Is Bitcoin Investment Legal in India under 2022 ?
In 2018 the government of India and RBI means Reserve Bank of India has banned cryptocurrency, after that the case went to the supreme court and the supreme court declared that the cryptocurrency investment or trading to be legal but it's not works as a legal currency.
In 2022 finance minister Nirmala Sitharaman virtually gave legal sanction to all cryptocurrency in the country by labelling them as " digital assets" and not currency and taxing income gains from there transaction at a high 30%
Indian investor have put around RS 45000 crore in private cryptocurrency.
How will the tax be deducted?
Finance Minister Nirmala Sitharaman announced that all cryptocurrencies, including Bitcoin, will pay a 30 percent tax on dividends to the government.
In addition to a 1% TDS that will be charged on payments made using digital assets in order to keep a track on transaction.
What has been said by RBI(Reserve Bank of India) ?
RBI official informed the bord that a pilot project for the information of CBDS will be launched soon.
The central bank is insisting on banning cryptocurrency completely as it will hurt the central economy a lot.
What is CBDS
The full form of CBDS is Central Bank Digital Currency
It is a currency that is controlled by a central bank and has a virtual form called the digital rupee.
Taxing does not mean that all currencies, including Bitcoin, are legalized, but it can be assumed that they may become legal in the future.
Is Bitcoin invest safe in 2022 ?
Bitcoin is more like an investment that you can't leverage.
According to Barry Silbert, chairman of the Digital Currency Group, there is no higher risk than this crypto currency and there is no higher return than this.
An investment is riskiest and unsafe, if its daily value fluctuates more than 30 percent.
Statement about Bitcoin
Top investor Warren Buffett is said
" the idea that eat has some huge intrinsic value is just joke in my view"
People are not buying into the value of substance they are buying into the value of hype, No one knows its future, but everyone is blindly buying it for its hype
Charlye Munger the Vice Chairman of the largest investment company Berkshire Hathaway said
"Avoid Bitcoin like the plague"
Famous Indian investor Rakesh Jhunjhunwala is said
"why are investor crazy for Bitcoin?
what the base behind the growth of slumps? Is it virtual scam in bull phase to fizzle out soon?"
Father of value investing Benjamin Graham one of the richest and rice investor said
"Such a currency will sinks everyone in because its long-term value prediction does not exist".
I am not saying anything against Bitcoin Investment, I am not against Bitcoin.
I want to convince you that you will not have any problem if you lose as much money as you invest in Bitcoin.
Thanks for this I know more about Bitcoin here
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