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Business-Today-210711 cover story CRYPTOCURRENCY INDIA’s CRYPTOMAZE Centre, rBI and the judICIary Blow hot and Cold on legalIty of Crypto-CurrenCIes, leavIng Investors and 340 tradIng platforms In a fIx BY AVNEET KAUR ILLUSTRATION BY RAJ VERMA 340 $400-500 `25.47 numBer of million lakh cryPto start- daily cryPto trading Price of 1 Bitcoin uPs in india volume in india as on June 21, 2021 12 11 July 2021 Business Today 13 cover story CRYPTOCURRENCY TO BE OR NOT TO BE March 2021 A lot of negotiations and discussions are happening around cryptocurrency with RBI. We want to make NIRMAlA SIthARAMAN, sure there is a SupReMe Finance Minister window available CouRt for all kinds of May 22, 2010, Laszlo Hanyecz, a Florida-based programmer, made the experiments Feb 2021 which will have to world’s first commercial transaction using bitcoins. He bought two piz- A high-level committee formed take place in the March 2020 zas for 10,000 bitcoins. At today’s prices, that’s $357 million, making it the to study issues related to virtual crypto world When the consistent currencies (VCs) has recommended stand of RBI is that world’s most expensive food order ever. A month ago, when bitcoin was at that all private cryptocurrencies, they have not banned except those issued by the state, VCs and when the its peak, the two pizzas would have been valued at $600 million. Crypto- should be prohibited. Government is unable to take a call despite currency enthusiasts celebrate May 22 as the Bitcoin Pizza Day. several committees Despite their enormous appeal and growing demand, cryptocurrencies coming up with several proposals, including two draft bills, both of such as bitcoin are fighting for legitimacy globally. But nations detest them. Feb 2021 which advocated exactly Central bank has Government of India is, in fact, looking at criminalising possession, min- opposite positions, reservations about it is not possible for cryptocurrencies and ing, trading, transfer and issue of crypto assets. Even though this threat- us to hold that the is working on its own impugned measure is ens the Digital India initiative by hurting the development of blockchain digital currency ShAktIkANtA DAS, proportionate – a database that stores data in blocks and could potentially help govern- RBI Governor ments and companies in seamless record-keeping and reducing frauds. PHOTOGRAPH BY BANDEEP SINGH Over the past eight years, the central government, the works. They run on blockchain. This makes it impossible Reserve Bank of India (RBI) and the judiciary have been to change, hack or cheat the system as transaction ledgers blowing hot and cold over cryptocurrencies, without pro- are distributed across peer networks. New transactions are Market cap of global viding a clear answer whether they are legal or not. This has added to every participant’s ledger. The digital ledger pub- kept those who have invested `15,000 crore in 340 crypto licly validates all transactions. crypto industry as trading platforms on tenterhooks. Nearly $400-500 mil- These digital coins can be used as currency, asset, secu- on June 21, 2021 lion (`2,920-3,650 crore) worth of daily trading is at stake rities or utilities. As currency, they can be used for buying as industry awaits in stony silence. various goods and services. Bitcoin, for instance, is being $1.33 trillion Source: CoinMarketCap accepted for various goods and services. As an asset or a What are Cryptocurrencies? security, it is like shares. The security tokens derive value Cryptocurrencies are digital assets on peer-to-peer net- from an external asset that can be traded. These tokens 14 Business Today 11 July 2021 11 July 2021 Business Today 15 cover story CRYPTOCURRENCY TO BE OR NOT TO BE March 2021 A lot of negotiations and discussions are happening around cryptocurrency with RBI. We want to make NIRMAlA SIthARAMAN, sure there is a SupReMe Finance Minister window available CouRt for all kinds of May 22, 2010, Laszlo Hanyecz, a Florida-based programmer, made the experiments Feb 2021 which will have to world’s first commercial transaction using bitcoins. He bought two piz- A high-level committee formed take place in the March 2020 zas for 10,000 bitcoins. At today’s prices, that’s $357 million, making it the to study issues related to virtual crypto world When the consistent currencies (VCs) has recommended stand of RBI is that world’s most expensive food order ever. A month ago, when bitcoin was at that all private cryptocurrencies, they have not banned except those issued by the state, VCs and when the its peak, the two pizzas would have been valued at $600 million. Crypto- should be prohibited. Government is unable to take a call despite currency enthusiasts celebrate May 22 as the Bitcoin Pizza Day. several committees Despite their enormous appeal and growing demand, cryptocurrencies coming up with several proposals, including two draft bills, both of such as bitcoin are fighting for legitimacy globally. But