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Indian Crypto Bill Latest Update || Ban!? || 14.12.2021

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Indian Crypto Bill

This is an important update regarding the Indian crypto bill that I am sharing with you today. Everyone knows that this winter session is going on inside our India crypto bill, inside which cryptocurrency will be regulated.

Update on Indian crypto bill?

All these things have been mentioned, and the bill is to be introduced here. Still, the Indian crypto bill has not been introduced yet in the winter session of 2021, and the winter session will also end on December 23rd, 2021, which means there are very few chances that our crypto bill will be introduced this time in this session.

Still, an important question-answer session has taken place inside the Lok Sabha, where questions have been asked regarding cryptocurrency regulation.

What question was been asked on the Indian crypto bill?

The Ministry of Finance has answered these questions. If we see the questions mentioned are whether the Government is ready for the regulatory framework for crypto coins, If it was ready, then why the delay? Is the Government aware of this thing? How many people in India invest in cryptocurrencies? Many such questions have been mentioned. Still, the answer is that two answers are answered, which is very interesting.

The first answer is that currently, cryptocurrency in India is unregulated. Therefore, the word “illegal” is not used in the Government’s current answer because the cryptocurrency in India is unregulated. 

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Indian Crypto Bill 2021

So, it is illegal for those who worry that it will be banned. There is nothing like that in the Government’s answer. The Government answers that cryptocurrency is unregulated, and work is being done for regulation. 

And the second point given here is that the Government has no data regarding cryptocurrency transactions. The second answer is that the bill on cryptocurrency and regulation of official digital currency is being finalized for consideration by the Cabinet. That bill is being finalized for consideration inside the Cabinet. 

Additionally, here are some other sets of questions that have been asked. So, the things that have been mentioned in it are What is the Government planning? The second answer is very important. Here it is given that IMC, the Inter-Ministerial Committee, submitted the report related to cryptocurrency in 2019.

To know more about this Crypto bill, you gotta check our short update article on it right now!

Indian Government still planning and yet to draft Indian crypto bill

A regulatory draught was prepared regarding cryptocurrency, which I already discussed many times with you on my channel. So many things have been examined inside it. It has been checked. A new bill has been prepared by taking its reference. 

One thing has been said again that it is under finalization for the consideration of the Cabinet. It is being financed for the consideration of the Cabinet, so this is a very important update.

The Government is finalizing the Indian crypto bill. There is going to be a discussion on it. Very important questions have been asked. There is no negative answer. You can also check the answers to those questions. So this was an important update for me regarding the cryptocurrency bill. Our cryptocurrency bill has not been introduced yet, but if it is introduced or if any next update comes about, I will share it with you all as soon as it gets out only at?

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Yes! Cryptocurrencysimple.com

Summary

  • This is a very important and urgent update regarding the crypto bill that I am sharing with you today: everyone knows that this winter session is going on inside our Indian crypto bill, inside which cryptocurrency will be regulated.
  • Still, the bill has not been introduced yet in the winter session of 2021, and the winter session will also end on December 23rd, 2021, which means there are very few chances that our Indian crypto bill will be introduced this time in this session.
  • Still, a very important question-answer session has taken place inside the Lok Sabha where questions have been asked regarding cryptocurrency regulation.
  • The first answer is that currently, cryptocurrency in India is unregulated.
  • The government’s answer is that cryptocurrency is unregulated and work is being done for regulation.
  • And the second point given here is that the government has no data regarding cryptocurrency transactions.
  • The second answer is that the bill on cryptocurrency and regulation of official digital currency is being finalised for consideration by the Cabinet.
  • That bill is being finalised for consideration inside the Cabinet.
  • A new bill has been prepared by taking its reference One thing has been said again that it is under finalisation for the consideration of the Cabinet.
  • The government is finalising the Indian crypto bill, There is going to be a discussion on it.

Bitcoin

Crypto News in Russia & Ukraine War Invasion Conflict !🚀 Bitcoin New Digital Gold in War in 2022?

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Russia &Amp; Ukraine

This crypto news update is regarding the Russia & Ukraine war conflict, how cryptocurrency plays an essential role in bypassing sanctions, and much more! So let’s go!

As you guys know, with the Russia and Ukraine conflict going on, crypto has been in the spotlight lately because there are so many sanctions out; therefore, the Russian government wants to use crypto as a loophole. So basically, crypto is becoming more popular than ever. We will address some of the significant issues described in this article. And the overall crypto market guys have been a little bit shaky. 

