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Cryptocurrency Trading in India On a Positive Roadmap

Suraj

February 13, 2018

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Many times Reserve Bank Of India ( RBI ), apex bank of the country warned it’s citizen to refrain from trading in cryptocurrency. It said that it is a Ponzi scheme and you will lose all of your money.

Breakdown

Not only RBI, but also Finance Minister of India Mr. Arun Jaitely also quoted many times that trading of bitcoin is not safe. It is not regulated by anyone. On 1st Feb while presenting budget he also mentioned that Bitcoin is not a legal tender.

So rattled by Finance Minister all the cryptocurrency exchanges of India are planning to make a central repository of users that will help to create and maintain a real-time record of transactions.

While registering on any exchange a user has to submit his PAN and Aadhar Card details. With the help of this government can easily trace the purchase and sell data of any user. Details such as the total number of cryptocurrency held its value as well as the complete pattern of buying and selling.

Mr. Ajeet Khurana who is heading the Blockchain and Cryptocurrency Committee (BACC) of the Internet and Mobile Association of India, consisting of seven cryptocurrency exchanges as its members said we are planning to submit this proposal to the government committee which was set up by Government of India to look into the issue of cryptocurrency.

Mr. Khurana mentioned that there aim is to submit this proposal to the committee, which is headed by Economic Affairs Secretary S.C Garg, within a week. As they are expected to submit its recommendations by March. The government is also expected to appoint a regulator to monitor trade in cryptocurrencies.

In past months Income Tax department has sent out an estimated 100,000 notices to investors asking them to reveal the source of investment, profits earned on cryptocurrency trading and to pay the applicable tax.
As during his budget speech Mr. Jaitely mentioned that government will eliminate the use of crypto assets in financing illegitimate activities. And after his speech panic selling started in India.Right Now the market is almost stable.
 Now, Let’s see what S.C Garg committee recommends in his report to Government of India, And after that action of Government.

 

 

 

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