'India Legalizes Crypto: Digital Rupee CBDC and Taxation of Virtual Digital Assets Explained Simply' by utsav_jaiswal1 crypto india
The Digital RupeeLet’s go over each of the lines to better understand what they want to spell out Introduction of Central Bank Digital Currency will give a big boost to digital economy.A CBDC, despite it failing all of the tests of a generally accepted understanding of a cryptocurrency, is very similar to what we have as certain stablecoins today.
The novice hacker, on the other hand, sits on a bag of USDT which promptly gets frozen by the overlords over at Tether Inc. can be blocked/locked/seized by Governments on grounds of money laundering/terror financing/personal whims.
What might end up happening though is that banks end up becoming the nodes/validators for transactions and become like server farms that no one but the nerd cares about.It is, therefore, proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23.
With words such as ‘imperative to provide for a specific tax regime’, it is clear that the Govt. will nudge us to use Made-In-India exchanges and lose out on all of the insane high-risk, high-reward plays. Maybe, this is an opportunity to build decentralized wallets like metamask that connect to any exchanges and enable you to track your STT. That goes against everything crypto stands for but hey - only death and taxes are certain.
The only downside here is if the market crashes and you get margin-called, you might get liquidated. But, if you’re fast, you can cash-out, sell BTC at a loss, which, is also not an income by any stretch of imagination, as long as your selling price is lower than your buying price.No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisitionThis line appears to be here for the lawyers and the accountants.
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