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Let’s talk facts.
Before November 2016, Zebpay was doing an average trade of Rs 70 crores per month. This increased to Rs 100 crores per month in November and December. So a total of Rs 60 crores more in 2 months.
Is this even worth for black marketers to look at? Especially when bitcoins are volatile and prices can fluctuate. Has the volume surged because of laundering or because users are looking at alternate investment options because of demonetization or because of bitcoin prices rising, US elections or Italy’s referendum.
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In the India Today report, they mention that agents charge a 20% premium over Zebpay bitcoin price to convert black money to white. Since the user would get bitcoins only against his PAN card and in the verified bank account, the entire sum would attract income tax. So the user may end up paying 45–50% on converting black money to white using agents.
Does this even make sense? Wouldn’t it be better for a user to just declare his undeclared black money in the new tax declaration scheme by the government and save all the harassment?
Bitcoins always leave a trail. User PAN card details, mobile number, bank details and the transactions are all recorded. Isn’t it easier to buy gold? Or stocks in someone else’s name? Or property if the amount is huge, compared to bitcoins?
Bitcoin is not for black marketers. Selling them and getting the money in cash will always be a big problem for regular users. Please do not get influenced by any ‘agents/promisers’. Please declare your black money, pay taxes and with the balance money, you can invest in assets that comfort you.
And lastly, bitcoins has been the best performing asset of 2016.
Author: Saurabh Agrawal, co-founder and CEO, Zebpay
