How are you supposed to turn the coins into FIAT where it's actually usable?
At that point, you cannot move your money around however you like, you can only move the tokens around on the blockchain.
At that point, you cannot move your money around however you like, you can only move the tokens around on the blockchain.
The holders obviously.
Bitcoin allows any Indian with a cellphone to easily exploit global arbitrage opportunities (BTC/INR and */INR to /) , bypass capital controls, and save money in a medium that the Indian government cannot debase. At least a few million people (especially the international traveler class) will find these characteristics extremely valuable whatever the status of local regulation.
Ignoring the 6,000,000x return over the last 12 years to make a point about it being flat in the short term? Not a great counter attempt.
How would that work? Can't you just not donate the house, after they have given you their crypto?
1) I'm not familiar with tax laws in India (or Brazil) but in many places this would trigger gift taxes, imposing a large financial overhead to this transaction.
2) The regulatory bodies monitoring for illegal transactions will see right through this one.
But why would you want to sell a house this way instead for a permitted means of payment? Even if your scheme is unlikely to be detected, if does add a nontrivial risk of getting detected (or getting intentionally exposed, or blackmailed to get exposed) and get very unpleasant consequences for that, and given the extra difficulties of enforcing the deal, you would likely expect a significant extra markup above "normal price" to sell the house this way. Furthermore, if this is criminalized, then even offering or requesting this as an option carries some risk.
Also, I'm not informed of Indian law, but in most western countries this "donation of house" would definitely incur a significant tax and possibly trigger a tax audit/money laundering investigation. Combined with the risk markup, that would meant that laundering cryptocurrencies would be somewhat expensive. Not impossible, of course, money gets laundered - but it would mean that you would actually have to follow all the inconveniences, risks and costs of a money laundering process if you'd want to handle cryptocurrency, and that would discourage many people from doing so.
I can think of a few reasons. The buyer offers you a large premium, you know people who can help you offload the currency, you have no interest in keeping your capital in a controlled environment, maybe you're selling your house because you're leaving a country and taking bitcoin or whatever is the easiest way to take your capital with you.