Lately, the crypto market has been going up and down at the time of the recording, bitcoin is going down again six percent at about 39040, ethereum is down 2686, and Binance coin ( BNB ) is 378. 

It seems like this war conflict will be going on for a while because, as you guys know, Putin and the French president had a long one-hour discussion, and it seems like Putin is not giving away, and he’s going to make this a long-term conflict. 

So can crypto be used to avoid sanctions during Russia & Ukraine

That is an excellent question because, as you guys know right now, many Russian banks are sanctioned, and portions of the swift system are also sanctioned. So this has led to a debate on whether cryptocurrencies, especially bitcoin, can evade the restrictions because cryptocurrency is decentralized. There’s no way to enforce cryptocurrency restrictions.

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It seems like one of the big things that they’re planning to do is that cryptocurrency exchanges will be on high alert to enforce the sanctions, and it goes on to say that every u.s business has to follow the law. So be up to like us entities like Binance, coinbase, and whichever cryptocurrency exchange out of the u.s or any countries that have those sanctions it’ll be up to them to enforce it.

And they’ll be doing this with global watch lists and blocking transactions from different IP addresses from Russia & Ukraine. So it is saying that it will definitely try to enforce it, but there is no guarantee because, as you guys know, people can use VPNs and different things like that.

And then the second issue, guys, is if bitcoin isn’t the digital goal, and I love bitcoin. As you see right now, if you guys had bought into bitcoin like before the pandemic started, you would know that you’re doing pretty well. Bitcoin has a market capitalization of 748 million, along with ethereum. It’s like the biggest or has the most market share globally. So I think it’s definitely a digital goal. It’s going to be around for a long time. So it’s hard to put sanctions around bitcoin.

Just because it has to be enforced, kind of like at the cryptocurrency exchange level, because cryptocurrency costs will be stored like in a wallet or metamask, and there’s no way to implement things like that.

Russia &Amp; Ukraine
Russia & Ukraine

 And then the third major issue that this article talks about is that blockchain technology is proven, and just recently, guys, for the war efforts, Ukraine is now accepting dogecoin and other cryptocurrencies for donation. They have managed to raise 35 million dollars already!

So as you see, cryptocurrency is making a significant impact, and I think as long as you’re dealing with cryptocurrencies like in the top 10 or the top 20, as you see right here, bitcoin, ethereum, TESLA, BNB, & XRP things like that. All of these cryptocurrency guys, they’re proven!

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 okay, there’s like no loopholes, there are no scams, there are no things like that, but some of the other cryptocurrencies, such as smart contracts or meme tokens that people start with smart contracts are very dangerous just because the person that creates the smart contract owns all the tokens but as long as they’re trading with the top 10 or top 20 cryptocurrencies such as dogecoin and so forth I think it’s going to be okay

 I think this is an exciting time to be in crypto; even though the crypto market is not doing too well recently just because of the war efforts and the overall stock market is down, the Crypto market is here to stay going to be a way for people to use as a different way to stash their income stash their assets.

So if you guys enjoy this crypto news update regarding the Russian & Ukraine conflict. With all our informative articles are just for entertainment purposes, I’m not a financial advisor. It’s not financial advice. Please make sure you do research, so thank you guys for reading and having me your time!

Do check out more articles on cryptocurrencysimple.com.

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Smart Tax Strategy All Crypto Investors Must Know in 2022

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Tax Strategy

You’re probably paying too much in taxes. And before you go crazy protesting that we need more tax reductions or tax strategy, let me explain. You know that feeling when you’ve worked so hard for something, and you just cherish it? This could be learning a skill, saving up to buy a car, or graduating from college. Once you have these things, you will do just about anything to keep them.

The last thing you want is to crash a car that you have just saved up for. I think the same goes for taxes. You’ve worked so hard to make money, of course, but saying I want to pay fewer taxes is almost hate speech in some circles. That might be a little dramatic, but there’s a whole lot of protesting. Taxes are good. We need more taxes. We live in a society. 

Yes, I agree that taxes have a purpose, which blew my mind. When I changed how I thought about taxes, what was the government asking us to do? 

The tax code has one line that says all income is taxable unless we say it isn’t. And then they have another line that says no expenses are deductible unless we say they are. Then we have all sorts of charts and graphs telling us how much we should pay. But that’s maybe 30 pages. The existing tax law is over 6,000. The other 5970 pages are just a series of incentives and exceptions to get you to do what the government of any country wants you to do. 

When you pay taxes, you have a partner. But, unfortunately, that partner is the government. So what does this partner want you to do? And how will they reward you for that behavior? 

