We're getting closer to the end of the financial year 2017-2018 and a lot has transpired in India with respect to cryptocurrencies. The government is mulling a framework around them but the banks continue to arm-twist major exchanges preventing smooth operation.
In recent times couple of Indian bitcoin exchanges are shutting down citing government policies or lack thereof as the reason but the truth is that Indians are queuing upto cryptocurrency exchanges in the country to buy Bitcoin and alt-coins.
Steem however isn't in the picture yet in the list of popular cryptocurrencies in India. So far they are Bitcoin, ETH, LTC, XRP, TRON, OMG, BCH, GNT, BAT and others. Some of the older Bitcoin only exchanges are now starting to offer alt-coin trading as well.
I've been using Coinome, Coinsecure, Unocoin in recent times and have had a good experience with them.
Indian government is nowhere close to recognising any of the blockchain based virtual currencies as currency and prefers to call them cryptographic-assets. Just a fancy name that announces that they don't know jack.
Indian government and the bankster squad seem to be welcoming the underlying blockchain technology. It has multiple use cases and the government including the PMOs office has stated they are looking into it.
The tax department is on a roll sending notices to HNWIs for tax evasion and trying to unearth as much money as possible from investors, investing in cryptocurrencies. However, if you are declaring your returns from cryptocurrencies then you will be fine. I suggest everyone to file their income tax returns this year to avoid any run-in with any government agencies and prevent any further scrutiny into your personal finances.
I will keep us all posted here on Steemit on the factual developments taking place in India. I really hope the government welcomes cryptocurrencies and makes it easier for everyone from India to trade in these new financial assets.
For the time being please don't listen to any mainstream media FUD. There is no ban on trading in any type of cryptocurrencies. Trading activity is going on as normally as it has in the past year. There's nothing and no one to fear. Good luck.
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