It is not every day that you hear about a 77 -year -old Indian company that changes equipment to embrace Bitcoin. But that’s exactly what Jetking, a name formerly known for making radios and televisions in India, did.
The company, which then moved into computer education, faced difficult times during the COVVI-19 pandemic. While the world closed, the 200 jetking centers across India have seen the business dry up. Obliged to rethink their future, management has explored about 15 different ideas to relaunch the company.
In the end, they took a big step: to transform themselves into a company focused on Bitcoin.
In an interview with Coinpedia, the financial director Siddarth Bharwani said: “The Jetking decision to maintain bitcoin as an act of the Treasury had symbolic and financial implications, the move aroused the interest of a new class of investors, in particular retail investors in particular the youngest or technophile.” The company aims to have 210 bitcoins by the end of 2025.
Navigation of the cryptographic tax at 30% of India
The strict tax of 30% of India on the benefits of cryptography did not make things easy. But the jetting borrowed a different route.
“We follow a” never sell Bitcoin “strategy,” said Bharwani. This means that the company does not make the benefits on its Bitcoin holdings, avoiding taxable events. Any variation of value is simply noted as re -evaluation reserves in financial reports.
Treat the concerns of RBI cryptography
The Reserve Bank of India (RBI) has repeatedly raised concerns concerning the crypto used for illegal cross -border transfers, like Hawala. Jetking says he takes these concerns seriously and uses an approach first in compliance.
All Bitcoin are purchased via regulated exchanges and recorded by FIU and stored with guards of institutional quality that follow the KYC and AML checks.
Hope for better cryptographic laws in India
While India is working on an official set of crypto rules, jetking hopes for more equitable regulations. The company supports government surveillance, but wishes to go from 30% flat tax to a model of capital gains classified according to the duration of the crypto.
“We expect to go from a 30% flat tax on the gains to a tax model on capital gains based on the period of detention. Activate the transport and compensation of losses, as is the case with other financial assets and the exemption or clarity of the GST when the crypto is used purely as a treasure reserve, not as payment or service, “they said.