We are joined by Ajit Khurana, who’s a crypto expert and founder of Genesis Network as well, a rhythm Gupta from Dubai who’s a crypto enthusiast and the CEO of Defy 11.I wanna go to you first, Ajit Khurana.Now there are currently more than 11,000 crypto currencies that are traded across exchanges.We’re the finance minister’s words in parliament music.Turrell’s Absolutely, I think, though.Victory, which all of us including the Indian government has one today, is that the deafening silence on the other regulatory front of you is over.Also, that I think, is music.
Sure also wanna bring invite? Um, Gupta.Nirmala Seetharaman had said there were other dimensions and the bill had to be be worked.And now we’re trying to work on this new bills, a siding statesman’s from the RBI in the Sebi and the government.She underlined that investors still need to remain cautious.Your first thoughts, even if I say that, I hear that the investors need to stay cautious, but I’ll still say the overall speech that the finance Minister has given today.That really is a sigh of relief for all the crap to investors that the government is not really planning to get an immediate ban, or perhaps like do an instantaneous decision on the fate of it still is kind of taking the steps slowly and gradually to be getting good regulation and getting crypto mainstream.So that’s what I would say, right? So the fact that there’s no blanket ban yet you are hopeful.
Ajit Khurana On a question about how many people paid income tax on crypto currency, the finance minister said.I don’t have the information yet do thing developing such a framework is feasible.So I have paid income tax on some gains that I have made on several of the years.And there was more opportunity in the income tax form to point out that these gains specifically overs from this method of that and not just kept to even other matter.
So those such R classification system does not exist in reporting it can be created, but at the same time, or the overall reporting would get complex.I would welcome such a step as long as it is a good user experience, Rajat Gupta.
If you’d like to actor that too, I would say that’s not really possible on an immediate basis, but definitely will be happy having happy seeing something coming in picture.The only thing is that we need to make sure everyone follows the same.I mean, income tax is still something we have been fighting since the years now where people not paying proper income tax on their cash in commodity, normal transports as well.So getting it into crypto I still something I’ll see a far sighted dream, but definitely interesting.
Farsighted dream is an interesting analogy.I just want highlight.It’s 2021 anything and everything is a Cryptocurrency token.It’s also interesting to note that as global markets fell last week with the news of the omicron variant one Cryptocurrency with the same names sword and um, a con crypto.
Actually the token surged over 900%.What you have to stay on the volatility of this.So I would strongly recommend that people realise that unlike stock markets, where a few stock 1000 stock may be listed in the clip to markets to currencies, which is Bitcoin and a teary, um, account for over two thirds of the market’s value and sometimes people will prey upon the ignorance of the newbies in the space and probably by naming a point a certain way or my sitting it a certainly a rabbit is get a certain may try to take advantage of the situation.Be very, very cautious in what you are investing, just like one equity share is not the same as another.Likewise one.Cryptocurrencies north.The rhythm.
Gupta, your parting shots to those who claim Cryptocurrency is either a bubble, a tulip mania or a scam definitely not a scam.I would say this is where we have to get in to get a good future coming in.I just keep on repeating the same thing that we need to just room out on the picture.We are not only talking about crypto, we’re talking about Blockchain.That’s the underlying technology.
So looking at the bigger picture, Blockchain needs to get a mass adoption and grip.Those seems to be the open door right now, where in we can get that.So just to make sure that obviously there would be cons and plans a pros for, like, everything possible, but we have to make sure that we are only eradicating the cons and not really ignoring the pros simultaneously.We still I would say we are on the right track with retail investor jumping into cripple trading.So we are on the right track with mass adoption, but still a long way to go.But definitely I would say that being cautious is still the right word that the finance minister used today soil still being cautious and do your own research before investing into any of the characters.Ajit Khurana, Your parting shots For those who claim Cryptocurrency is the bubble or a scam, think back maybe 100 or so years ago when people used to Maybe even more than that, people used to trade gold as a form of currency.And then the government came and said, You know these pieces of paper, we will call these currency notes and this will be money.
Think about how receptive people would have been to that idea instead of holy will Now dues just some random printed paper.We are at that point of history again, where once again there is a paradigm shift.
Once again, we need to approach it with an open mind, which does not mean that this is the only day forward.But being open minded.Certainly only right.Looking forward to the crypto currency and regulation of official digital currency Bill 2021 which is being introduced in the Parliament soon.But thank you for joining us, gentlemen.
It’s been great.Your insights have been very valuable.Thank you..