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Cryptocurrency and India

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Cryptocurrency and India

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Analyzing different countries perspective on cryptocurrency and what is India's take on it as RBI is currently planning to introduce a law to ban cryptocurrency trading..

Analyzing different countries perspective on cryptocurrency and what is India's take on it as RBI is currently planning to introduce a law to ban cryptocurrency trading..

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Cryptocurrency and India

  1. 1. Cryptocurrency- A way forward Mohit Singla(20DM125) Nidhi Gupta(20DM138) Ojoshwi Bhattacharjee(20DM146)
  2. 2. What is Cryptocurrency? • It’s a digital asset designed to work as a medium of exchange. • Individual coin ownership records are stored in a ledger in a form of computerized database using strong Cryptography • Does not exist in physical form. • It typically use decentralized control. • It works through distributed ledger technology, typically blockchain.
  3. 3. . CountriestakeonCryptocurrency Legal Restricted Illegal Japan USA Germany Mexico France Singapore Bolivia Ecuador Egypt Morocco Pakistan Nepal India Colombia Russia Saudi Arabia Iran Indonesia Vietnam
  4. 4. Japan U.S.A Germany • Cryptocurrency exchange businesses are regulated by the Payment Services Act. • 23 Approved Crypto Exchanges in total • Crypto exchanges are required to register with the FSA. • Businesses like DISH network, Microsoft store, subway and overstock.com allow payments in bitcoin. • The U.S. Department of FinCEN has been issuing guidance on Bitcoin since 2013 • IRS categorizes Bitcoin for taxation purposes. • BaFin qualifies virtual currencies as units of account. • Used as a substitute form of currency but not considered as legal tender.
  5. 5. Russia China Indonesia • Legal status to digital assets but prohibits use for payments. • Banks and exchanges can become exchange operators of digital financial assets provided that they register with the central bank. • Legal to trade and hold. • Illegal as payment tool. • Bitcoin is not a legal tender • Financial institution are not allowed to facilitate bitcoin transaction. • BAC responsible for crypto regulation
  6. 6. Algeria Morocco Nepal The reasons for banning cryptocurrency in these countries are quite common: • Lack of regulation • Threat to traditional banking institutions • Lack of understanding • Vulnerable to hackers • Market risk • Issue od inheritance
  7. 7. Continents with the most user growth in the age group 18 to 24 46.31% 33.82% 60.28% 91.40% 151.95% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00% 140.00% 160.00% Europe Asia Americas Africa Oceania User growth in different Continents
  8. 8. India Current Scenario • Initial banking ban of cryptocurrency in 2018 • Cryptocurrency exchange files a lawsuit and wins on March 2020 against the ban • Significant adoption since the lockdown started in March 2020 • Indian Govt working on a law to ban cryptocurrency trading • Most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies
  9. 9. Cryptocurrency exchange companies need to maintain ledgers and records of transactions. Using conventional tax laws and accounting principles on crypto assets. Crypto exchange companies need to register with a regulating body. RBI may introduce its own cryptocurrencies in order to get a centralized control over it. . Recommendations
  10. 10. Thank You! References: • https://economictimes.indiatimes.com/news/e conomy/policy/government-plans-to-introduce- law-to-ban-cryptocurrency- trading/articleshow/78132596.cms?from=mdr • https://www.loc.gov/law/help/cryptocurrency/ world-survey.php • https://news.bitcoin.com/countries-growth- cryptocurrency- coinmarketcap/#:~:text=The%20nine%20countr ies%20with%20at,%2C%20and%20Pakistan%20 (81.79%25)

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