nations detest them. Feb 2021 which advocated exactly Central bank has Government of India is, in fact, looking at criminalising possession, min- opposite positions, reservations about it is not possible for cryptocurrencies and ing, trading, transfer and issue of crypto assets. Even though this threat- us to hold that the is working on its own impugned measure is ens the Digital India initiative by hurting the development of blockchain digital currency ShAktIkANtA DAS, proportionate – a database that stores data in blocks and could potentially help govern- RBI Governor ments and companies in seamless record-keeping and reducing frauds. PHOTOGRAPH BY BANDEEP SINGH Over the past eight years, the central government, the works. They run on blockchain. This makes it impossible Reserve Bank of India (RBI) and the judiciary have been to change, hack or cheat the system as transaction ledgers blowing hot and cold over cryptocurrencies, without pro- are distributed across peer networks. New transactions are Market cap of global viding a clear answer whether they are legal or not. This has added to every participant’s ledger. The digital ledger pub- kept those who have invested `15,000 crore in 340 crypto licly validates all transactions. crypto industry as trading platforms on tenterhooks. Nearly $400-500 mil- These digital coins can be used as currency, asset, secu- on June 21, 2021 lion (`2,920-3,650 crore) worth of daily trading is at stake rities or utilities. As currency, they can be used for buying as industry awaits in stony silence. various goods and services. Bitcoin, for instance, is being $1.33 trillion Source: CoinMarketCap accepted for various goods and services. As an asset or a What are Cryptocurrencies? security, it is like shares. The security tokens derive value Cryptocurrencies are digital assets on peer-to-peer net- from an external asset that can be traded. These tokens 14 Business Today 11 July 2021 11 July 2021 Business Today 15 cover story CRYPTOCURRENCY represent rights over property, company shares, revenue issues related to virtual currencies (VCs) has recommend- streams or underlying assets. In some countries, there are ed that all private cryptocurrencies, except those issued Market cap of tokens where any time a company makes, say, $100 in profit, by the state, be prohibited. Next month, she said, “A lot of Bitcoin, the largest and there are 100 token holders, each person automatically negotiations and discussions are happening around cryp- cryptocurrency, receives one unit in value. “It’s like programming dividend tocurrency with RBI, which will take a call on what kind of as on June 21, 2021 distribution into blockchain,” says Jaideep Reddy, Technol- unofficial cryptocurrency will have to be planned and how $605 billion ogy Lawyer, Nishith Desai and Associates. Utility tokens it is to be regulated. We want to make sure there is a window are user tokens or app coins which provide discounts or available for all kinds of experiments which will have to additional benefits, just like an Amazon coupon. The Ether take place in the crypto world.” token represents right of access to the Ethereum network. Meanwhile, the government is tightening the regulato- charged WazirX, India’s largest cryptocurrency exchange, ing in money laundering or other illegitimate activities,” A crypto asset can fall into more than one category. Ether ry noose on crypto traders and platforms. A notification by with money laundering and fund diver sion. Its notice al- says an ED official. can be used both as a payment and utility token. the Ministry of Corporate Affairs earlier this year makes it leged violation of FEMA Rules, 1999, for transactions in- Rajesh Narain Gupta, Managing Partner, SNG & mandatory for companies to disclose details of cryptocur- volving cryptocurrencies worth `2,790.74 crore. According Partners, a full-service law firm, says WazirX may face What Government Wants rency trading and investments during the financial year. to the ED, WazirX users received cryptocurrency worth rough weather in India. “Indian regulators need to The uncertainty around cryptocurrencies in India is a re- The government wants to gather data on companies’ ex- `880 crore via its pool account from Binance, the world's adopt a firm stand on cryptocurrency as fate of inves- sult of conflicting statements by government and RBI. In posure to cryptocurrencies. Experts fear this could be the largest cryptocurrency exchange, and transferred out tors and platform-offering services hangs in balance,” February 2021, RBI Governor Shaktikanta Das said the start of investigations around institutions which buy and cryptocurrency worth `1,400 crore to Binance accounts. he says. “The government has been aware of crypto- central bank has reservations about cryptocurrencies and sell digital currencies. “This investigation might be used to The ED is also probing some Chinese nationals who al- currencies since 2013.
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