Ashok Rana

1620109974

Why Should the Government of India Regulate Not Ban Cryptocurrency?

Satoshi Nakamoto invented the first digital currency in 2009, but it’s presence in India became noticeable around 2012. Software outsourcing firms or agencies in the US and other western world started paying software developers in India in Bitcoin to avoid high transfer fees. Gradually, offshore cryptocurrency exchanges extended their network to India. In a couple of years, India also saw the emergence of home-grown exchanges.

However, due to its decentralized independent network with no regulatory body to control it, it evoked a sense of distrust in the finance regulators and governments. The results — the RBI in April 2018 warned banks to stop transactions with exchanges dealing in cryptocurrencies. Later, it was revoked in March 2020 by the Supreme Court of India. The Indian cryptocurrency community welcomed the move. But that celebration could not last long. Come 2021, the cryptocurrency again became the bone of contention for the government. This time, the discussion on cryptocurrency made its way to the parliament in the budget session in the form of Draft Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019, but it remains a draft only, which is yet to be discussed. Ever since it became surface, there has been a growing concern amidst crypto stakeholders including investors, regarding the future of digital currency. However, there is a strong demand from the community to regulate not ban cryptocurrency. Here are the top reasons.

Citizen empowerment

One-third of the world population does not have access to basic banking services- loans, checking accounts and the list can go on. In case of a personal financial crisis, the only recourse to them is to seek loans from the unorganized sector — money lenders who exploit their crisis and levy high interest rates that grapple them into a whirlpool of economic crisis.

Cryptocurrencies are changing how wealth is created and distributed. It offers a level playing ground for everyone to make money. In fact, it is favoring the formation of an egalitarian financial society. The government shall provide support to it rather than curtailing its innovation through regulation.

Low transaction fee

As we discussed, it was the low transaction fee that made firms pay software programmers in India using Bitcoin. Luckily, today, there are many more alternatives to Bitcoin. The traditional banking system, as well as businesses, can take advantage of the low transaction fee involved in crypto transactions. The cryptocurrency with the lowest transaction fee, i.e., $0 is Nano. The low transaction fee isn’t compensated for in terms of speed. The transaction time is as low as 0.14 seconds. Above all, Nano has no inflation, so your holdings aren’t being constantly diluted as in many other cryptocurrencies.

Accountability and transparency

If, like many, you also think that it’s hard to trace the cryptocurrency transaction, you could be wrong. Each and every transaction is recorded in the public ledger called the “blockchain” along with a timestamp and sending addresses. Promoting cryptocurrency transactions in important public and private (B2B and B2C) dealings government can bring accountability and transparency into the system and check corruption and frauds.

Increased tax collection

By providing legal status to cryptocurrency trading and transactions, governments can grow its tax volume. Retail investors aged between 25 and 40 are spending millions on trading cryptocurrency in India every day. All leading exchanges in India report an increase in user sign-up. According to a report, this trading volume could be as high as $23 million. If you calculate a GST of 18% of this volume, it comes to around $4.14. This means banning crypto incurs a huge loss and it’s high time that the government should regulate it to tap into the benefits.

Business empowerment

The regulation will encourage more businesses to take cryptocurrency as a payment. There are many businesses across the world in categories like IT services, restaurants, and legal firms that have started it. Some of them can be found on Spendabit and BitcoinWide.com. The announcement of Tesla CEO’s accepting bitcoin as payment for its electric car and accessories is a bold step that is bound to see many followers in time to come.

read more to Buy Bitcoin in India

#bitcoin #cryptocurrency

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Buddha Community

Why Should the Government of India Regulate Not Ban Cryptocurrency?
Terry  Tremblay

Terry Tremblay

1596637860

Could India's Remittance Sector Pave The Way For Crypto Adoption?

The historic judgement by the Supreme Court of India in March this year overturned the banking ban imposed by the Indian Central Bank RBI. The decision brought a lease of new life into the Indian crypto ecosystem where many were living in uncertainty for almost two years. The Supreme Court hearing not only helped the very few existing crypto startups and exchanges but also paved the path for many other entrepreneurs who were looking to start a crypto business outside India.

The overruling of banking ban helped exchanges to make it easier for customers to invest in cryptocurrencies by adding direct bank transfers and INR support. And the effect of the decision is visible today during the pandemic and countrywide lockdown where Indian exchanges have reported a 400% surge in trading volume.

The timely intervention by the supreme court surely helped the Indian ecosystem to come to the mainstream with several big firms like Binance, OKEx, Ripple and many more investing in Indian crypto startups. However, despite this boost, the Indian government still seems a bit passive towards the digital assets as rumours of a “parliamentary note” issued by the Finance Ministry asking for a blanket ban was the talk of the town only a couple of weeks ago.

Indian IT and Remittance Industry Could Further The Adoption

India is known as the IT outsourcing capital of the world and contributes 7.7% of India’s GDP and as per NASSCOM, the IT sector generated revenue of $180 billion in 2019. Given the rising demand for blockchain developers, smart contract developers and many similar IT needs of the decentralized space, India can not only add to the adoption cause but also help in building better solutions of tomorrow.

Even today, Indian crypto ecosystem has been representing the country’s potential in the decentralized space despite the uncertainty over its regulations. Some of the prime examples of Indian crypto startups which have had quite an impact in the decentralized space include

Matic: a blockchain scalability solution provider focused on Ethereum blockchain.

WazirX: Indian crypto exchange which was recently acquired by Binance.

CoinDCX: Indian crypto exchange offering derivatives trading and also recently launched a blockchain learning platform.

Apart from these well-established exchanges and firms, there are numerous developers, content creators who work freelance for other firms due to the absence of awareness and well-regulated market. Regulations would not only help develop the crypto ecosystem but also lure more people to the ecosystem and offer a chance to these freelancers to working on native projects full time.

Apart from the IT sector, cryptocurrencies could also find a huge adoption through remittance services in the form of a medium of transfer and has a great potential given India is the world’s largest population outflow country, with more than 17 million immigrants in 2019. This means a large population of the country make use of remmitance services which comes at a cost at the moment.

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Mikel  Okuneva

Mikel Okuneva

1600012800

What Exactly Is Data Governance?

The first step is to understand what is data governance. Data Governance is an overloaded term and means different things to different people. It has been helpful to define Data Governance based on the outcomes it is supposed to deliver. In my case, Data Governance is any task required for:

  • Compliance: Data life cycle and usage is in accordance with laws and regulations.
  • Privacy: Protect data as per regulations and user expectations.
  • Security: Data & data infrastructure is adequately protected.

Why is Data Governance hard?

Compliance, Privacy, and Security are different approaches to ensure that data collectors and processors do not gain unregulated insights. It is hard to ensure that the right data governance framework is in place to meet this goal. An interesting example of an unexpected insight is the sequence of events leading to leakage of taxi cab tipping history of celebrities.

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