Bit Coin

CRYPTOCURRENCY IN INDIA - ITS EFFECT AND FUTURE ON ECONOMY WITH SPECIAL REFERENCE TO BITCOIN -----------------------------------------------------------------------------------------------*Dr. Arvind Kumar Singh **Karan Veer Singh ---------------------------------------------------------------------------------------------------------------ABSTRACT: Imagine a country which has a large economy and a despotic regime. This place is prosperous despite having complex and arbitrary rules and regulations designed to keep non-oligarchs perpetually nervous. Everybody has to carry an internal passport. Censorship and surveillance are all-pervasive. Bank accounts can be frozen at will. Property is confiscated on a whim. Nothing is denied to the oligarchs and their little princes and princesses. But non-oligarchs must ask permission even for simple things like getting married, having children, running businesses, et cetera. Those who have become rich, never mind how, want to store nest eggs abroad in case the regime suddenly goes after them. But of course, it’s a criminal offense to walk into the bank and convert local currency. Calling bitcoins, the “next big thing since the internet and computing” themselves are major statements to make. Bitcoin and other cryptocurrencies may not be much of a threat fiat currency today in India. Cryptocurrencies are a type of digital money that rely on distributed networks and shared transaction ledgers to combine the core ideas of cryptography with a monetary system to create an anonymous, traceable, secure and potentially stable virtual currency and it will be effective in India. Bitcoin and Ethereum are two highly disruptive cryptocurrencies looking to leverage blockchain technologies to drive innovation across numerous industries in India. With regards to the Blockchain, India can’t be overlooked. It is an incredible country with more than a billion people who recently experienced demonetization. The objectives of this paper are to understand the future of cryptocurrency in India, to evaluate the perception of bitcoin as the future currency and to analyze the probability of legalization of bitcoins in India.

*Dr. Arvind Kumar Singh, M.Com, MBA, UGC (NET), Ph.D, Assistant Prof. Amity University Uttar Pradesh, Lucknow Campus, Lucknow, INDIA Email: [email protected], Mobile No: +91-9473662323 **Karan Veer Singh, MBA, UGC (NET), Assistant Prof. Rameshwaram Institute of Technology and Management, Lucknow, INDIA, Email: [email protected], Mobile No: +91-9026447923

OBJECTIVES:   

To study the concept of cryptocurrency, also understanding the bitcoins and its scope To study the legalization of bitcoins in India, its comparison with other cryptocurrencies and the government’s stand towards it To study the future of cryptocurrency in India, and the views of experts for investing in the same

INTRODUCTION: That is the time that numerous Indians started capitalizing their cash in Bitcoin and proceed to owe them now. This spike drove some tech-savvy citizens of the India to purchase Bitcoins as well as accomplish something with the blockchain protocol itself in

India. One can argue that while Satoshi Nakamoto invented Bitcoin, it is India that may well be the first country to entrench its credibility as an alternate monetary system. Every year, we have seen the crypto network growing at a rapid pace. Apart from that, there is no one who understands Indian consumers better than native companies. In a country like India, where we value everything by its monetary worth, the sure-shot way to beat cash is to make currency that is more valuable than cash. A crypto exchange and a wallet that would allow hundreds of millions of citizens of the India to become part of the crypto economy will be a great leap for the entire blockchain community. Currently, the crypto-currency is neither illegal nor legal in India. The government is considering the introduction of a regulatory regime for virtual or crypto-currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale. The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI). The idea is to treat such currency in a manner similar to gold sold digitally, so that it can be traded on registered exchanges in a bid to “promote” a formal tax base, while keeping a tab on their use for illegal activities such as money laundering, terror funding and drug trafficking. Crypto-currency is a digital currency that allows transacting parties to remain anonymous while confirming the transaction is valid. It is not owned or controlled by any institution – governments or private. There are multiple such currencies — Bitcoin, Ethereum and Ripple are some of the popular ones. Currently, they are neither illegal nor legal in India. “One bitcoin today is worth as much as 60 grams of gold. The market cap for all crypto-currencies has just crossed $100 billion, with most of the increase coming in the past few months. On April 1, 2017, the total market cap was just over $25 billion, representing a 300% rise in just over 60 days,” said a senior government official. “The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley last month,” the official told The Hindu. A proposal to ban such currency altogether was also considered at the meeting, but found few takers among top officials from the Ministries of Finance, Home Affairs and IT as well as SEBI, the Reserve Bank of India, the State Bank of India and NITI Aayog. Bitcoins were in the news recently when during the two global cyber ransom ware attacks Wanna Cry and Petya attackers sought about $300 in bitcoin as ransom. Crypto-currency can also be used for a lot of legal activities depending of which retailers accept such currency. Even as economies like Japan and Russia move to legalize the use of Bitcoins, India, despite being at the cusp of a digital revolution is yet to officially recognize the cryptocurrency. India's central bank, the Reserve bank of India or the RBI, which regulates Indian rupee, had earlier cautioned users, holders and traders of Virtual currencies (VCs), including Bitcoins. "The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities," the central bank had said In March, RBI Deputy Governor R Gandhi warned against crypto-currencies such as Bitcoin. "They pose potential financial, legal, customer protection and security-related risks," Gandhi said. "Payments by such currencies are on a peer-to- peer basis and there is no established framework for recourse to customer problems, disputes, etc. Legal status is definitely not there," he added.

