Cryptocurrency- A way forward CA Ashish Gupta : +91 8961201921 CA Nilesh Bhagat : +91 8420243762 What is Cryptocurrency? • • • • • It’s a digital asset designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger in a form of computerized database using strong Cryptography Does not exist in physical form. It typically use decentralized control. It works through distributed ledger technology, typically blockchain. Data Mining • Data mining is the computing process of discovering patterns in large d a t a sets involving methods at the intersection of machine learning, statistics, a n d database systems An essential process where intelligent methods are applied to extract d a t a patterns. Countries take on Cryptocurrency Restricted Japan USA Germany Mexico France Singapore India Colombia Russia Saudi Arabia Iran Indonesia Vietnam Ilegal Bolivia Ecuador Egypt Morocco Pakistan Nepal . Legal User growth in different Continents 151.95% 160.00% Continents with the most user growth in the age group 18 to 24 140.00% 120.00% 91.40% 100.00% 80.00% 60.28% 60.00% 46.31% 33.82% 40.00% 20.00% 0.00% Europe Asia Americas Africa Oceania • • • • • Initial banking ban of cryptocurrency in 2018 Cryptocurrency exchange files a lawsuit and wins on March 2020 against the ban Significant adoption since the lockdown started in March 2020 Indian Govt working on a law to ban cryptocurrency trading Most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies India Current Scenario Some Examples of Crypto-currencies Litecoin Dogecoin Monero • Global • Bitcoin fees are cheap • Every transaction on the Bitcoin network is published publicly Dash Recommendations Cryptocurrency exchange companies need to maintain ledgers and records of transactions. Crypto exchange companies need to register with a regulating body. RBI may introduce its own cryptocurrencies in order to get a centralized control over it. Using conventional tax laws and accounting principles on crypto assets. . That’s All from our side… Thank You!
