Crypto currency trade seeks govt regulation for Rs 40,000-cr market

Rutam Vora Ahmedabad | Updated on January 25, 2018

Amid a crackdown by the income-tax authorities on Bitcoin traders in Gujarat recently for allegedly evading tax, the participants of crypto currency and block-chain have sought Government intervention to regulate the virtual currency and help it spread.

According to an estimate provided by the crypto currency players, India already has a sizeable market of the virtual currency at about Rs 40,000 crore. Having achieved this quantum within the last 17 months, the crypto currency market in India is poised to multiply going forward, as more participants start understanding the block-chain technology and try to integrate their businesses and transactions through this unregulated and decentralised currency.

"There is growing acceptance of virtual currencies in India, as in other countries such as Thailand, Australia, the US and many in Europe. Globally, the market size of crypto currencies was estimated at $17 billion in January 2017, which has grown to $800 billion now. In India it has touched Rs 40,000 crore. This is a technology-driven currency being accepted by the masses," said Jagdish Pandya, Founder Global Crypto Hub and co-founder of the country's first two-day Crypto Currency Expo, being held at Mahatma Mandir in Gandhinagar.

Organised by the Global Crypto Hub, the primary objective is to empower the crypto economy by helping link ICO start-ups with the right audience and forge strategic partnerships. The expo will have over 150 participants from around the globe, along with sessions led by experts and interactions for knowledge-building, harvesting opportunities in the new economy. The Crypto Currency Expo is of interest to anyone seeking the latest information, breakthroughs, analysis and new financial and technological innovations.

According to Pandya, the Gujarat government has expressed its optimism about crypto currencies. "We have already registered our company in GIFT City and hope to start a Crypto Currency Exchange post-regulatory approvals. The state government has given positive feedback about it," said Pandya at the Crypto Currency Expo - a platform to assess the advantages of digital currency, block chain technology and to help investors navigate dominant trends in virtual currencies.

Pandya maintained that crypto currencies were being traded or accepted in about 200 countries. "There are about 1,300 listed currencies on crypto exchanges. They are like stock market sentiments but are backed by encrypted technology and hence are credible. Therefore, to avoid misuse of the platform and to make it more credible and acceptable to the masses, we want to meet the government and make them understand its benefits. We should be given a chance," said Pandya.

The earlier editions of the Expo by Global Crypto Hub were held in Bangkok, Thailand during August 6-7, 2017, followed by the second edition in Dubai, the UAE from October 29-31, 2017 and the third edition in Kuala Lumpur, Malaysia during December 11 and 12, 2017.

Published on January 25, 2018

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