Future of Cryptocurrency in India

11/12/2021 | Completed Event

We organized a webinar on Future of Cryptocurrency in India. Mr. Varun Sethi, Tech Lawyer, Founder Blockchain Lawyer and Mr. Kanishk Gaur, Cyber Security & Public Policy Specialist, Founder India Future Foundation were the speakers. The programme was done in association with Indo American Chamber of Commerce and NASSCOM Chennai. Mr. Varun Sethi spoke about the legal and compliance aspects of cryptocurrencies. Cryptocurrency is an unregulated asset class. He mentioned that the Supreme court on March 4th, 2020, came out with a judgement that stated that investing in cryptos is not illegal. it also analyzed the crypto regulations in other parts of the world and directed the RBI to come out with a notification about the KYC, anti-money laundering policies and protocols for retail investors. Since 2013 RBI has been coming out with informatory notices on how cryptos are not legal tender. He explained that this does not mean they are illegal, and one can still invest in them. He added that investors should have a proper paper trail for all transactions that can be verified by Income tax department Mr. Kanishk Kaur spoke about the cybersecurity aspects. He listed examples of various scams related to cryptos. He also pointed out that these schemes were run by people in other countries which made legal actions complicated. He said that while investing in a particular virtual currency, one has to verify its authenticity. He also suggested that first time investors should make small trades in established coin exchanges which has a presence in India. One should also be wary of global trends and economic conditions, use of each crypto currencies etc. Attendees included CXOs, technology enthusiasts, students, finance professionals etc. Mr. Hrishikesh Nair, President, World Trade Center also spoke.