India: the media create the panic around tax the cryptocurrency. Will this affect the course?

India: the media create the panic around tax the cryptocurrency. Will this affect the course?

This week, India “really pushing hard” for holders of the cryptocurrency and made them harsh tax requirements.

So said today the major media such as the Financial Times and Quartz, despite the fact that this position of power held in December 2017.

In the repeated round to create buzz around cryptocurrencies by misinterpretation of facts, several publications have warned that 100,000 investors who “missed paying taxes”, today received a letter demanding to repay the debt.

That number “could rise to 500,000,” adds Quartz.

This month, regulators in India have focused on the traders of bitcoins. This is because Indian authorities have noticed the impact on the exchange rate of the cryptocurrency has had a mistaken interpretation of the words Arun Jetley. The speech of the Finance Minister that the media have presented under the headings “ India bans Bitcoin” has provoked the fluctuations in the prices of cryptocurrencies.

While a local company and the stock exchange understood that created “FUD”, the impact on the markets remained palpable.

The subject of taxation differs little from the topic of full prohibition. Local news media Trust of India in December announced the government’s plans to involve the payment of taxes “400 000 – 500 000” users.

100 000 letters sent out, caused a storm this week, seem to be just the first item on the pre-agreed plan, and no new indications beyond the stated Chairman of the Central Board of direct taxes, in fact, not received.

“We found that not all investment cryptocurrency traders it was stated properly. We want to make that clear. We informed all DG (the General Directors of tax) throughout India. They issue notifications, and taxes will be collected,” – said the Chairman of the Central Board of direct taxes Sushil Chandra.

The so-called “aggression” on behalf of regulators only affects really rich people, and there are exchanges of about 25%.

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