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At Blockchained India’s Bengaluru event: Citizens talk Need for Crypto Regulations

Despite the Indian Government’s uncertain response towards crypto regulations, few crypto enthusiasts in India are stubborn enough to fight for it and share what Indians really think about cryptocurrency & blockchain.

As such, four creative minds of Blockchained India have begun the Blockchain Bytes Roadshow across four major Cities in India – Delhi, Hyderabad, Mumbai, and Bangalore.

Blockchained India, founded by Akshay Aggarwal, Kumar Anirudha, Manav Ailawadi, and Advaith Mohan did four meet-ups in the month of March and is currently scheduling more meet-ups in the month of April. The Bengaluru meet-up was held at 91Springboard co-working space.

Here I present my experience of attending Bengaluru’s Blockchained India Conference and listening to founders and other reputed figures of Indian Crypto Community.

As soon as Binance India Meetup was over on March 30, 2019, we were getting ready for Blockchained India Road Show. The agenda of Meet-up was ‘Does India Need Crypto Regulations?’, and the ideas from speakers and audience will be recorded to compile a list of suggestions for regulations and presented to the government.

Speakers

Naveen Mishra, Head of Partnerships Bank of Hodlers

Nirmal, CEO Inwara

Anoush Bhasin, Founder Quagmire Consulting

Nilesh Trivedi, Founder Indium network

Nishchal Shetty, Founder WazirX

Jaideep Reddy, Blockchain Practice, NDA

Nitin Sharma, Founder Incrypt

Mankena Venkatesh, Developer ConsenSys

Major Highlights of the Event

While each and every speaker shared some insightful information, we had to still choose only some of the highlights for the article.

Why and How Tax Agency consider Crypto by Anoush Bhasin?

Anoush Bhasin is professionally a chartered accountant and passionately associated with a blockchain and taxation company ‘Quagmire Consulting’. When talking about ‘are crypto transactions really taxable’, Anoush says all crypto transactions including crypto-crypto, crypto-to-fiat, and crypto-to-Goods are taxable. According to him, income tax officers can identify crypto wallets in your premises. He says,

“Income tax officers have already received trainings to identify both hardware and software wallets. So if they have a warrant to come and search your premises, they can identify wallets and you are bound to share your password with them.”

Quagmire Consulting founder Anoush Bhasin on tax on Crypto at Blockchained India event

Why #IndiaWantsCrypto and How will it help Govt to look forward to regulations by Nischal Shetty

Co-founder of WazirX Cryptocurrency Exchange, Nischal Shetty shared his views on why India needs positive crypto regulations. Shetty has been running a campaign on twitter with hashtag #IndiaWantsCrypto for more than 150 days, tweeting everyday to our ministers.

According to Shetty – just like Internet helps information stay democratised, crypto will accelerate the economy. Talking about crypto and future of India, he says

“Future is where the value get democratized”

Nischal Shetty, co-founder of WazirX speaking at Blockchained India event

Do we really need regulations?

An interesting questions asked and answered by Nilesh Trivedi from Indium Network.

“Government is designed to protect us through investor protection laws. If we can do it ourselves in some cases, then we don’t need it.”

I couldn’t stay for the whole event and missed the last 15 minutes of it. But twitter came to the rescue. This is how it wrapped up.

It also must be noted that these events are leading upto a mega event known as “India Dapp Festival” which was earlier scheduled for May in Bengaluru. The new updated dates according to the website are June 11-15, 2019.