Cryptocurrency

 


Cryptocurrency





Introduction


The battle is finally over. For nearly two years the Indian courts have been fighting to lift the ban on cryptocurrency in India. It is remarkable that on March 4, 2020, The Supreme Court of India lifted the ban on cryptocurrency including Bitcoins. The RBI’s circular of April 2018 has been declared unconstitutional. The RBI’s proposed ban has become a rallying point for multiple stakeholders in the crypto industry to come together and push for stronger regulation rather than shunning cryptocurrency for all its potential. The positive decision has taken the nation into a state of utter exuberance and hope for what is to come in the future for us. With this enlistment of the ban, India has an opportunity to draw on India’s huge population of over 300 million unbaked people. While India’s counterparts around the globe are moving into blockchain technology, we risked giving up the potential promised by co-opting crypto. 


The country is a sleeping giant with a population going up one billion. India has the power to change the global economy, all thanks to a positive decision by the Supreme Court. The CEO of Pundi X, Zac Cheah said that India’s Apex Court removing the crypto ban just confirms the reality that cryptography and blockchain are emerging innovations. India is Pundi X’s second-largest blockchain wallet customer. Allowing cryptocurrency transfers will increase our customer base and put rising volumes of customers into the digital payments fold.


What is cryptocurrency? 


A cryptocurrency is a digital or virtual currency protected by cryptography which makes counterfeiting or double-spending almost impossible. Most cryptocurrencies are decentralized, blockchain-based networks — a public database operated by a dispersed computing network. One distinguishing characteristic of cryptocurrencies is that they are usually not distributed by any central agency, rendering them potentially resistant to intervention or abuse by the government.


The top cryptocurrencies 


Here are the top cryptocurrencies in India. The cryptocurrency hype has traveled from the West and reached India, attracting investors with its high value. Be it, seasoned investors or novice enthusiasts, everyone wants to partake in a conversion about cryptocurrencies and give opinions. While many NRIs have good knowledge about the growing cryptocurrency market, Indians need to update themselves with the market news.



For you to get started, here are the top cryptocurrencies to buy and hold in May 2021. As of today, the crypto market is in recovery, which makes this an ideal time to invest.


1. Bitcoin (BTC) 

Price Today: INR 3,246,223 


For Indians, Bitcoin is synonymous with cryptocurrency. And rightfully so, because this was the first and is the highest-valued crypto in the market right now. After reaching an all-time high of about $65000 in April this year, the price started plummeting recently, thanks to Elon Musk’s tweet about Tesla not accepting Bitcoins anymore (initially, Tesla had decided to accept Bitcoins as a mode of payment). If you have the budget, now is the best time to buy Bitcoin as the price dropped by almost 30%. 


2. Ethereum 

Price Today: 158,130.49 


Ether, introduced in 2015, is presently the second-biggest digital currency by market value behind Bitcoin, but it lags by a substantial margin behind the dominant cryptocurrency. Effective January 2020, the market value of ether is around 1/10 the size of bitcoins. Ethereum is focused on realistic smart contracts for the digitalization of transactions used by several companies. Ethereum is a decentralized computing framework that enables the construction and running of Smart Contracts and Decentralized Applications without any third-party interruption, theft, power, or intervention. On Ethereum, the programs run on the platform-specific cryptographic token, ether. 


3. Binance Coin 

Price Today: INR 31,390 


As per market capitalization, Binance Coin is the third-largest cryptocurrency, the first two being Bitcoin and Ethereum. In 2017, Binance Coin was launched by one of the world’s largest cryptocurrency exchanges Binance, as a utility token. Hence, the pricing of this crypto coin depends on its utility on the Binance platform. In simple terms, if more people use Binance Coin to trade other cryptos, its value will increase. Experts predict that by the end of May 2021, the price of one Binance Coin will hit $505.


5. Dogecoin (DOGE) 

Price Today: INR 31.605 It is baffling how a crypto coin that started out as a meme is now a leading player in the market. Unofficially endorsed by the “Dogefather” Elon Musk, Dogecoin is a cheaply priced cryptocurrency with immense growth expectations. Though the market crash had stumped the price of Dogecoin, it is still the fourth-largest cryptocurrency as per the market cap. 