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I will tell you something that might shock you a little bit in today’s tax law. You’re probably doing it wrong. You can choose to pay high taxes, and the government is wonderful with that. Or you can partner with them, do what they want you to do, pay low taxes, and they’re magnificent with that, too. I would never demonize someone for going on unemployment, nor would I demonize them for trying to save a little bit on their taxes.

Sure, an argument can be made that billionaires need more taxes, but that’s not what today’s article is about. I don’t care about the few billionaires. I care about the average person who is paying too much in tax. So, today I’m going to cover methods that can land you with as little as 0% tax on six and seven-figure profits. And again, this is by working with the government and within their rules. 

Tax Strategy

There are two types of capital gains tax.

So normally, when you sell your crypto or stock for a profit, you’ll pay what’s known as a capital gains tax. There are two major types: short-term capital gains and long-term capital gains tax. 

If you held it for under a year, you’d pay a short-term capital gains tax. Short-term gains are based on your income, which can be as high as 37%. If you hold for more than one year, you will pay for the long term, which is a lower percentage. 

The Magic of Write-offs

And I have some great news right off the bat for those in lower-income brackets. You don’t have to pay any long-term capital gains tax in some situations. For example, if you held an asset for more than a year, your long-term capital gains would be zero as long as you sold it for less than $41,675 in taxable profit in 2022. This is before write-offs because we have capital losses as well. Any time you invest in something and sell it for a loss, this loss can be written off against your capital gains. 

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So here’s an example: Your friend Lokendra has been a bit wild and reckless when it comes to investing. He threw $40,000 into two separate DAOs, promising a reasonable 9.99% Trillion APY. A week later, he sells both of them. One dropped 50%, resulting in a $20,000 capital loss, and the other increased 25%, resulting in a $10,000 capital gain. If he keeps good records, he can benefit from this loss. Lokendra can write off the $10,000 in gains with the $20,000 in losses at tax time.

He’ll pay $0 capital gains tax on those $10,000 of gains. And now, even better, he has the remaining $10,000 that he can use to write off either against future capital gains or $3,000 per year against ordinary income. This is a must-use Tax Strategy if you have any capital losses. Of course, consult with your accountant first, though, because this is for entertainment purposes only.

Tax Strategy
Tax Strategy

Tax Strategy # 1

But losses aren’t exciting. So we want to know how to save against massive gains. One kind of revolutionary method of tax savings is using a CRT. This is one of the few ways to save tax on capital gains after you’ve already made the gains but before you sell. 

How this works is you have a lawyer set up a Charitable Remainder Trust. You send your assets to that trust, which is actually tax deductible because it’s considered a charitable entity. Then, every year you get paid an annuity payment from that trust. This happens until you die. Once you die, the remaining funds will go to a charity you specify when you set up the trust. But what about sending an inheritance to your kids? It’s one of the biggest points of making money.

Many people will do that for their first few years’ worths of annuity payments; they will buy a life insurance policy with their children as a beneficiary. So the tax bill is reduced by doing this; you get payments for life, your kids get an inheritance once you die, and you benefit from the charity at the end. So it’s a pretty neat deal all around.

Tax Strategy # 2

Next, we have something a bit more controversial. It’s called a “deferred sales trust, or “DST.” The idea is to create a deferred sales trust, and Let’s say you bought $100,000 worth of Bitcoin, now worth $1 million. First off, Congratulations. You would sell the trust your Bitcoin for $100,000 because this technically means you have no capital gains. 

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Then the trust can do various things with those assets, like sell them, reinvest in them, or pay you installments. However, many people seem skeptical of this approach because it lands in a legal gray area and can be quite expensive. So it seems like this wouldn’t be the very best option for most people. But I wanted to just highlight everything in this informative article. 

Tax Strategy # 3

Now let’s talk about something a bit easier to do and great, either if you expect to see a ton of capital gains in the future or if you’re a frequent trader. This is amazing. This is called a self-directed IRA.

I have explained IRA in detail over here, Do check this out: Bitcoin IRA

So a self-directed IRA is a retirement account basically in USA. Except being limited to specific investments like stocks or mutual funds, you’re able to invest in all kinds of assets. 

So, with a self-directed IRA, you can place crypto directly into a retirement account. Let’s do an example using a Roth IRA. We’re investing $6,000 in Bitcoin, the annual contribution limit, into a self-directed Roth. You’ll pay regular tax on the money going into the account, just as you would with any normal investment. But after that, you pay zero tax, even if you trade within that account every day from one crypto to another until retirement. So you deposit $6,000. 

