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Blockchain & Cryptocurrency

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Bitcoin and the New Economy
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Blockchain & Cryptocurrency

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The fascinating world of cryptocurrency. How will it impact you, the accountants, the regulators and the taxman? An insight into the world with special emphasis in Indian context

The fascinating world of cryptocurrency. How will it impact you, the accountants, the regulators and the taxman? An insight into the world with special emphasis in Indian context

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Blockchain & Cryptocurrency

  1. 1. The ROAD ahead…. Blockchain & Cryptocurrency Impact analysis on Business, Economy and Profession By Dhruv Seth (Techi, CA by mistake) dhruv@sethspro.com
  2. 2. Why should you pay attention ??? PGBP v. Capital Gains ? Cash & Cash Equivalents OR Other Assets ? Treatment in terms of AS-13 or AS-26 Currency v. Property v. Software Is it liable to GST ?
  3. 3. 3 Hello! WHY the potential revenue of the next 60 minutes is greaterthan other 3 days !!!  ECONOMIC  BUSINESS  ACCOUNTING  PROFESSIONAL  TAXATION
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  5. 5. 5 Disable charging fail safe Overcharge battery = Lead reaction Lead = Hydrogen = BOOM ! 2011, Charlie Miller Upload malicious firmware
  6. 6. 6
  7. 7. 7 DISTRIBUTED LEDGER
  8. 8. 8
  9. 9. 9
  10. 10. 1. WHAT IS CRYPTOCURRENCY Medium of exchange created and stored in the blockchain, encrypted digitally to monitor its generation
  11. 11. Concept of CRYPTOCURRENCY 12 LEDGERSALGORITHMSMININGBLOCKCHAIN
  12. 12. “ There have been three era’s of currency the world has seen a.) Commodity b.) Paper And NOW c.) Math ? 13
  13. 13. 14
  14. 14. 15 WHY CRYPTOCURRENCY ▫ Redundant third-party trusted source ▫ More secure due to cryptography. ▫ More transparent - publicly- accessible ledger. ▫ Easy, cheap and fast international payments
  15. 15. CRYPTOCURRENCY GROWTH 16 1326 different currencies 328.47 Bn $ Market cap Bitcoin - 55.20% share 24hr trade Vol – 21.54 Bn $
  16. 16. BUSINESS CHALLENGES 1717 Valuation Adaptability Accounting Taxability
  17. 17. 18 CENTRAL bank headaches 1818 Monitoring Hedging Money Laundering Financial Institutions redundant
  18. 18. PROFESSIONAL CHALLENGES 19191919 Classification Taxability Money Trail Security / Internal Controls
  19. 19. CRYSTAL BALL Blockchain Supposedly would be part of everyday life Cryptocurrency Would be regulated by the central banks Taxation Major headache for Authorities and Professionals 20
  20. 20. Why should CA’s bother Business Transformation by setting up block chain Evolving Global dynamics having local implications True Value addition by seamless migration 21
  21. 21. 22 Thanks! Any questions? You can find me at: dhruv@sethspro.com www.sethspro.com

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