Crypto currency 2021 Crypto currency ppt Block chain

1. CRYPTO-CURRENCY
SUBMITTED TO :- Dr. Sonia kundra
SUBMITTED BY: SAHIL
CLASS :- M.Com Sem 1

2. INTRODUCTION
 Simply it is a digital currency or it is a type of currency which uses digital files as money. Crypto currency
use “DecentraliZed control” which means that they are not controlled by one person or govt.
 Bitcoin is considered the first crypto currency created, and everything else is collectively known as
“altcoin”.(a combo word dErived from “alternative coin”
 Crypto currency can be used to buy or sale things, all there potential to store and grow value has also caught
the eyes of many investOrs . There are thoUsands of crypto currency available today .

3. HISTORY
 In 1998 wei dai published a description of “ B money “ ,an anonymous, distributed electrinca cash system
 Nick szabo created “bit gold” like bit coin and other crypto currencies
 It was based on block chain. Block chain is a specific type of data base It differs from a typical data base in the
way it stores information, block chains store data in blocks that are than chained togEther as new data comes in it
in entered into a fresh block once the block is field with data it is chained on to the previous block, which makes
the data chained togEther in chronological order. Different type of information can be stored in block chain but
the most common use so far has been as a ledger for transaction.the blockchain .com is founded by the Benjamin
reeves, Nicolas cary , peter smith in august 2011 in York, united kingdom.

9. BENEFITS
. Transparency
 Efficiency
 Reduce third party verification and related cost
 Secure and private
 Potential for high return
 DISADVANTAGES
 Not free
 Use for illegal activities
 Not stable
 Unregulated

10. WHY CRYPTO IS GAINING TRACTION
1) FAILED GOVERNMENT POLICIES.
2) PROGRessive TAXATION
3) CRYPTO IS A DIGITAL GOLD

11. TYPESOF CRYPTOCURRENCY
 Bitcoin:- it is a digital currency created in 2008 by an unknown person or group of people using the name
satoshi nakamoto. The currency begin use in 2009 when its implementation was released as open source
software . Bit coin created as a reward for a process known as mining.
 A florida resident traded his bit coins to get two pizzas in 2010 the transaction in known as first official use
of bit coin for commercial transaction with an actual company.
 There are only 21 millions bit coins that can be mined in total. Bit coin will never reach that cap due to the
use of rounding operators in its code base.as of august 2021,18.77million bit coins have been mined , which
leaves roughly 2.3million yet to be introduced to circulation.

12. BITCOINMINING
 It isa processby whichnewbitcoinsare enterdintocirculation.By mining,youcanearncryptocurrency
withouthavingto putdownmoneyforit.Bit coinminersreceivebitcoinasa rewardforcompleting“blocks”of
verifiedtransactions, whichareaddedto theblockchain.

13. Countries thatsayyes to bitcoin
EL SALVADOR: It has become the first country in the world to accept bitcoin as a legal tender . Announcing the
decision on Tuesday , the govt. of EL SALVADOR claimed that the move will give many citizens of the country
access to bank services for the first time . Advocates of the digital currency , including the country’s president ,
nayib bukele , say the policy that took effect Tuesday morning was historic.
USA: Cryptocurrency exchanges are legal in the united states and fall under the bank secrecy act { BSA}
Others: CANADA, AUSTRALAIA , THE EUROPEAN UNION Etc...

14. COUNTRIESTHATSAYNOTOBITCOIN
 CHINA: trading cryptocurrencyhas officiallybeenbannedin chinasince 2019,but has continuedonlinethrough foreign
exchanges.In april,2020,the clampdown comesas thecountry’scentral bankhas beentesting itsown digital currency,
“DIGITALYUAN”– A Project that couldput thegovt.in more direct competition bothwith cryptocurrenciesand with
corporate paymentssystem.
 RUSSIA
 VIETNAM
 BOLVIA,
 COLUMBIA
 ECUADOR
 BANGLADESH
 EGYPT
 MOROCCO
 ETC…..

15. ALTCOIN=ALTENATIVECOINS
 It includestether( usdt)
 Cardano(ada)
 Binancecoin( bnb ) , marketcap= over64 billiondollars
 Xrp, marketcap=over44billiondollars
 Sallona( sol ) , marketcap=41 billiondollars
 Usdcoin( usdc), marketcap=over31 billiondollars
 Polkadot ( dot ), marketcap=over28billiondollars
 Dogecoin( doge), marketcap=over26billiondollars.

16. LEGALITYOF CRYPTOCURRENCYININDIA
 PARLIAMENTSESSIONALERT: BUDGET SESSION { JAN 29- APR 8,2021}
 The cryptocurrency and regulation of official digital currency bill 2021: Create a facilitative framework for creation
of the official digital currency to be issued by the reserve bank of india and prohibits all privates cryptocurrencies
in india
 BACKGROUND: In 2018 , the reserve bank of india banned the use of cryptocurrency as a legal tender in india by
issuing a circular . However this decision was overturned by the indian supreme court in march 2020 , permitting
banks to handle cryptocurrency transactions from traders and exchanges
 SO, In india there are no laws , that prohibit trading in crypto. In that sense, cryptocurrency is like any other asset
class such as gold, commodity or real estate. People trade in gold without the govt. creating a law for it. Same is the
status of cryptocurrency at momemt.