What are Cryptocurrencies really? Cryptocurrency was born out of the need for secure communication in the Second World War. A defining feature of cryptography, and arguably its most endearing allure, is its organic nature, it is not issued by any central authority, rendering it theoretically immune to

government interference or manipulation. A cryptocurrency is a digital currency that uses cryptography for security. It is also called or virtual currency. Cryptocurrency is a form of digital money that is designed to be secure and in many cases anonymous. Cryptocurrency is associated with the internet that uses cryptography. Cryptography is the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Cryptocurrency is a way to secure communications, information and money online. It has evolved in the digital era with elements of mathematical theory and computer science.

What is Bitcoin? Bitcoin is a cryptocurrency and worldwide payment system. Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. It based on the ideas set out in a white paper by the mysterious Satoshi Nakamoto whose true identify has yet to be verified. Bitcoin regulate and generate units of currency using the rules of cryptography. It is also called as decentralized digital currency. The transaction fees of traditional online payment mechanisms are more than the transaction fees of bitcoin transaction. These transactions operated by a decentralized authority unlike government-issued currencies. Bitcoins are completely virtual coins designed to be self-contained for their value. There is no need for bank to move and store money. Bitcoins are not physically present, so that only balances are kept on a public wallet in the cloud. All bitcoin transaction is verified by a massive amount of computing power. A personal database that you can store on your computer drive, on your smart phone, on your tablet or somewhere in the cloud is called wallet. Bitcoins are transferred from one personal wallet to another.

Bitcoin Legalization in India Increasing trading volumes and Bitcoin activities by significant margins are the initial impact expected after the legalization of Bitcoin in India. Legalization is likely to enable Bitcoin start ups to report concerns over security and risks originates due to Bitcoin use, eventually, work towards the improvement of its infrastructure. Further, legalization helps in eliminating apprehensions around its consistency for the average Indian consumer. Whereas, there are some reports of Bitcoin trading equivalent to money-laundering that propagates the financing of terrorist outfits. In order to get a sigh of relief from these fears, Bitcoin start ups in India are executing multiple security checks. Government-verified address documents a Permanent Account Number (PAN) or an Aadhaar number compulsory taken as a valid ID proof from users by all Bitcoin companies.

Scope: Bitcoins and Cryptocurrency With the decision of the government to legalize it, the service providers of Bitcoin are able to expand the scope of usage. Presently, Bitcoins are useful in making purchases via mobile apps, buy gift vouchers, for airtime top up, and even for paying bills. By 2018, an enhanced structure is likely to support the transfer of funds occurs in the county while providing other online financial solutions for India`s unbanked and underserved population. With the help of Bitcoin, it`ll become easy to send a small remittance back home and save a fee up to billions paid to third parties for a country, like India - known as the largest remittance market in the world at over $60 Bn annually. In a country, like India, the time is perfect to leverage the Bitcoin revolution, especially through the roof, when Bitcoin prices are surging. Few months ago, all previous records have been Bitcoin broken out - as the new milestone is achieved. For the very first time in history, the rise in the value of Bitcoin - reaching $2,000 per coin.

