Hey Steemians,
As estimated by industry experts, about 100 Billion USD were exchanged by Indians to trade in Cryptocurrency back in year 2017 which makes clear that India stands a great potential in crypto-market. As India takes a step heading towards Crypto world, Indian Cryptocurrency exchanges plan to create a central repository of users which would help create and maintain a real-time record of transactions made digitally. As the Indian budget was announced early this month, Finance minister of India Arun Jaitly said “The government does not consider Cryptocurrency legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” But Government has identified the use and effectiveness of Blockchain and ready to explore use of this technology proactively for digital economy growth in India.
Cryptocurrency holds huge potential in India as almost 5 million people have been buying and selling in Cryptocurrency every day. President of Pundi X, Constantin Papadimitriou states that one out 10 transactions in Bitcoin is from India. Policies to regulate the use of crypto are being framed in India. Blockchain and Cryptocurrency Committee plans to submit a proposal to government for reconsidering their say on Cryptocurrency. The plan offers to trace the purchase data of Cryptocurrency by buyers and sellers by linking Aadhaar ID ( 12 Digit Code issued to all Indian citizens as a unique identity) or a PAN ( 10- Character code that acts as an identification for individuals, families and corporate, especially those who pay Income Tax).
Secretary in the department of economic affairs, Subhash Chandra Garg said that the government is set to regulate Cryptocurrency in India. He also added that on March 31st, 2018 government will come up with proper regulatory rules on Cryptocurrency and exchanges. As the government fears that the trading would have led to terror funding, Income tax department keeps a close eye on BTC traders especially the ones who have been trading for more than 10 Million USD on daily basis. 10% of the Bitcoin traders in the world are known to be Indians. As the Co-founder of Cryptocurrency exchange speaks, “There have been tax surveys at our exchange but there is no rule in India to stop Cryptocurrency trade. So we continue the buying and selling on our exchange and we follow KYCs before allowing customers to trade. Also, none of our trades are in cash.” Although government announced Cryptocurrency as illegal tender, but at the same time no Ban has been declared on its trade.
People have been facing many issues in functioning of banks or registration for crypto-world but these issues will not be take a lot of time to be resolved. Time is being taken by regulatory framework on Cryptocurrency in India. The reasons for the same can be nature of technological innovation and confusion that how it should be regulated. India has been ranked in the top list of digital currency trade and knowledge base for the same. Legitimate plans will be introduced as the financial year ends which will determine further growth of Cryptocurrency in this nation.