17. TAXIMPLICATIONOFCRPTOCURRENCYININDIA
TAXUNDERINCOMETAXACT;
Profit and gain from business and profession : these transaction include receipt of cryptocurrency as consideration for sale of goods and services . Any continuous activity like trade in
cryptocurrency is included in the definition of business and profit realized are taxable thereunder ,chargeable u/s 28 of IT act.
Income from other sources
1}GENERATIONOFCRYPTOCURRENCYTHROUGHMINING: Experts believe that cyrrency generated through mining will indeed be considered under the head of income from other
sources. It is to be noted that section 55 of the income tax act , which deals with the cost of acquisition and improve Cryptocurrency ment , does not recognize mining.
2}RECEIVINGCRYPTOCURRENCYINTHEFORMOFGIFT:received as gift will be taxed under income from other sources at concerned slab rate and cryptocurrency received as gift worth
INR 50000 and above shall be taxable.
3}SALARYANDINCOMEFROMHOUSEPROPERTY: Employer cannotmake salary payments using this digital currency. Similarly ,payment of rent using this currencyis not legal and
hence not recognized . Therefore it will not hove any tax liability in india under the present law, unless specific guidelines for the same are announced.
3}:CAPITALGAINS: According to Sec2(14) of the IT act, any capital gains arising out of the transfer of cryptocurrency must be considered as capital gains, if they are held for investment.
TAXUNDER CGSTACT: Any business activity pertaining to cryptocurrency , unless specifically exempted , is taxable under the CGST act. Indian cryptocurrency exchanges already charge
gst from their users . This indirect tax is included in the trading fee that exchanges add to the buying price of Bitcoin, Ethereum, Tether,etc. Furthermore , the exchanges pay gst to the
governmentas a part of their general tax payments. It should classify as an intangible asset and attracta gst of 18%.

18. PLATFORRMS IN INDIA
 TEHEREARETWOTYPESOFPLATFORM:
 1) SPECULATIVEPLATFORMS:
 A}BINOMO: It is an online trading platform that caters to clients from 133 different countries and is one of the most popular brokers for traders from
india , brazil, Indonesia, Vietnam, and turkey . Binomo was established in 2014 and is owned by a company called dolphin corp, located in the St. Vincent
and the grenadines. Currently , binomo only offers a few cryptocurrencies to be traded on platform . You have got bitcoin, litecoin, and bitcoin cash .
 B}IQOPTION : It is an online trading platform that enables customers to trade a veriety of financial instruments and assets such as binary options, stocks
, forex, and of course cryptocurrency .
 Others; brictrade, olymp trade, expert option etc..
 2)INVESTMENTPLATFORM: A}CoinDCX: It was founded on 7 apr, 2018 . It’s headquarter is in Mumbai . CEO is Sumit gupta. COinDCX is known to be
one of the safest cryptocurrency exchanges in india. It is crucial to keep the funds safe as the crypto market is fragile, and some miscellaneous thefts can
happen due to the weak security.
 B}Binance: It is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It
was founded in 2017 and is registered in the cayman islands . It’s CEO is Changpeng zhao.
 Others: coinbase , kucoin, wazirX etc….

19. HOWTOSTARTINVESTINGINCRYPTOCURRENCY
 1) SELECT RIGHT CRYPTO EXCHANGE
 2) OPEN A TRADING ACCOUNT
 3) FIND YOUR ACCOUNT
 4)BUYING AND INVESTING IN CRYPTOCURRENCY
 5) STORE YOUR CRYPTOCURRENCY
 6) CHOOSE A STRATEGY

20. PRACTICALAPPLICATION: HOWTOBUY/SALECRYPTO.
 wazirX : Wazir X is india’s most trusted bitcoin and cryptocurrency exchange . Founder and ceo is nischal Shetty . He has been building products for the
last 10 years . He started bitcoin mining in 2009 and had been trying out bitcoin wallets since 2012.
 IS IT SAFE TO USE WAZIRX: YES, but its recent news can shake the confidence of its users. The enforcement directorate (ED) recently issued
notice to india’s crypto exchange wazir X over possible FEMA violations for the act of making withdrawls from crypto wallets , as it seeks ledgers for the
transfers worth INR 27.90 billion
 Presently the holders of crypocurrency can freely transfer coins from their wallet to another wallet , anywhere across the globe. Such overseas transactions
without proper documentation are considered potent routes for money loundering , thereby violating forex rules, by ED.
 Cryptocurrency exchanges , including wazirX claim that they have complied with the KYC norms to ensure identification and verification of the traders
and investors who have accounts and wallet with them . If these traders withdraw cryptocurrency , their exchanges can be traced to the address of the
external wallet where the digital currency has been sent.
 However , this knowledge does not include information identifying the person or entity owning the wallet that has received the crypto money. ED have
explained that mere kyc will not sufficient to prevent the misuse of digital currency for procuring illicit items like drugs on dark net , money laundering,
or illegitimate bettings, amongs others nefarious activities .

23. INSIGHTS FROM THE ENFORCEMENT DIRECTORATE NOTICE TO
wazirX

24. IS THEREANYINDIANBASEDCRYPTOCURRENCY
 The indian origin cryptocurrency – polygon(MATIC) has swiftly risen in polularity . It
has also partenered in multiple government based blockchain projects for scaling COVID
19 related data ,…it ranks among the top 15 biggest cryptos globally and has become a
massive hit in india.
 It was launched in October 2017 by jaynti kanani, Sandeep nailwal and anurag Arjun ,two
experienced blockchain developers and a business consultant. Before moving to its
network in 2019, the polygon team was a huge contributor in the Ethereum ecosystem.it
aims to provide faster and cheaper transaction on ethereum.

25. PRIMEMINISTERNARENDERAMODI’SVIIEWON CRYPTOCURRENCY

26. FUTURES PREDICTIONS
 What will cryptobeworthin 2030?
 The global crypto currency market will hit dollar
4.94
 billion by 2030, more than triple its estimated size of
dollar 1.49 billion in 2020, according to new study.