free money for the government, lets's see what will happen in the future.
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Chote bahi, please don't scare me. It's very bad, it was 38% , now you are saying 58%..😂😂 Now govt has become money launderer. Who will punish them?
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That will be such an inconvenience to all crypto holders there. 58% is a substantial amount. It was 30% before right, and I thought that was high but 58% will just result in people losing trust and any motivation to even get into crypto. I hope they reconsider the crypto regulation there.
I understand your point of view, the regulations and proposals in my country are not kind either. They only seek to favor whoever is in government. Cryptocurrencies were created to give us freedom, and it is the very spirit of that entire market. In the end, I hope and trust that they won't be able to get their hands on him. But they will try to do it with many tricks.