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Cryptocurrency CA India (29)

Cryptocurrency CA India: Commonly ask questions to a Cryptocurrency CA India 1) Is Cryptocurrency legal in India? Cryptocurrencies are not illegal in India. ... However, India does not have a regulatory framework to govern cryptocurrencies as of now. The government had constituted an Inter-Ministerial Committee (IMC) on November 2, 2017, to study virtual currencies. 2) Why is Banks banned Cryptocurrency? Banks stated that in the absence of a clear directive from the RBI, they would stick with the prohibitive stance on cryptocurrency. They had cited a lack of acknowledgment by the RBI of the top court order as the reason for cutting ties with crypto exchanges. 3) Is it safe to invest in Cryptocurrency in India? Yes, it is safe. In a recent surprising yet positive stance on cryptocurrencies, the Reserve Bank of India (RBI) on May 31 clarified that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies as it has been set aside by the Supreme Court (SC) in March, 2020. 4) Can I convert Bitcoin to cash in India? You should not convert your BTC to INR through P2P trading. Indian coin exchanges, Wazirx are providing facilities to sell BTC directly to other potential buyer through this trade but it is very risky as you don't know the identity of the buyer. 5) Which Cryptocurrency should I invest in now? Best Cryptocurrencies To Buy In May 2021 a) Bitcoin: . The king of all cryptocurrencies, Bitcoin, is the first of its kind to have the highest liquidity value. b) Litecoin. Litecoin comes second on our list because of its market capital and liquidity value. and c) Ethereum.

Blockchain and Accountancy - 2021

Blockchain | Cryptocurrency | NFTs | Crypto Exchange | Crypto Tax CA

Blockchain and Accountancy - 2021 Blockchain gained phenomenal recognition with the proliferation of Cryptocurrencies. The technology is revolutionary with the concept of decentralized database and distributed trust. The revolutionary technology is just around the corner to impact each aspect of our life – Banking, Finance,…

Potential Tax liability on Cryptocurrency in India

You have a Potential Tax liability on Cryptocurrency in India if you have engaged in any of the following activities: Traded Cryptocurrency in an exchange Earned Cryptocurrency from mining Received Cryptocurrency as a gift or inheritance Used a foreign Cryptocurrency exchange Invested in or issued…

Tax Loss Harvesting in Cryptocurrency

Tax Loss Harvesting in Cryptocurrency – Introduction, How it works and Things to keep in mind What if you could take advantage of a fall in the value of the Cryptocurrency in your portfolio? Are you wondering how it is possible? Yes and it is…