Bitcoin status in india today

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As such the tax rates are subject to the holding period of the asset. Once an indexation benefit is applied and inflation is adjusted, the tax rate can go down further. For a trader, bitcoin profits are treated as income from a business. As such, certain expenses related to business, office maintenance, such as buying a computer, internet expenses, office rent, administration cost, etc.

However, if the turnover crosses Rs. For those who mine cryptocurrency, profits will not be treated as a capital asset. As such, there is no capital gains tax. Regardless several ventures have been in place to use Bitcoin for spending.

Unocoin has been the most prominent in this sector. In , it linked up with BookMyShow, an online cinema ticketing platform. This venture allowed customers to top up their accounts for movie tickets with Bitcoin. Chaos was inevitable. This resulted in long queues at the ATMs and banks for weeks. There was not enough cash with the banks to dispense.

People holding cash could deposit their money in the bank accounts or exchange for new Rs. What options do these people have? Let go all of their money? Well some of them did exactly that. Old notes were found floating in the river. While others turned to look for commodities to hedge the risk of an economic slowdown; some bought gold, some bought silver. What did government do to curb this? They started raiding gold jewellers. With gold and silver being targeted by authorities, these souls saw Bitcoin as a safe haven.

Bitcoin price started to surge and weekly volume of bitcoin trading nearly doubled. To understand how Bitcoin may progress in India it will be beneficial to know the role gold plays in Indian society. It was first used in after being released as open-source software. The concept of cryptocurrency was first described by Wei Dai in the year on the cypherpunks mailing list where he proposed the idea of a new form of money that uses cryptography to control its creation and transactions, rather than with a central authority.

Satoshi Nakamoto, about whom nothing much is known, was the first person to give Bitcoin specifications and also provide proof of the concept, which he did in He provided these in a cryptography mailing list. In , Satoshi Nakamoto quit the project and since then, the community has multiplied with currently many developers working on Bitcoin and other cryptocurrencies. How is Bitcoin created? Bitcoins are created as a reward for a process known as mining.

They can be exchanged for other currencies, products, and services, but the real-world value of the coins is extremely volatile. How does Bitcoin work? Every single transaction is recorded in a public list called the blockchain. The Reserve Bank of India RBI prohibited organizations regulated by it from trading in or assisting transactions in virtual currencies in a circular dated April 6, The RBI attempted to block those enterprises operating in virtual currencies by cutting linkages between virtual currency exchanges and the traditional economy, without the right outlawing virtual currencies.

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