India Gold Tax & Confiscation; Bitcoin as Wealth Protection
Amid the government’s war against cash, local authorities have begun to regulate and restrict gold, a store of value that has been the foundation of the Indian culture and society. Gold holders are being taxed and threatened, as the Indian government continues to fight “black money.” However, one major issue persists in the government’s impractical strategy to eliminate illicit transfer of funds. That is, regardless of the intentions of the Indian government and Prime Minister Narendra Modi, it is the general population or 99% of citizens and residents that are being negatively affected by....
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Indian Prime Minister Narendra Modi’s demonetization of 500 and 1,000 rupee banknotes has thrown India’s economy and financial systems into turmoil. Local residents now struggle to obtain cash to support and finance their day-to-day living. The government’s restriction on gold importation is also affecting the general population, as 78% of Indian....
Indian mainstream media outlets, including The Times of India and India Today, have begun to extensively cover Bitcoin amid the ongoing crackdown on gold holdings and importation. Some news networks have also expressed their optimism towards the increasing demand for Bitcoin as it is helping the government realize its failing initiative. To the credit of the Indian government, the confiscation, restriction and ban on the importation of gold and the demonetization of banknotes were imposed for the purpose of decreasing criminal activities within India. The initial thought process behind....
Gold, which most investors and traders consider as the world’s safe haven asset, may be banned by India in the upcoming months. India is one of the largest gold importers around the world, purchasing around 700 tons of gold per year. Experts state that the demand for gold in India is higher than most assets and reserve currencies, arguably making gold the most valuable asset in the country. However, reports suggest that the government may be planning a ban on the importation of gold, as gold premiums reached two year highs this month. Chirag Thakkar, a director with Amrapali Group noted:....
Russian Prosecutor General Igor Krasnov has revealed that legislative amendments are being prepared on the confiscation of crypto assets. “A serious challenge is the criminal use of cryptocurrencies in our country,” he said. Russia is preparing amendments to the current legislation to allow for the confiscation of crypto assets found to be proceeds from crime, Tass reported Wednesday. The announcement came from the prosecutor general of the Russian Federation, Igor Krasnov. He was speaking at a conference of heads of prosecutor’s offices of European states in St.....
The billionaire warns about incoming asset inflation while recommending Bitcoin and gold as he continues warming to cryptocurrency. Bitcoin (BTC) can offer protection against the "depreciating value of money," newly-bullish investor Ray Dalio says.In a Reddit "Ask Me Anything" session on Dec. 8, Dalio, who last month abandoned his skepticism of Bitcoin, said that the cryptocurrency could complement gold as an investment.Dalio: Bitcoin "could be diversifier to gold""I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting....