Bitcoin markets are reacting to new regulatory comments on crypto made by Indian Finance Minister Arun Jaitley during his recent budget speech in Parliament today. After Jaitley pointed out in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activity” with crypto, a flood of misinterpretation comments warning of an outright ban appeared in the mainstream press and social media.
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After Jaitley pointed out in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activity” with crypto, a flood of misinterpreted comments warning of an outright ban appeared in the mainstream press and social media. Markets in turn fell in trading Thursday, with Bitcoin dropping below $9,512 after breaking through $10,300 on Wednesday, Jan. 31, data from Bitstamp showed. India has made sporadic attempts to formalize cryptocurrency regulation over the past two years. Since the country’s currency reforms, interest in Bitcoin has skyrocketed, with local exchanges seeing tremendous growth. This week’s plunge brought the total market value of cryptocurrencies to around $400 billion, half of the peak it reached in January, according to industry tracker Coinmarketcap.com. This week’s plunge brought the total market value of cryptocurrencies to about $400 billion, half of the peak it reached in January, according to industry tracker Coinmarketcap.com.
Retail investors have poured money into digital coins, lured by the huge price increase. The second and third largest virtual currencies, Ethereum and Ripple, also plunged more than 20 percent to session lows, Coinmarketcap.com said. Ethereum was last down 13.2 percent at $888.22, while Ripple was last trading at 83 U.S. cents, down 14.7 percent. A massive $530 million hack of a Japanese cryptocurrency exchange last week renewed concerns about the industry’s security.
Retail investors have poured money into digital coins, lured by the huge price increase. The second and third largest virtual currencies, Ethereum and Ripple, also plunged more than 20 percent to session lows, Coinmarketcap.com said. Ethereum was last down 13.2 percent at $888.22, while Ripple traded on a massive $530 million hack of a Japanese cryptocurrency exchange last week that renewed concerns about the industry’s security. The roadmap goes on to say that the first related product, “External Secure ID,” will launch in the first quarter of 2018, with all other products scheduled to launch by the first half of 2019. And the Telegram founders’ control of the project will transfer to a non-profit foundation by 2021. Die restlichen 52 Prozent werden “von der TON-Reserve einbehalten, um die im Entstehen begriffene Kryptowährung vor spekulativem Handel zu schützen und die Flexibilität in der Anfangsphase des Systems zu erhalten. development,” the introduction says. The ICO is likely to be entirely or a New Year’s Eve.
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However, since the minister says bitcoin is not a coin or a method of payment, questions remain about how it will be treated from now on. Even if it is treated as a commodity, it will not be easy to impose a goods and services tax (GST) on it. A government official said Friday that the government has not yet thought about the GST aspect of cryptocurrencies.
Bitcoin exchanges say they provide a service and on the brokerage they charge may be subject to GST. Vaibhav Parikh, partner at Nishith Desai Associates, said, “Cryptocurrencies can be treated as capital assets for taxes unless you are in the business of buying and selling, in which case it will be business income.” Regarding Jaitley’s statement, he said, “Cryptocurrency would be discouraged, but not banned.”