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Let’s say you traded your way up to $100,000 by the time you were 59 and a half years old. At that time, you could take your profit of $94,000 and pay no tax. If you’ve done this in a regular account, you’d be hit with a tax on every single profitable trade, lowering your amount with taxes every single time. 

People might now stay away from this because you can’t begin to pull out profits without a penalty until age 59 and a half. But there’s a loophole for this. I’m telling you, there is a loophole for literally everything. 

This is called SEPP. This will allow you to remove funds from your account without a penalty, as long as you spread them over five years’ worth of payments. Doing this allows you to have an early retirement. If you hit it big, you don’t have to wait till 59 and a half. Of course, please talk to an accountant if you want to use this kind of more loophole-type Tax Strategy.

Tax Strategy # 4

Now, remember, there’s not much you can do. After you sell Well, that was a bit of a fib. You can do some things with your profits, but it’s a bit more of an active approach. 

This is using your profits to invest in opportunity zone real estate. So remember, the government is our partner, and they’re willing to incentivize us to do what they want us to do. The government wants more investment in areas that they deem economically distressed, and you can save a ton of tax by doing what they want you to do. 

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Let’s say you were sitting on $1 million in long-term capital gains on Bitcoin. You’d have to pay 23.8% tax if you were to sell it outright. So $238,000 in tax. But if you were to invest the profits into a qualified opportunity fund, or QOF, within 180 days of your Bitcoin sale, you could save a lot on tax, but this depends on how long you’re willing to keep your money within the fund.

The first is tax deferral. Investing your profits in a QOF means the taxes are deferred until either December 31, 2026, or when you sell the QOF position, whichever comes earlier. If you keep your money in the fund for at least five years, then 10% of your profit will be tax-free, meaning you’ll now only be taxed on $900,000 in profit instead of $1 million in profit. At seven years, 15% of your profit is tax-free. 

But remember, you still have to pay tax on the profits from your new opportunity zone investment because that is ideally appreciated as well. 

However, at ten years, you can completely avoid the capital gains tax on the appreciation of your opportunity zone investment on top of your 15% savings on the initial profit. And the idea is by the time ten years goes by, you’ve been able to earn far more money off of that opportunity zone investment. But, again, this is a bit of an advanced Tax Strategy, so please talk to a tax professional.

Tax Strategy # 5

Now let’s finish off with the most powerful and probably impractical way to avoid the oversight of Uncle Ben simply giving up your US citizenship. To do this, you’ll need to have citizenship from another country, and luckily for you, some countries will just sell you one. 

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For example, Lokendra and Divanshu will sell you a passport for $100,000, and you’ll just need to be a resident for five days. The overall process takes about three months. 

This will allow you to travel to 150 countries visa-free, which isn’t bad at all. For ultimate travel freedom, though, you’ll probably want to go with Malta. Malta offers 182 visa-free countries, but you’ll need a fork up around €750,000 and have lived there for a year. However, even this doesn’t mean you avoid current taxes. 

If you meet any of these criteria, you’ll have to pay taxes on assets, even if you don’t sell them before leaving your citizenship. This is called a “Mark to Market Tax.” Now, there are certain exclusions and exceptions to this, but the point is that you’re not going to avoid taxes completely on your exit. 

It is not recommended to do this!

Next, I want to warn you because many people don’t know this and it could cost you a lot of money. If you trade one crypto into another, say Bitcoin into Doge, this is treated like selling Bitcoin and then using the profits from that sale to buy Doge in the eyes of the IRS. 

So if you have a lot of profits in one crypto, just make sure to consider it before you sell it or swap it into another crypto because that will be a taxable event. And after you sell, the cat is basically out of the bag. So it’s much harder to save tax at that point. 

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A Conclusion on Tax Strategy 

So, as you can see, navigating taxes is often a matter of understanding what the government wants and its rules. Once you know this, there are all kinds of creative angles that you can take to pay a more reasonable amount of tax. If I missed any Tax Strategy, make sure to comment on them down below the article post. I hope you have a good day! A sweet wave by Pushkar from cryptocurrencysimple.com.

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What If Cryptocurrency replaces USD in future if it ever collapses 2021?

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Cryptocurrency Replaces Usd

Okay, so this article is based on my reply and what I think about if cryptocurrency replaces USD Dollars in the future. Someone on my previous article post commented and asked cryptocurrency can replace US dollars!? So let’s find out and discuss it.

