Sun. Jun 11th, 2023

Bengaluru, Karnataka [India]: Cryptocurrency has become a global phenomenon in recent years, although much is still to be learned about this evolving technology. Many concerns and worries are swirling around the technology and its capacity to disrupt traditional financial systems.

We often get asked about cryptocurrencies and whether they represent a potential replacement for gold, as well as what role, if any, bitcoin should play in a portfolio & How easy it is to regulate Bitcoin, Crypto compare to Gold & Cash Transaction.

Smuggled gold accounts for over a third of the demand in India, the world’s second-largest gold importing nation after China. This potentially causes a revenue loss of $1.3 billion to the central government as per a news report published in Deccan Chronicle on 12th June 2018. Official imports are down by almost 50 percent, while smuggled gold volumes are on the rise that to in 2018, think about 2021. To avoid some of the taxes, there is more under-the-counter buying. Now imagine after so many precautions by the government, still gold smuggling is blossoming in our country.

In India, money laundering is popularly known as Hawala transactions. It gained popularity during the early 1990s when many of the politicians were caught in its net. Hawala is an alternative or parallel remittance system. “Hawala” is an Arabic word meaning the transfer of money or information between two persons using a third person. The system dates to the Arabic traders as a means of avoiding robbery. It predates western banking by several centuries. The Hawala Mechanism facilitated the conversion of money from black into white. Black money refers to funds earned, on which income and other taxes have not been paid. Black money is earned through illegally traded goods or services. Amount of Money Laundering is beyond imagination.

The whole world & Indian Government spend so much to regulate these transactions, I think nobody has forgotten the Note ban recently in India.

As per Adv. P.M Mishra Bitcoin & Other CryptoCurrency is absolutely easy to regulate compare to Gold & Cash. As he said,  On the one hand, cryptocurrency is entirely anonymous. On the other, it is completely transparent and trackable.

It is anonymous in the sense that you can hold a crypto address without revealing anything about your identity in that address. One person could hold multiple addresses, and in theory, there would be nothing to link those addresses together or to indicate that the person owned them.

Sending and receiving virtual currency is like writing under a pseudonym. If an author’s pseudonym is ever linked to their identity, everything they ever wrote under that pseudonym will be linked to them. Criminal activity can be headed off at the pass with tools that match customer data with bitcoin transaction histories. This can make it easy to identify high-risk customers, remain AML compliant, and avoid the taint associated with crypto money laundering.

To Protect Ordinary Citizen from Crypto fraud & to stop Money laundering activity Crypto, India should quickly take the following steps –

  • Allow Only One Bank to deal with CryptoCurrency.
  • Appoint a young & innovative cyber team to track all wallet addresses are in operation by using Indian IP, trace them up to the location.
  • Allow few ISP to allow crypto exchange IP so that it will be easy to track.
  • Charge extra tax for Crypto Custody Service.
  • Involve Crypto Insurance Company.
  • Limit Crypto Holding depends on the ITR of the person or Company.
  • Limit Crypto Transaction Overseas, along with strict Vigilance.
  • Issue License Individual trader, who would like to trade.
  • Issue License to Exchanges.

Adv P.M.Mishra said, I am very positive about the current Government Crypto Regulatory Approach & I would like to see that India should win Crypto Currency Race as Crypto is nothing but Digital Gold.

By dsprime

  1. [url=]antabuse 250 mg online[/url] [url=]viagra india cheap[/url] [url=]citalopram over the counter[/url] [url=]generic viagra canada paypal[/url] [url=]zithromax order[/url] [url=]cymbalta 300 mg[/url] [url=]tadalafil order[/url] [url=]sildenafil citrate online pharmacy[/url] [url=]500 mg seroquel[/url] [url=]cialis cost 20mg[/url]

  2. Hey! This is my 1st comment here so I just wanted to give
    a quick shout out and say I truly enjoy reading through
    your articles. Can you recommend any other blogs/websites/forums that
    deal with the same topics? Thank you so much!

  3. [url=]cialis prescription cost uk[/url] [url=]order viagra online with paypal[/url] [url=]buy cialis online us[/url] [url=]where can you buy viagra over the counter in canada[/url] [url=]viagra 100mg price[/url]

  4. Hey there are using WordPress for your site
    platform? I’m new to the blog world but I’m trying
    to get started and create my own. Do you need any html coding knowledge to make your
    own blog? Any help would be really appreciated!

  5. When I initially commented I clicked the “Notify me when new comments are added”
    checkbox and now each time a comment is added I get four
    emails with the same comment. Is there any way you can remove me from
    that service? Bless you!

  6. Hmm is anyone else experiencing problems with the images on this blog loading?
    I’m trying to find out if its a problem on my end or if it’s the blog.
    Any feedback would be greatly appreciated.

  7. Do you have a spam issue on this site; I also am a blogger, and I was wanting to know your
    situation; many of us have created some nice methods and we are looking
    to trade strategies with others, be sure to shoot me an email if interested.

  8. Today, I went to the beachfront with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the
    shell to her ear and screamed. There was a hermit crab inside and it pinched her ear.

    She never wants to go back! LoL I know this is entirely off topic
    but I had to tell someone!

  9. I’m impressed, I have to admit. Rarely do I come across a blog that’s
    equally educative and engaging, and let me tell you,
    you’ve hit the nail on the head. The problem is something that too few men and women are speaking
    intelligently about. I am very happy I found this in my search for
    something concerning this.

  10. Hey there exceptional website! Does running a blog like this require a lot
    of work? I have virtually no understanding of programming
    but I was hoping to start my own blog soon. Anyway, should you have any ideas
    or techniques for new blog owners please share.
    I know this is off subject however I simply needed to ask.

  11. Wonmania Bahis Forumu kurulduğu günden beri bahis oyuncuları için bahis forum rehberini titiz bir şekilde yerine getirmektedir. En iyi forum bahis zevkini en iyi yaşatan forumdur.

  12. Hi everyone, it’s my first visit at this web
    page, and piece of writing is truly fruitful for me, keep up posting such articles.

  13. Deneme bonusu kullanımının hızla arttığı 2022 yılı içerisinde en güncel deneme bonusu duyuruları’da sizlerle !

  14. Normally I don’t learn article on blogs, but I wish
    to say that this write-up very compelled me to check out and do it!
    Your writing style has been surprised me. Thank you,
    quite nice article.

  15. Forum Bahis deneyiminizi en üstlerde yaşamak ve kazancınıza kazanç katmak istiyorsanız en güncel tüm bilgiler bir tık ile elinizin altında bahis forumunda sizlerle !

  16. Banko Tahminler ile paranızı katlamak Betstake10 tahmin ekibi ile çok kolay. Sizde sadece bir tık uzağınızdaki sitesine giriş yaparak banko tahmin ve banko kuponlar ile kazanmanın tadını çıkarın.

  17. I have been exploring for a little bit for any high-quality articles or blog posts on this sort of house . Exploring in Yahoo I eventually stumbled upon this web site. Reading this info So i¦m glad to show that I have an incredibly just right uncanny feeling I came upon exactly what I needed. I such a lot surely will make sure to do not put out of your mind this site and provides it a look on a continuing basis.