After the long waited time the bitcoin discussion to come to an end by the end of July.
According to the CNBC India report, the Inter-Disciplinary Committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, will be announcing its most awaited report on bitcoin by next month, after which the Securities and Exchange Board of India (SEBI) will be asked to get involved in the process of regulating bitcoin transaction.
The legalizing of bitcoin will be coming with some set of rules like:
- The bitcoin investors would be liable for the tax.
- The bitcoins will be coming under the RBI 1934 Act under the law.
- The guidelines will be set by the RBI to invest and buy bitcoin in India.
- The profit gained from the investment of bitcoin would be taxed by the User.
- The FEMA Act will be levied on foreign payment made using bitcoin.
The bitcoin trade analyst, Chris Burniske tweeted regarding the increasing trade of bitcoin from India accounted about 10% in May 2017. As per his tweet, the trade volume of India accounted for 16,754.76 coins. Ranking Fourth position on the bitcoin cryptocurrency trading market.
Now when the position of bitcoin industry in India getting stable. The bitcoin exchange in India formed a self-regulatory association the Digital Asset and Blockchain Foundation of India (DABFI) which includes Bitxoxo and other major bitcoin exchanges of India for creating awareness of the cryptocurrency and establishing the trading platform with strict rules of KYC to be followed by users.