Many of young entrepreneurs are confused about the legitimacy of Bitcoins and other cryptocurrencies in Pakistan. Recently some media section reported that FIA and FBR are going after Bitcoin and Onecoin traders. Here is the reason why the authorities have reservations over such currencies and how you can save yourself from any kind of questioning from the government agencies. Bitcoin Pakistan
First of all, it’s a huge tool of money laundering and tax evasion. Those who have gathered black money usually keep it in cash form. Whenever they want to purchase property with this black money the law enforcement agencies and Tax authorities may interrogate them about the source of the income. That’s why corrupt people use Bitcoin as a tool for money laundering. Bitcoin Pakistan
They can hand over the black money to a Bitcoin trader who will sell them Bitcoins. Then the Bitcoins purchased with the black money can be easily sold in a foreign country and when foreigners send money to Pakistan via bank, this money shall be considered white money. In Pakistan, foreign remittances are not only exempted from tax but also institutions do not question about its source. Bitcoin Pakistan
Therefore, whenever you sell Bitcoins to someone, ask him to pay you via cross check or bank transfer and never in cash. This way you can give money trail to the institutions. Moreover, show this business activity in your Annual Tax Return. Bitcoin Pakistan
For time being there is lack of legislation in our country regarding cryptocurrency. However, soon laws regarding such currencies shall be enacted that will protect government’s interests and traders interests as well. Finally, don’t be afraid if you have not been involved in any illegal activities. If someone questions you, you just provide receipts and details of transactions. Mere buying or selling cryptocurrency is not a crime but its misuse is a crime. Bitcoin Pakistan.
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