One of my cousins has started trading in cryptocurrency on some Indian-based Crypto Currency Platform. When I heard that, I have immediately googled and found that it is illegal and the Government is planning to ban it. It has been already a month but I don’t hear any news about cryptocurrency and more and more people are showing interest in digital currency. My question is, let’s say, If I start trading in digital currency, will I be punished by the government once they ban it or, Is it ok if I can close the account when the government bans it?
I have googled a lot but didn’t get much information except that gov’t is planning to ban it.
Crypto is not illegal (not legal also). So your cousin can do trading as long as govt have not made it illegal. There were rumours that govt is planning to ban but same time existing holders will be given time to exit their positions safely.
It’s important to pay taxes to avoid future problems.
This news is a week old. Just go through it once.
I don’t know this will effect or not… but check this article once.
Also I feel, crypto wouldn’t be banned in India, but there might be some restrictions and high taxations.
Also I know some people make good profits using crypto trading, at the same time some people burned their pockets as well. At the end of the day, those platforms will never go in loss, your transactions are highly charged and they take good commissions. That’s why there’s so much of buzz and so many advertisements.