Employees in India who receive a salary with crypto money have been warned. It is said that if cryptocurrencies are banned in the country, employees may be in a difficult situation.
Some people working freelance in India earn a salary with cryptocurrency. Employees who can receive money without institutions such as banks gain advantages in issues such as transfer fees and speed.
Some companies that work with these people prefer digital assets due to tax and regulatory convenience. But some lawyers have warned employees of the potential cryptocurrency ban in the country, Mint reports.
What if cryptocurrencies are banned?
India is preparing to introduce a bill to ban cryptocurrencies. In addition, it has also been announced that a double tax will be levied on crypto currencies in the country.
Lawyers state that if there is a ban on crypto assets, those who receive their salary with these money may have problems. In such a scenario, employees may have to sell all of their assets on international exchanges.
J Sagar Associates law firm partner Probir Roy Chowdhury says the legal place of cryptocurrencies in India is still unclear. Stating that people continue to trade for this reason, Chowdhury said, “It is not illegal to buy and sell or receive payments. But it’s not legal either. ” said.
If employees experience a legal problem with these money, it may be difficult for lawyers to help employees because the laws are not clear.