CNBC-TV18 in conversation with Rameesh Kailasam
On 31 May 2021, RBI had clarified that banks could not shun transactions in virtual currencies citing its 2018 circular as it is no longer ‘valid’. In addition to this, the Indian lawmakers have formed a new panel of experts to study the scope of Crypto regulation in India. This new committee would explore the use of blockchain for technological enhancements and the possibility of recognizing Crypto as a digital asset instead of a currency.
Rameesh Kailasam believes that it is vital to classify Crypto first! In episode 14 of ‘Digital Assets Of The Future – Crypto‘, he emphasizes that, If Crypto is classified as an asset, 90% of security issues, apprehensions, and fear of it replacing the legal tender and the threat to the future of payments can be waived off. With the suitable classification, the aspects of tracking and taxation will also fall in place.
In this episode, you can get answers to questions like:
- What does RBIs circular (dated 13 May 2021) mean to the Crypto community?
- Cryptocurrency? Virtual currency? Digital asset? Property? Cash? – What is Crypto exactly?
- What are the opportunities and associated risks (related to Crypto) in the Indian market?
- What kind of startups, tech personals, and investors have associated with the Crypto industry? What does the growth graph look like here?
- What could be the top 5 points that need to be considered for regulating the Crypto space and taking it mainstream?
- What are the global learnings for India?
India can definitely benefit by strategically regulating the Crypto space and thinking about it progressively. With joint efforts from the Government and the industry as a whole, a self-regulatory approach can also be taken for Crypto exchanges. Moreover, the Crypto space holds a lot of job opportunities for lawyers, accountants, journalists, tech enthusiasts, and many more. The future looks bright!
PS: The RBI has emphasized that banks are expected to conduct their own due diligence for all transactions.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
No where I find as how to account for as per IT rules
I know it is not stipulated in IT act, still the question arises as how to account for and show in the IT returns.
kindly have a look on this Blog:
https://wazirx.com/blog/technology-law-and-crypto/