Indian Supreme court moving closer towards Bitcoin regulation in India
Indian Supreme court is the latest legal authority responded to a petition regarding “Bitcoin regulation” in the country, according to the latest news from Indian media source “The Hindu” , 3 justices from Indian Supreme Court responded to a petition which seeks a clear regulatory Framework of Bitcoin in the country, Supreme Court ordered Government to update on the matter as soon as possible. Indian Ministry of Finance, justice & Law are instructed to update on the legal framework of Crypto currency in world’s largest democracy. Indian Supreme court also asked Reserve Bank of India to participate in that committee and update on the matter along with member of securities and exchange commission.
The Petition which was filed earlier seeks the clarity on legal framework of Bitcoin and other crypto currencies in the country. India is world’s second largest country in terms of population and with that it is one of the best performing emerging economies around the world with GDP growth rate of 7%. Craze for Bitcoin and other crypto currencies spreading like fire in the country and many local bitcoin exchanges are currently working in India and adding thousands of members on daily basis and numbers are growing by the day as there are more than a million Bitcoin holders in India.
Regulatory Framework is really essential for India as number of Bitcoin transactions are increasing and even they don’t know under which regulation they are trading this Crypto currency as this still unclear to put Bitcoin as a currency of commodity in India. Reserve Bank of India issued a press release earlier this year and stated that they are considering all options for Bitcoin and working with experts to find a solution for its regulation. One thing is for sure that Bitcoin is a buzz word in India and sooner or later Indian government need to find a clear path towards regulation of Bitcoin in the country.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share