Mumbai: The finance minister Artun Jaitley, in his speech stated the government of India does not consider crypto currency legitimate. Investors who have been trading in bitcoins have lauched off this tall claim. One investor who spoke to Free Press Journal has been a legal investor in crypto currency and now been able to fund his son’s higher medical education with that investment.
Ashutosh Gogate, a 57-year-old consultant laughed at Jaitley’s claim, stating previous too many countries have tried to shut it down, but now have got crypto currencies listed on NASDAQ. Indian politicians too need to learn from this. “Countries that are technologically way ahead like Japan, America, Russia and China tried to shut these exchanges and they realised they will have to shut the entire internet. Instead they have now got the bitcoin company listed on their markets, NASDAQ. India can learn from them. Moreover, the politicians are aware everything is transparent and legal,” Gogate said.
The investor interested in trading in bitcoin has to start an online account, provide address proof along with bank details and pan card proof. The transactions are all online, connected with one’s own bank. “This is all legitimate and transparent, where is there scope for shady dealing? The trading is connected with the pan card and one’s bank account. I have also declared it in my income tax returns,” explained Gogate. He quipped further, “Why is the government taking taxes on these transactions if it is not legitimate?”
For a middle class family like Gogate, even though he is a consultant, to pay expensive fees for a child’s higher education is not easy. Gogate’s son is studying dentistry and has to pay few lakhs of annual fees, which he says he has been able to do only because of his crypto currency investment since last three years.