Cryptocurrency Benefits and Drawbacks The advantage of digital currency is very large. When you talk about transaction using Cryptocurrency then there are no limits. Cryptocurrency is readily available to the general public. Making payment using cryptocurrency is very easy. It provides an easier way to transfer funds between two parties in a transaction. These transfers are facilitated through the use of public and private keys for security purpose. With minimal processing fees these fund transfers are done. Cryptocurrency transaction allows users to avoid the steep fees charged by most banks and financial for wire transfers. The inter country transaction is extremely easy with cryptocurrency because its function is not under any central bank. There is no third party involved like a bank on whom you need to trust. You are the master of your money. Nobody can steal your personal information from merchants, which ensure the privacy of your sensitive data. All your transaction will be secure as it is using NSA created cryptography. All the advantage does not mean that there is no risk involved in investing in cryptocurrencies. There are drawbacks of bitcoin also. Here we discuss the drawbacks of cryptocurrencies. Cryptocurrencies are relatively new in market and come with learning curves. Many people are not aware of how to use cryptocurrency and hence open themselves to hackers. People invest in Cryptocurrency without proper knowledge and hence lose money to something they did not learn about. Not many websites and companies accept cryptocurrency yet. Very few countries have legalized the use of cryptocurrencies. There is no way to get a refund of the amount paid if you mistakenly pay someone by using cryptocurrency. The major drawback of cryptocurrency is it has no significant reception but now slowly and steadily it is consolidating its position.

INDIAN GOVERNMENT’S STAND Most governments don’t recognise bitcoin as currency. In fact, most governments don’t even classify these as anything at all. These can be passed off as computer code (which is the literal truth) or as digital curios (ities). Japan is one of the few exceptions – the Bank of Japan imposes stringent restrictions on use but Japan does recognise bitcoin as legal tender. South Korea also has rules for bitcoin-denominated payments and transfers. Whatever governments may say, bitcoins are a currency simply because people accept them as a medium of exchange for goods and services. Apart from being accepted for normal transactions, cryptocurrencies like bitcoins are also used for cross-border money transfers, for money-laundering and ransomware payments, and for drug deals and targeted assassinations on the Dark Web. Initial coin offerings, commonly known as ICOs, have become popular as well, since these bypass the usual regulations about raising “cash” for a new business. Bitcoin prices went through the roof last year as trading volumes zoomed. In January 2016, bitcoin was trading at $429 per coin – it peaked out at $4,969 this month, just before China came down like a ton of bricks on coin-trading. Ethereum, another crypto-currency, did even better than the bigger bitcoin. Ethereum was trading at $2.84 in January 2016 and it hit a recent high of $394. In India, the Mumbai film industry seems to love bitcoin, given the number of celebrities who have burbled about it. But the Chinese crackdown and fears that India might see a similar crackdown have led to wild swings in rupee-values of bitcoin. The bitcoin was trading at Rs 3.01 lakh on September 1, it dropped to Rs 1.95 lakh on September 15 as panic took hold, and it is back to Rs 2.58 lakh on September 20. The Reserve Bank of India (RBI) has been consistent in warning citizens of the risk associated with cryptocurrencies and traders of its perils, Indian Prime minister, Sri Narendra Modi, indirectly promoted Bitcoin, on July, 2, 2015, with his ambitious Digital India. Plans included digitizing government data, improving India’s digital infrastructure, and optimizing its online connectivity. The Finance Minister in

