After the business of Virtual Currency Bitcoin was declared illegal by the Central Government, it has been getting ready to legalize the industry. The Committee created on blockchain-cryptology at the Internet and Mobile Association by Bitcoin Exchange has prepared a proposal for this.
The base will be prepared from the pan, data
According to the proposal, a central repository will be made for anyone who buys Bitcoin or sells it, which will be updated in real time. For preparing this data, the purchaser will be asked for the base card or PAN card.
This will be information
In this data, the person has information about how much cryptocurrency it is, its value and how often it has been bought and sold. Committee chairman Ajit Khurana said that he would give this government a proposal within a week. On behalf of the government, a committee has been constituted under the chairmanship of Economic Affairs Secretary SC Garg. This committee will submit its report in March. The government can also appoint a regulator soon to monitor crypto-controller.
Price fall in a month :
The value of virtual currency Bitcoin has decreased by more than $ 11 thousand in the last one month. At the same time, the central government has said that those who had earned it through the country will have to pay tax.
On February 1, Finance Minister Arun Jaitley declared Bitcoin as illegal and at the same time, it has been falling constantly in the international market. Where you can buy a coin in the country for four lakh fifty thousand rupees, you will have to lose about 10 thousand rupees for selling.
Tax on earnings tax
On the other hand, the central government has said that before February 1, people who have bought or sold any kind of virtual currency including bitcoin, have to pay tax on it. Sushil Chandra, chairman of the Central Board of Direct Taxes, said on Tuesday that those who have earned from Bitcoin will have to pay tax on it. Their source of income will also be asked. If they do not pay taxes then strict action will be taken against them.
RBI had already dismissed
Prior to the announcement of the government, the Reserve Bank of India has also dismissed Bitcoin-like cryptocurrency. It was discussed that Reliance is also preparing to launch crypto-cortisone in the name of geocoins, but before the budget, Geo also made it clear that such a move would not be taken.
Reports showed that a large amount of black money was being spent on the name of the cryptocurrency. On which the government had cleared earlier this kind of currency is not legally valid in India. In the same episode, the finance minister had made it clear in the budget speech that bitcoin or any such cryptocurrency is not valid in India.
After this announcement of the government, there will be a big setback to those who had invested in Bitcoin. That is, millions of people in the market will lose millions and billions.