BENEFITS OF CRYPTOCURRENCY 



  • Job opportunities – With many startups re-entering the market, competition for top talent in the area of blockchain technology and cryptocurrencies may increase. From blockchain developers to programmers, production engineers, and project managers, there will be many suitors for top talent in the field of blockchain. Industry consultants, advertisers, content developers, and group administrators among others will now have a major role to play in the national embrace of cryptocurrencies that will now be sought by many startups. The RBI will now be encouraged to help control the world of opportunities that cryptocurrencies generate. The stance made clear by the Supreme Court should be that the RBI rethink its restrictive approach to cryptography and then come up with more balanced and well-thought-out rules to protect the public interest and that of other ecosystem stakeholders. The RBI can take a leaf out of its global peers, as many central banks have launched their cryptocurrencies in other countries. Nonetheless, the expectation here is that the latest measures will press for more acceptance and tighter enforcement. 


  • Immunity from theft – At present, the financial system, and the resultant economy, are not immune to robberies or fraud. As we know the planet is becoming more vulnerable to complex leaks and hacks. With several ransomware attacks, and data leaks from top-notch banks and credit card companies, news headlines have been abuzz in the last few years. India was going digital at the time, the base of which was built on Aadhaar authentication, Jan Dhan accounts, etc. However, the same does give rise to flaws in technology, with criminals planning to break the authentication mechanism of Aadhaar or Jan-Dhan accounts. In making cryptocurrencies all verified transactions must be deposited in a public ledger. To ensure the legitimacy of record keeping, all identities of the coin owners are encrypted. You own it because the currency is decentralized. It has no power over either the government or the bank.


  • Accessibility – Blockchain is the reason why crypto-currency is worth something. Ease of use is the reason why there is a high demand for crypto-currency. All you need is a mobile screen, and an internet connection, and you easily make payments and money transfers to your accounts. There are more than two billion people with access to the Internet who cannot use conventional forms of trade. These people are clued into the cryptocurrency market. 


  • Global economies – Crypto-currency presents Indians with a golden opportunity to be on par with the global economy, particularly the present burgeoning millennial generation. A cryptocurrencies-led economy is a decentralized economy. There is plenty of time and money to secure third-party approvals, and all the time and energy spent in negotiations will no longer be needed when buying, for example, a house, etc. Considering some of the trailblazing and epoch-making trends of the past, including the emergence of the internet, the technological economy, the creation of Silicon Valley, etc., India has just sought to balance the pace of global innovations.


CRITICISM OF CRYPTOCURRENCY 


The semi-anonymous aspect of cryptocurrency transfers makes them ideal for a variety of illegal practices, such as money laundering and tax evasion. Crypto-currency supporters, though, also strongly respect their anonymity, citing privacy advantages such as protection for whistle blowers or dissidents living under oppressive regimes. Some cryptocurrencies are more intimate. 


The cryptocurrency form is not exempt from any financial and security issues. I reviewed many studies and cryptocurrency networks and even explored several markets for selling cryptocurrency to investigate the difficulties and problems that occur in this interactive phenomenon. 


  • Money laundering – Money laundering is one danger that is highly likely to increase with the usage of VC especially with platforms that allow users to exchange virtual currency with real money. In realistic situations, the police detained a group of 14 people in Korea in 2008 for stealing $38 million from virtual currency transactions. The group translated the $38 million that gold farming produces from Korea into a paper firm in China as purchasing payments.


  • Black market – Perhaps one of the biggest drawbacks and security issues affecting blockchain is its potential to promote criminal activity. There are several anonymous trades on the grey and black markets denominated in Bitcoin and other cryptocurrencies. For example, Bitcoin was used by the notorious “dark web” platform Silk Road, promoting illegal drug sales and other criminal acts before being shut down in 2014. Cryptocurrencies are now highly common money-laundering devices. They unlawfully acquired money by funneling it through a “safe” conduit that conceals the origins. For example, when a gamer wants to leave a game, he/she may want to sell the virtual currency that he/she owns by selling it in the game forums. The way payments are collected is dangerous because many fraudulent users can not complete the payment, or challenge after payment. They will then get their money back plus the virtual currency. 


