Apple removed some apps from its App Store in India because the Indian government said they were not following the rules. These apps are used to trade digital money like Bitcoin and others. But these apps can still be used on Google's Play Store, and it is not clear if Google will do the same as Apple. Some people in India use these global platforms to avoid paying taxes on their crypto profits. Read from source...
- The article title is misleading and sensationalized. It implies that Apple has banned all global exchanges from the App Store in India, while the truth is that only some of them were removed after a government crackdown. A more accurate title would be "Apple Removes Select Global Exchanges From App Store in India After Government Crack Down".
- The article uses vague and imprecise terms like "digital assets" and "cryptocurrencies", which can confuse readers who are not familiar with the topic. A better term would be "decentralized digital currencies" or "DDCs", which more accurately reflect the nature of these transactions that are based on blockchain technology and do not rely on intermediaries or central authorities.
- The article does not provide enough context or background information about the reasons for the government crack down, such as the recent reports of money laundering, tax evasion, and other illegal activities involving some DDC exchanges in India. It also does not mention the efforts of the Indian government to regulate and tax these transactions, which could be seen as a positive step towards legitimizing the industry and protecting consumers from fraud and risks.
- The article portrays the finance ministry's warning as a unilateral and arbitrary decision, without acknowledging that it was based on the recommendations of the FIU, which is an independent agency responsible for combating financial crime and ensuring compliance with anti-money laundering laws. The article also does not mention that some of the exchanges, such as Bitstamp, have already complied with the local regulations and are still operating on the App Store in India, which contradicts the claim that they are all banned or blocked by Apple.
- The article uses words like "unlawful", "non-compliance", and "obstruct" to create a negative and hostile tone towards the global exchanges, while ignoring the fact that they have been offering their services to Indian users for years, despite the lack of clear regulations or guidelines from the authorities. The article also does not explore the perspectives or interests of the global exchanges, which may have legitimate reasons to operate in India, such as providing more options, liquidity, and security for traders who want to invest in DDCs.
- The article implies that Indian traders are migrating to global exchanges to avoid taxes, without considering that they may also be seeking better opportunities, prices, or features that are not available on the domestic platforms. The article also does not mention that India has a large and growing population of crypto enthusiasts and investors, who represent a significant portion of the global DDC market, and who deserve to have access to a variety of exchanges and services that suit
Negative
Key points:
- Apple has removed global exchanges like Binance from its Indian App Store after a warning from the finance ministry.
- The finance ministry accused the exchanges of unlawful operations in India due to non-compliance with local tax regulations and anti-money laundering rules.
- The websites and some apps of these exchanges are still accessible in India, but many traders have migrated to global platforms to avoid taxes.