Regularisation: Cryptocurrency sector feels let down

The country will not see any form of cryptocurrency trade regularisation, at least in the near future.

Published: 02nd February 2018 04:57 AM  |   Last Updated: 02nd February 2018 04:57 AM   |  A+A-

Express News Service

HYDERABAD: The country will not see any form of cryptocurrency trade regularisation, at least in the near future. That was the message delivered by Union Finance Minister Arun Jaitley while presenting the Budget on Thursday. Traders in cryptocurrency, present in large numbers in Hyderabad, were expecting a regulatory framework from the government. Instead, the nation was told that measures would be taken up to curb illegitimate activities that are being funded through virtual currencies. 

“We were expecting the sector to be taxed as a survey was conducted last year on our income sources and working models. But nothing about it was mentioned,” said Archit Tyagi, CFO of Bitxoxo, a Bitcoin exchange centre which was also part of the survey.  Even we do not want any illegal use of the currency through cash trade that increases the scope for black money influxion, he added. “The non-consideration of cryptocurrency as a legal tender is a repeated statement said by the Finance Minister himself, the status of cryptocurrencies is still in the grey area,” he said. 

Blockchain technology to leverage digital economy?
However, Finance Minister’s plan to use Blockchain technology to build digital economy is being seen as a bright move by experts. The best use case scenarios would be to make transactions black and white while dealings are done in real estate sector or smart city. It would be mostly used for transactions involving higher value,” said Dinesh Chandrasekar, Director, Global Solutions & Innovation (GSI), India. “It is a great news for industry, especially, at the macro front which can certainly enable a richer start-up ecosystem in this space,” pointed Jay Krishnan, CEO, T-Hub, a start-up incubator. It will add relevance at the microeconomic front, he added.

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