Right to Recall
Party
हि । en

Rahul Mehta Gandhinagar LsCandidate

"Experts" in Finance Ministry of India suggest that GOi should ban bitcoin and cryptocurrencies !!
.
Chinese Govt allows bitcoin, and Chinese Govt has made cryptocurrency of its own --- i.e. a Govt run crypto-currency
.
https://news.bitcoin.com/indian-government-take-immediate-steps-to-stop-bitcoin-use/
.
https://futurism.com/china-becomes-first-countrchina-becomes-first-country-in-the-world-to-test-a-national-cryptocurrencyy-to-test-national-cryptocurrency/
.
My proposal is that Govt of India should legalize BitCoins. And Govt of India should also make two crypto currencies -- one in which ALL names of all account owners are public and their balances and transactions also become public. And in another - same as bitcoin.
.
Cryptocurrencies will play important role in "dealing" with GST !! As time goes, we will see whole chains of transactions where from top to bottom people are using bitcoins and sucessfully evading GST !! And as more and more people use cryptocurrencies , the honest traders and manufacturers will suffer.
.
Wealth tax is immune to cryptocurrencies i.e. a country that uses wealth tax doesnt get any damage when people use cryptocurrencies . And to a considerable extent, income tax too is immune to cryptocurrencies . And wealth tax reduces the incentive to deal in Cryptocurrencies to almost zero. Income does create some incentive to deal in Cryptocurrencies , but less than GST. Whereas GST increases the incentive to deal in cryptocurrencies, and cryptocurrencies also damage a country that depends on GST !!

Post Information

Author: Rahul Mehta Gandhinagar LsCandidate

Date: Sat Aug 05 2017 15:35:36 GMT+0000 (Coordinated Universal Time)

Original: View on Facebook ↗