  • Tax evasion – Since national governments do not oversee cryptocurrencies, cryptocurrencies typically remain outside of their direct jurisdiction, attracting tax evaders naturally. In Bitcoin and other coins, several small companies pay workers. They do so to reduce payroll tax responsibility and to help avoid income tax obligations for their workers. Even they embrace tokens from online traders to attempt to escape selling and income tax responsibility. 


  • No refunds – The notion of such an arbitrator violates the decentralizing spirit at the heart of the new theory of cryptocurrencies. What this means is that if you’re robbed in a crypto-currency deal you don’t have someone to turn to. Although cryptocurrency miners play a role in cryptocurrency transactions as quasi-intermediaries, they are not responsible for arbitrating conflicts between the transacting parties. An example is to pay upfront for an item that you never get. Large payment providers such as MasterCard, Visa, and PayPal also move in to help solve conflicts between buyers and sellers. Their method of paying for, or refunding, is intended to avoid vendor fraud. Although some newer cryptocurrencies seek to resolve the surrounding charge backs or refunds problem, the solutions remain incomplete and still unproven. 


  • Data loss – Considering a virtually untraceable source code, impenetrable authentication protocols (keys), and sufficient security protections (which Mt. Gox lacked), keeping money in the cloud or a physical data storage unit is better than in a backpack or back pocket. Also, those who store their data in a single cloud provider will risk failure if the server is physically compromised or removed from the internet. 


TIMELINE OF RBI AND CRYPTOCURRENCY  


  • In the last few years, India with a population that is over 1 billion strong has been experiencing something of an economic renaissance. This was the degree to which the world developed what the International Monetary Fund called the fastest-growing developing economy. Over 40 percent of the country’s population has access to telecommunications and Internet services. A country steeped in mystery, history, and culture, when it comes to technological advancement, it’s not one to fall behind either. Bitcoin and other cryptocurrencies traded throughout the nation for many years now.


  • The cryptocurrency story began in 2008 when a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published by the name of Satoshi Nakamoto by a single or group of pseudonymous developers. The real network only took some time to launch with the first transfers that took place in January 2009. A year later the first actual sale of an item using Bitcoin occurred with a user swapping 10,000 Bitcoin for two pizzas in 2010, which for the first time attached a cash value to the cryptocurrency.


  • By 2011, other cryptocurrencies started to emerge, all making their debut with Litecoin, Namecoin, and Swiftcoin. Meanwhile, the cryptocurrency Bitcoin that started it all began to be criticized when reports arose that it was being used on the so-called “dark web,” particularly on sites like Silk Road as a way of paying for felonious transactions. Over the next five years, cryptocurrencies slowly gained momentum with an increased number of transactions and Bitcoin’s valuation, the most common cryptocurrency soared from around $5 in early 2012 to about $1000 by the end of 2017.

  • Riding on the back of this popularity surge, multiple cryptocurrency exchanges started operating in India between 2012 and 2017, offering much-needed depth and liquidity to the cryptocurrency sector in India. Those included common exchange platforms like Zebpay, Coinsecure, Unocoin, Koinex, Bitxoxo, and Pocket Bits.


  • India’s RBI released a press release warning the public against virtual currency mining, like Bitcoin mining back in 2013. With the price of shooting up cryptocurrency and their increasing acceptance and usage by people outside the conventional cults, authorities around the world started to consider this emerging development. RBI’s First Press Release warning consumers about Virtual Currency Risks was:  


  • No central bank funds Digital currencies.  


  • Value is a question of speculation, not of an asset or a good.


  • RBI has not permitted trading or the use of virtual currencies.


  • RBI is in the process of reviewing the proposed regulatory structure for cryptocurrencies in India and will give further directions based on their review.  Prime Minister Narendra Modi announced a demonetization program initiated on November 8, 2016. The government’s decision to demonetize about 86 percent of the country’s paper currency sent shockwaves across India’s subcontinent. People with substantial cash reserves wanted a new way to keep their capital without significant tax pressures and sundry policy oversight. Buying massive orders of Bitcoin or other cryptocurrencies became standard practice for others and then trading them at a later date. This meant that they circumvented what should have been large taxation had they wanted to transfer their money into the financial sector.