the country has labelled cryptocurrencies are not being legal tender. In recent time a debate has emerged within the country as to whether profits from crypto transaction should be taxed or not. Last week, India’s Department of Economic Affairs in its Ministry of Finance met to discuss how Bitcoin could be regulated. The committee suggested the following, that cryptocurrencies should be governed by the Reserve Bank of India Act of 1934, that Bitcoin investors should be taxed, that guidelines for buying and investing in cryptocurrencies should be drafted. As per business standard report the Indian government is going to introduce its own Cryptocurrency similar to bitcoin. They also added that the government might its cryptocurrency “Lakshmi”. In a move to regulate the cryptocurrency market in India, Finance Minister Arun Jaitley today cleared that it is not legal tender and it will discourage its use. However, he mentioned that the government will look at the utilization of blockchain technology. During the run-up to the budget, there have been talks that the government could come out with a roadmap to regulate the cryptocurrency market. There has been rising craze among investors to put in their hard-earned money into the highly volatile cryptocurrency market setting off alarm bells in the government. Even before the budget Jaitley had already said that the Cryptocurrency is not legal tender in India. The recent action of conducting survey by the IT department over all the major exchanges has also triggered issuance of income tax demand notice by the department to the users of these exchanges. There have been reports that several banks have frozen account cryptocurrency exchanges in India, while the registrar of companies (ROC) has stopped registering companies intending to act as such exchanges.

ENTRANCE OF RBI: Will the Reserve Bank of India try to regulate bitcoins and other crypto-currencies? Almost certainly. No government that imposes capital account currency controls can afford to ignore non-fiat currencies. Will the Indian government mess up attempts at regulation? Almost certainly. The RBI doesn’t have a shining track record in terms of its recent actions and it could fumble this task, for sure. In fact, the RBI is supposedly considering setting up its own crypto-currency, which is a step in the wrong direction. Crypto-currencies work for people who want anonymity and who are seeking alternative stores of value. No fiat currency, crypto or not, can reasonably offer this combination. What’s more, crypto-currencies have features (and bugs) that fiat currencies don’t and that’s precisely why users love them. The blockchain system of generating an exact increase in money supply gives comfort to speculators. This eliminates worries about inflation caused by a sudden expansion of money supply by the central bank since there is no central bank and the money supply is governed by pure maths. This also makes fractional reserve banking cumbersome since currency swaps or exchanges are always required for such actions. Also, while bitcoin, ethereum, and other crypto-currencies can be banned by government decree, these cannot be withdrawn from circulation except by peer-to-peer consent. A fiat crypto-currency – well, that could be deleted in a minute at the whim of an oligarch. Indians started trading in bitcoins and other crypto-currencies enthusiastically after Nov 08, 2016, precisely because they became wary about such possibilities. It’s hard to see a fiat cryptocurrency catching on.

Indian companies using Bitcoin According to CEO and the co-founder Sathvik Vishwanath many merchants in the Bangalore area accept bitcoin through the Banglore-based Unocoin which is one of the largest bitcoin exchanges in the country and also provides merchant services. Five of India’s largest

companies including Dell accepted the cryptocurrency as payment. The number grows day by day. In India Bitcoin is far from popular and most Indians prefer fiat money but a recent Forbes article reports Bitcoin's craze is catching on and that, to date, there are more than 600,000 users in the country. Recently two Indian companies jumped into Bitcoins business, they came up with Wallet-Exchange concept and they accept Indian Rupee.  Zebpay  Unocoin

COMPARISION OF BITCOIN VERSUS OTHER INVESTMENTS Bitcoin vs gold Since ancient times, gold is usually the most popular choice of people for investing. Many people invest in gold as most of the time it gives profit to the investor. Though gold is the first choice of investors, bitcoin is much better than gold. As bitcoin can easily carry no matter in how much quantity it is, on the other hand, to carry gold from one place to other place is difficult and not at all safe. User can easily access their bitcoin wallet from anywhere by using a computer, laptop or a Smartphone this is not possible with gold. Chances of forgery are possible in gold, whereas it cannot be possible with bitcoins. The government can confiscate gold but can never confiscate bitcoins. When you think about Bitcoin Vs Gold as Investment then its better to consider Bitcoin. Bitcoins vs bonds A bond is where the investor lends some money to a corporation for a certain time period at a fixed interest rate. This option for investing is not safe as it depends upon a third party, whereas bitcoin is independent where a user doesn’t depend on a third party. Bitcoin allows the user to be powerful on their own. Bitcoin seems to give you better when you talk about Bitcoin Vs Bonds. Bitcoin vs shares and stock If one chooses shares and stock for investment it means they are buying shares of a company at a price that is fixed by a company. Buying more stocks means your power and ownership in company increases which will result in more profit. The profit of the investor completely depends on the profit of the company and it also takes time to make the profit such as two or three years, whereas bitcoins make the profit instantly it will only take few weeks or months. There is one more advantage of investing in bitcoin which is not available in other investments, that is if you invest in bitcoin you doesn’t have to pay tax but if you invest somewhere else you have to pay tax. Bitcoin vs Mutual Funds Well, it depends, whether you are a seasoned investor or recently started buying and how much you know about the crypto market. Approach for investing in financial instruments is much different than investing in the cryptocurrencies. Everything that happens in the coin market is in one way related to the demand and supply, and also other factors such as legalization, the technology behind a coin, popularity and what future it holds. Whereas in the mutual funds, the performance is calculated based on the type of resources it is investing into, the top holdings, age and how the overall performance has been for the past three to five years.

