Bitcoin : Issues and Govt Stand
Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who “mine” them by lending computing power to verify other users’ transactions. They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with US dollars and other currencies.
The value of the bitcoin has been rising and rising. Lately Income Tax department has come out and said there are about 3-4 Lakh entities in India due to get IT notices as bit coin trading violates Foreign Exchange rules.
Can some of the experts shed light on the whole subject of Bitcoins and if its a worthy investment or another fraud? more
The value of the bitcoin has been rising and rising. Lately Income Tax department has come out and said there are about 3-4 Lakh entities in India due to get IT notices as bit coin trading violates Foreign Exchange rules.
Can some of the experts shed light on the whole subject of Bitcoins and if its a worthy investment or another fraud? more
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its a currancy used in games, to earn by doing tasks...then become currency for internet. now started trading in exchanges and so people investing and its appreaciating through trading. now surpassed USD and ruppee even worlds all currecy. there is no regulatory so it can move upword or downward up to any extend. any amount of profit or loss you can expect from this. now govt did not ban but if consumer gain then expecting to pay tax on this income. if you loss, its your fault if you gain then govt will take share from this by teating as income. more
Dec 23
No other type of currency other than genuine RBI currency can be in circulation within India-even internet such transactions are illegal in this country. more
Dec 23
The government is targetting 4 lakh individuals and HNI as Bitcoin price shot up in 1 year, by shooting them IT notices saying advance tax has not been paid. There is no reason for such a retograde step. Instead they can just send a demand note. more
Dec 23
Those who do not believe in their life and do not believe in earning appropriate return against the work performed by them, this Bitcoin gimmick will prove a nice way. Government of India and other country should BAN this and take stringent action against the organisers and investors. Such a method will have adverse impact on economy. more
Dec 22