  • Transaction volumes and acceptance of cryptocurrencies in India picked up in earnest just after the demonetization of high-value currency notes in November 2016, with the government's focus on digital payments contributing to alternatives to mainstream online banking such as cryptocurrencies pushing their way into public consciousness. Indian cryptocurrency exchanges began to accumulate customers at a much higher rate than pushed up demand on all Indian exchanges for cryptocurrency transactions.


  • The 2016 demonetization policy may have sparked the adoption of cryptocurrencies among a large portion of the population but soon realities started to surface that stifled the country’s market development. Despite its large population, India contributes just 2 percent of the overall global blockchain industry capitalizing. The small role that such a large economy plays can be attributed to high cryptocurrency prices & government crackdown led by the RBI.  


  • In November 2017, under the chairmanship of Shri Subhash Chandra Garg, Director, of the Department of Economic Affairs, Ministry of Finance and composed of Shri Ajay Prakash Sawhney (Director, Ministry of Electronics and Information Technology), Shri Ajay Tyagi (Chairman, Securities and Exchange Board of India) and Shri B.P, the Government of India formed a high-level InterMinisterial Committee. The Committee’s task was to research different problems relating to virtual currencies and to recommend concrete steps that could be taken in conjunction with them. In July 2019, this Committee submitted its opinion proposing a ban on private cryptography. 



LAWS RELATED TO CRYPTOCURRENCY 


Guidance should be taken from other jurisdictions that have already had extensive discussions and workshops on this subject while evaluating the legal approach to cryptocurrency. The U.S. The Uniform Law Commission has drafted legislation on the issue, the ‘Uniform Regulation of Virtual Currency Businesses Act’ (‘ULC Model Law’), after reviewing the opinions of policymakers, members of the public, non-profit groups, and leading leaders of the industry. Crypto-assets are a common phenomenon rather than a regional authority, thus, making global precedents easy to apply to the Indian context. 


The Prevention of Money Laundering Act (PMLA) is the definitive Indian law on KYC/AML(Know your Customer/ Application lifecycle management). Crypto-asset undertakings may be brought under the PMLA as any entity that is a ‘bank company, financial institution, intermediary or a person carrying on a designated business or profession.’ In any event, the RBI has the power to prescribe enhanced or simplified measures under the Prevention of Money Laundering (Maintenance of Records) Rules to verify the identity of the client. Consideration of the type of customer, corporate arrangement, complexity, and importance of the transactions concerning the potential risk of money laundering and terrorist funding. The RBI will adopt a risk-based strategy and mitigate money laundering issues while preventing a full ban on funding these businesses. This will require accountable and reputable businesses to work in a controlled manner. The RBI Circular might not be appropriate for that approach. A new regulatory system will require responsibilities for crypto-asset companies, such as financial adequacy, audits, and monitoring. A proposed licensing system will help to better safeguard customer safety.


Non-Banking Finance Companies (NBFC) – It puts crypto-asset market operation into a well-established regulatory framework, which requires licenses, financial adequacy, KYC / AML laws, audits, reports, and other consumer-focused criteria. The business of an NBFC is defined in Section 45-I of the RBI Act. An NBFC is defined as a variety of categories of ‘financial institutions’ excluding undertakings of mainly buying or distributing products or delivering services and businesses collecting deposits as their main business. This provision grants the RBI the authority to designate any class of entities as NFBCs, with the prior approval of the Central Government. The RBI and the Central Government can, therefore, consider NBFCs to be notifying entities carrying on ‘crypto-asset business activities’. 


Consumer Protection Act, 2019 – Under Section 30A of the Consumer Protection Act, the National Consumer Disputes Redressal Commission has the authority to make regulations “to provide for all matters for which coverage is required or expedient to give effect to the provisions of this Act.” The Consumer Protection Act 2019 protects consumers from ‘unfair trade practices,’ ‘deficiencies’ in facilities, and ‘defects’ in goods. The word ‘unfair marketing practices’ requires a false or misleading advertisement.  Hence, the National Commission is open to developing laws (e.g., establishing a regulatory regime) taking into account the crypto-asset industry’s specific consumer security issues. We suggest this path should also be considered. As a result, customers have redress under the Consumer Protection Act, 2019 where every crypto-asset company renders misrepresentations to customers or offers defective services. 