At Groww, if you open any of the portfolio or mutual funds you can see all the factors that are affecting returns on your investment, whereas with the crypto coins factors change within minutes and prices fluctuate every second. Second, it also depends on risk appetite of the person, if the person is in his old age and wants to invest his savings in regular income schemes then cryptocurrency investment is not an option for him. On the other hand if the person doesn’t want to take too much of risk and invest in schemes which give really good returns he may consider the option of investing in equity mutual funds, in which if remain invested for a longer period give good amount of returns. FUTURE OF CRYPTOCURRENCY Cryptocurrencies like bitcoins are rapidly mutating into real money that will give a healthy competition to the different currencies issued by the centralised governing bodies. Bitcoin’s current price hike could reflect a bright future therefore, it can be clearly seen that Bitcoins has a very bright future ahead. Cryptocurrency is also called as digital money in any payment system such as the points we get in some random stores can be called as digital money or cryptocurrency because it can be used instead of physical money for payment. The genuine cryptocurrency is the decentralised. Cryptocurrency will be grown in future and will have a huge scope ahead, however this new form of currency does not benefits all systems of power and control that are currently in place. It’s hard to tell what fight will be put up in order to control cryptocurrency and the obstacles that will need to be overcome to solidify its presence in everyday life.

Types of Cryptocurrencies Traded SR. No. 1. 2. 3. 4. 5. 6. 7.

NAME Bitcoin Ethereum Ripple Litecoin Cardano Stellar Bitcoin Cash

SYMBOL BTC ETH XRP LTC ADA XLM BCH

PRICE in (USD) 130.0 725.11 0.71223 129.29 0.32525 0.333700 896.69

It has the potential to be the world’s currency in future there will be no need to keep a specific currency for every individual country all the time. With a type of currency which is difficult to regulate , which is decentralise, that anybody can use and that eliminates the exchange rates across the world makes the future of the world by being a centralised currency across the world. This suggests the concept one world one currency. Central banks are slowly arriving to the conclusion that cryptocurrency are here to stay. And according to various research papers and economist the value of digital currencies such as bitcoin are market determined still there is a lot of analysis to be done regarding the effect of cryptocurrency in future. Example of cryptocurrency:- Ether(ETH), Litecoin (LTC), Bitcoin . And in these “Ether” is the second largest cryptocurrency in terms of market cap. Litecoin enables faster block time around 2.5 minutes whereas, bitcoin needs 10 minutes so Litecoin enables faster exchange between users.

Bitcoin and other Cryptocurrencies: A comparison The analysis of the price movement of 10 largest cryptocurrencies in the past two and half months throws up interesting patterns. Although Bitcoin has got the highest attention in the

world, there are other currencies that actually fetch far higher returns for investments. If you had bought Rs 1 lakh worth of these crypto currencies in October, how much your investment would be worth in Dec?

