As mentioned in the previous article, Blockchained India, which is one of the biggest blockchain communities in India, also organized a meetup with the agenda “Does India Need Crypto Regulations?” on Saturday in Bangalore.
The event saw some eminent names from the blockchain industry, namely Nischal Shetty, the Chief Executive Officer (CEO) of the cryptocurrency exchange, WazirX, Nilesh Trivedi from Indium, Nitin Sharma, one of the co-founders of Bangalore-based Incrypt, among others.
Anoush Bhasin, a chartered accountant, associated with Quagmire Consulting, a company that deals with blockchain and taxation, shared some interesting insights and cleared some of the prevailing doubts among the cryptocurrency community. Clearing the air, he said, “Irrespective of crypto’s status and pending regulations, every investor is obliged to pay taxes on their earnings from cryptocurrencies.”
He said that it was not wise to assume that just because cryptocurrency trading in India is in limbo, the investors can get away with evading taxes. He added that cryptocurrencies are categorized into three categories- utility tokens, security tokens and payment tokens.
Bhasin said, “Income from crypto is taxable in three ways- Crypto to Crypto, Crypto to Fiat and Crypto to Goods Service.”
Nilesh Trivedi from Indium expressed that the government does not always have the best alternative and it was high time, that it allowed for a parallel economy to prosper, without worrying about losing monopoly on the economy. He opined, “Government is designed to protect us through investor protection laws. If we can do it ourselves in some cases, then we don’t need it.”
After Nilesh, Nischal Shetty, the CEO of WazirX India took the platform to address the community. Starting his speech, Shetty talked about his famed ongoing Twitter campaign, IndiaWantsCrypto, which is addressed to the Finance Minister, Arun Jaitley and the Prime Minister of India, Narendra Modi. He said that the tweets were to spread awareness on the need for regulation of cryptocurrencies.
Still going strong #IndiaWantsCrypto and why #crypto cab change the development in India @NischalShetty sharing his views at #blockchainedindia #IndiaForOrAgainstCrypto #IDF pic.twitter.com/x4ALyQKwUY
— BlockchainedIndia (@blockchainedind) March 30, 2019
After Shetty, Jaideep Reddy, one of the most prominent supporters of the crypto movement, spoke on crypto and legalities. Reddy is one of the lawyers from Nishith Desai Associates, a law firm that is representing the Internet and Mobile Association of India (IAMAI) against the Reserve Bank of India, in the court case.
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