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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.

Advance Tax Guide for Cryptocurrency Traders and Investors

This article is Advance Tax Guide for Cryptocurrency Traders and Investors: What is it? When to pay? Why to pay? How to pay? Due dates for payment and Interest and Penalties levied on non-payment of Advance Tax and more... The Taxation system in India…

Enforcement Directorate (ED) notice to WazirX is eye-opener to Crypto Traders

In this article, we shall discuss why Enforcement Directorate (ED) notice to WazirX is an eye-opener to Crypto Traders. Basically, cryptocurrency traders engaging in Wire transfers and P2P transactions are now getting exposed and vulnerable. First the background, the enforcement directorate (ED) has issued…

Crypto Traders & Money Laundering India

Recent ED notice to Wazirx has prompted me to write this article about Crypto Traders & Money Laundering India. The Enforcement Directorate (ED) notice to WazirX highlights the risks Cryptocurrency traders face unknowlingly violating the FEMA and PMLA (Prevention of Money Laundering Act). PMLA is…