CRYPTOCURRENCY IN INDIA In India bitcoins has been available since 2012.And at present in India there are 11 trading platforms and around 1 million users of bitcoin. At the movement RBI has banned the

transaction of bitcoins in India. So, one cannot use the cryptocurrency for the payments of goods and services. Recently in 2018 during the union budget declaration the Indian government declared that cryptocurrencies such as bitcoins were not a legal tender. There is no protection available to those using and trading them or dealing in them. In recent days finance minister Arun Jaitely said when asked by the media the Government views on cryptocurreny he said the government was aware that the cryptocurrency is being used for the illegal activities such as terrorism, cryptocurrencies function within the community and they enjoy the trust of that. According to the Indian government people using these types of currencies should take certain caution because there is no lawful protection for these currencies. And no help can be gained by the people from the government side if some fraud is faced by the people. Regarding the future of cryptocurrencies in India an expert committee also constituted to measure the risk involved in it. This committee will examine the action of cryptocurrencies and release the report in few months. Some countries are accepting the cryptocurrencies while some are not, some of them are yet to make their decision. Cryptocurrencies has its own set of complications.

What are expert’s views? Experts across the world are coming to the conclusion that cryptocurrencies are here to stay. The experts say the only way to bring value to the cryptocurrency is by issuing the real money instead of it. The experts also talk about the risk trading cryptocurrencies because here is no law on the fraud done in these types of digital currencies and also the cyber crime can be its biggest demerit as it all works online. According to the experts and many research papers the copy of cryptocurrency can be made and a false transaction can be done so the trading would not be a safe one. There is still a lot and lot of analysis to be done on this and a healthy result would come out from it which would tell us a brief idea about the usage of cryptocurrency its pros and cons, and why it can swap the physical money in the market.

So how do they do this? One method is to deal in art objects. Buy a curio in local currency. Then sell that curio abroad in a foreign currency. Even if they do not make a profit, they at least would own some foreign exchange, having bypassed exchange regulations. Suppose the curio in question is just a few lines of computer code? So buy some lines of computer code in local currency, and sell those lines for foreign currency. Even better, if they can do this transaction anonymously, for that would ensure that their stash of foreign exchange would not even come to the knowledge of the snoopy authorities. Welcome to China (did you think I was referring to someplace else?), a large prosperous nation with currency controls and a one-party government. Welcome to bitcoin, ethereum, litecoin, et al, - computer codes that are curios and crypto-currencies.

Bypassing currency controls Bitcoin is of course, the most well-known and oldest of these virtual currencies. And, bitcoin is extensively used to bypass currency controls, not just in China, but in Greece and other places as well. Bitcoin has become popular in India as well. Volumes of rupee trading in bitcoin have exploded this year – over 2,500 Indians trade bitcoins daily. Not coincidentally, demonetisation of 86% of Indian currency on November 8 triggered off an explosion of interest. Some estimates indicate that rupee-denominated bitcoin trades now generate the third-largest volumes after American dollar and yen. Bitcoin has now been around for many years and its codes are open-source. But many people don’t understand how it works.

Internationally, bitcoins are traded on multiple financial exchanges and they’ve shot up in value over the last year. Most exchanges insist on some degree of “Know Your Customer” or KYC details, but there are loopholes. For example, the same person could own many wallets in which the coins are held. It is possible to layer trades such that it is impossible to figure out who sold what, when. What’s more, the underlying reason for a trade is irrelevant – all that is known is that a coin has moved from one wallet to another.

CONCLUSION: Observers predict that India’s government will regulate Bitcoin in stages. India’s Bitcoin industry welcomes these changes knowing that government acceptance will give the cryptocurrency the backing it needs. In fact, India’s Bitcoin industry has long tried to popularize Bitcoin with strategies that include conducting security checks, requesting identification from users, such as government-verified address documents, Permanent Account Numbers (PAN) or Aadhaar IDs, and sometimes even checking bank details. Private Bitcoin companies have also launched an association, called the Digital Assets and Blockchain Foundation India (BFI), to educate lay people on Bitcoin benefits and usage. Government intervention credits their efforts. In terms of creation, Bitcoins are definitely one of The greatest innovations of man. Most banks these days are trying to use the block chain technology and since the government has not authorized Bitcoins, it has decided to introduce its own cryptocurrency named “Lakshmi”. This information was revealed by RBI‟s executive chairman Sudarshan Sen who also mentioned that the committee that proposed this idea is in its process of research. On the other hand, experts wonder whether some of these intended regulations will harm Bitcoin in that government interference contradicts Bitcoin’s allure, while other rules may hamper the blockchain innovation and development

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