My Indian friends, here is how to pay "Legally" ZERO Crypto Income Tax!

Many would have heard the EVIL 30% (capital gain) tax by Indian lawmakers becoming law from April 01, 2022. This is excluding TDS (tax deducted at source), losses from crypto CANNOT be declared OR ADJUSTED with any profits from same or other cryptos, basically killing all trading activity for billion+ people. Therefore, I came up with below steps:

These are the steps you may follow to avoid 1% TDS and other complications (consult your tax advisor first):

1. From INR buy USDT at your local exchange (with KYC).

2. Transfer out this USDT to an external exchange (non-kyc), many out there.

3. Buy Monero (XMR) at this non-KYC exchange

4. Using Monero, buy BTC, ETH & other shitcoins from this (non-KYC) exchange

5. Now, transfer out these coins to your "offline non-custodial wallet".

Now, HODL until death or until whenever you wish to.. Considering you made tremendous profits HODLING over the months/years...

1. When wanting to sell, convert necessary profits to USDT (at non-KYC) exchange.

2. Transfer same amount of USDT (as once bought) to your initial Indian exchange (with KYC)

3. Cash out selling USDT to INR, giving you same amount of INR.

4. No profits, so no taxes.

EDIT: For below, do it at your own discretion OR HoDL until tax laws in India become more favorable so you could decalre & pay lower taxes. Below is NOT an advice.

10a. Take citizenship in another country for less than $100K, many options are and will be emerging, for tax free crypto holdings.

10b. If 10a, is not preferred, For the left over crypto at your "offline wallet" or at non-KYC exchanges, convert to BTC or Monero or USDT and cash out at crypto ATMs worldwide to US dollar or Euros or any other currency. It's damn easy, there are 34,000 crypto ATMs worldwide, I've used it &/or use p2p cash transfers for low fees. And you're better off holding stable coins than shitty INR, trust me. You can stake USDT for 8-12% APR meanwhile, better than any Indian bank can offer with INR.

10c. If 10b. is not preferred. Transfer your crypto to a friend or family in western country, ask them to sell your crypto to cash and immediately wire transfer them to you. This can be considered gift money received by you at your Indian account, with none/least tax implication.

At your own discretion, above is a legal way! Tax evasion is illegal, avoidance is not. Govertment asked for it, you didn't!

Crypto is here to stay, and ecosystem is only going to get BIGGER and LARGER from here. Don't let your local laws dictate what you can or what you cannot do with your own money. Remember, HODLing is perfectly LEGAL in Indian jurisdiction. What you do after that, is at your discretion.

More more info, see: https://postimg.cc/87vWwVMM

PS: Bookmark this post for future reference!