Cryptocurrency as a legal property recognized by New Zealand High court

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Is India accept Cryptocurrency as a legal property like New Zealand did? 

        By disrupting the existing financial system and threatening the superpower (one of the relatively stable and developed economies), New Zealand has introduced crypto assets into its financial system. A recent decision by the State Council’s Internal Revenue Service announced that crypto assets will be legal and taxed by the government. Bitcoin and cryptocurrency contain all the property needed to maintain an asset or property. But they did not call it a cryptocurrency. As a result, New Zealand marked its name as one of the first states to formally develop an appropriate framework for adopting cryptocurrencies. If multiple conditions are met, officials can also receive cryptocurrency as a salary. An employer who pays wages. In cryptocurrencies, they also reserve the right to withhold income tax in accordance with national laws. The acceptance plan does not apply to self-employed taxpayers. There is no currency freeze period and can be simply converted into banknotes. This applies to the conversion of cryptocurrency to fiat currency. As a result, controversial crypto assets (also known as digital assets) are more integrated into the daily payment system.

This decision by the New Zealand government is another step to make the government aware that people want to pay in cryptocurrency because they understand the importance of cryptocurrency. This move is very important, only two months after the announcement of Facebook Libra. The adoption and regulations of the benefits of cryptocurrencies by governments of various countries demonstrate the importance of these currencies and their outlook for the future. Then, it has more customizable features that can provide enough space for SGC to secure gold coins to achieve maximum security, stability, and usability, as well as daily convenient use integrated with the SGC, Pay debit card.

Location: India

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