Foreign Exchange Management Act,1999 – FEMA notes that ‘international currency’ is any currency other than Indian currency. The currency of India is limited to any currency expressed in Indian rupees. Consequently, if any crypto-asset can be used to “build a financial risk,” it will amount to “international currency.” The RBI may control the drawing of these FEMA crypto-assets such that only ‘registered persons’ can trade in foreign currency. This would have the benefit of having an increasingly well-established regulatory framework for those concerned with these forms of crypto-assets since they will be subject to all the protections that apply to approved persons. Since certain crypto-assets are called ‘goods’ under FEMA, the regulatory consequences under FEMA (e.g., export compliance) will flow accordingly. However, the RBI did not explain the classification of crypto-assets under FEMA, which confused the issue. The RBI can determine to amend the rules and guidelines on the sale and import of products to clarify their operation concerning crypto-assets. 


Information Technology Act, 2000 – Any providers of virtual currencies get information and details about their customers. Platforms that allow credit card transactions in virtual currency must also recognize these laws when processing information about credit cards. These data must be maintained and stored with strict levels of confidentiality and security. Otherwise, the Virtual Currency provider can violate data protection and security laws. The Information Technology Act reads with the Rules on Information Technology, 2011 requires that all those responsible for using data follow strict rules. Such laws require the fact and intent for which the information is gathered, the creation and dissemination of privacy policy, and the safeguarding of data. It establishes relatively strict cybersecurity standards for every organizational entity managing confidential personal data, and the Central Government, if it seems appropriate, recommends clear additional steps for crypto-asset business activities. A new Data Privacy Bill is set to be adopted, and when enacted, the same safety requirements will also be recommended under this Law. 



Credit Information Companies Regulation Act – There is some suggestion that due to its tremendous growth, the Credit Information Companies Regulation (CICRA) Act, which became law in India in 2005, is likely to be extended to cryptocurrencies. Since cryptocurrency networks are ubiquitous for many activities such as processing, distributing, redeeming, trading, and exchanging cryptocurrency values, the specifications of the CICRA Act may be implemented. According to this Act, Indian individuals’ credit details must be obtained in compliance with such legislation as set out in this Act. In the case of illegal data theft, organizations that collect financial information may be held liable. Offshore financial transfers are very common in today’s cyberspace, so taking into account the vast amount of persons involved with them, these activities are useful for the security of the individual’s concerned personal data. 


Prize Chits and Chits Fund Act – Both the Prize Chits Act and the Chit Funds Act,1982 refer to the idea of ‘monies’/’money’ and ‘cash’ in the terms ‘prize chit,’ ‘chit’ and ‘capital exchange scheme’ in their meanings. Since crypto-assets are not technically ‘money’ under Indian law, these meanings must be revised to include the word ‘valuable item’ (as used in Section 2(c) of the Prize Chits Act, so that, among other valuable items, the aims of these Acts can be applied to the crypto-asset schemes. 


Taxation laws – In the virtual currency business taxation legislation ranges from country to country. Many countries place taxes on income produced by virtual currency transactions and some others have only proposed taxation legislation. In India, where RBI notifies any such law, any trade therein would be subject to the Foreign Exchange Management (FEMA) Act, 1999. Crypto-asset-related transaction taxes would fall generally into two headings: Goods and Services Tax (GST), and Income Tax. Crypto like bitcoins is called a capital asset if bought for profit. Any income resulting from a bitcoin trade shall be treated as a capital gain.



CONCLUSION


 Cryptocurrency is such an invention that has become a global phenomenon. Earlier RBI warned the Indians from using cryptocurrency that it is associated with money laundering and terrorist financing. However, cryptocurrency is a modern technology and a tool that needs to look forward to. Even though there has been no regulatory response from the Indian government, the number of investors in cryptocurrency is increasing rather swiftly over the last few years. Indian government should take responsible steps now to regulate such currency as its user in India is rapidly growing. 


The future of cryptocurrency in India looks promising and there is a ray of hope. Cryptocurrencies could provide a significant benefit by overcoming the lack of social trust and by increasing access to financial services (Nakamoto, 2008) as they can be considered as a medium to support the growth process in developing countries by increasing financial inclusion, providing better traceability of funds and to help people to escape poverty.

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