It will become the world’s reserve currency.

A disclaimer: I am neither a financial consultant nor an investment counsellor. I’m just a regular person with an opinion. So, incorporate whatever I say with a grain of salt into what you already know or have researched. Nothing I express here should be construed as financial or investment advice.


Cryptocurrency Replaces Usd

So allow me to clarify. To begin, a definition of money:
Money serves as a medium of exchange. Each unit must be: • portable – (usually) easy to transport or access
• Longevity – it preserves its original form, feels, and function throughout time.
• Divisible – It can be divided into many smaller pieces, each of which has a fraction of the value of the original piece; and Fungible – It may be freely traded, and each division (smaller piece) of the original has the same value to everyone.

This is not the same as money. Consider this concept in terms of MONEY, such as gold, silver, and platinum… Most people believe things have inherent worth throughout time, regardless of the value of any paper money (currency) that may be equated to it.

Bitcoin (BTC) falls under the Money category rather than the Currency category. It is the first money that fits all of the conditions I outlined above. In the Portability section, even “valuable metals” are absent. That is why the United States established Fort Knox to house vast amounts of gold. That’s another tale, but the short version is that prominent countries were allotted rooms. Gold was moved from room to room as we exchanged to track who held what percentage of the gold in each room.

BTC will become a store of value since it fully fulfils the concept of money (as long as you have a smartphone or computer). Therefore, you should keep it in this account when you are afraid that your currency may lose value.

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Here’s a quick example:
Assume that I am a college student in the early 1970s. A gallon of petrol would cost me 12.9 cents (US). Now I’m lucky to be able to find it for $2.90 per gallon. It’s the same $1, but its purchasing power has decreased over the previous 50 years. In the other direction, gas is now 2248.06 percent more costly.

This is a standard definition of inflation. TODAY is always the most valuable day for your cash. The exact denomination of money will purchase less next week, next year, and 50 years from now – that is a guarantee.
So we may now discuss a “Value Store.” Gold prices ranged from $35 to $65 per ounce in the early 1970s.

If you repurchased gold then, that same ounce is now worth roughly $1400. That’s a 2800% gain (at $50/oz). As a result, when the same dollar was converted into gold, it maintained pace with inflation. Consider this: if you filled your automobile in 1972, then bought the same amount in gold and held it till today, you could turn that gold in, fill your car now, and have a little leftover.

That is what a Store of Value accomplishes for you.
What does this mean for BTC? First, anyone under the age of 40 is unlikely to “believe” in gold or other “physical” goods as a store of value. Instead, they are rapidly transitioning to a digital economy. For them, BTC is becoming a store of value.

Nations are considering issuing BTC-based bonds, and major exchanges such as CBT and NYSE and crypto-friendly exchanges are becoming more popular. Individuals take their salaries and “save” them in BTC wallets, then use that wallet to pay bills, eat, and live. Some people have a “bank” account that allows them to move money from their source of income to their Bitcoin wallet.

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So here’s what I think on Cryptocurrency Replaces USD:

Cryptocurrency Replaces Usd
  1. Bitcoin will become the world’s reserve currency during the next 5–10 years.
  2. Employers will “pay” their employees in BTC – This is already happening, but it will be the “preferred” option for new businesses and everyone under the age of 35.
  3. There will be severe financial upheavals as a result of this. Countries will not employ this approach if you are old enough to recall 2008 and “too big to fail.” “Too Big to Save” will now be the tagline.
  4. Currencies (fiat money such as the US Dollar) will suffer greatly. We owe more than $20 trillion in debt. As other countries begin to fall, they will look to us to bail them out or pay them back more fairly. Unfortunately, we don’t have that type of money. Therefore this won’t happen.
  5. One of the first signs that this is starting to happen is the 10-year bond yield falling below zero percent. They did this just a few weeks ago. So, if you invest $100 in a ten-year US Savings Bond and bring it in for payment, you will receive $90 back. That doesn’t seem promising.
  6. Those searching for a store of value will look to BTC.
    Okay, I’ll stop ranting now.

The quick answer, in my opinion, is that Bitcoin will become the world’s reserve currency, and every national currency will be assessed against it.

As a result, a country’s currency will be valued in BTC based on how effectively it uses its limited resources and if it lives within its budget. (And deficit spending will be heavily punished since they cannot create the GDP needed to pay their obligations.) For more interesting facts and answers, don’t forget to leave your curious question in the comment section on cryptocurrencysimple.com. Till then, have a great day!

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