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Mass leaving can erode Indian cryptocurrency investors' wealth

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Shivangi Mujumdar Follow

INDIA

Mar, 13 2021

Mar, 13 2021

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Primarily we launched the exchange using our investments. Successively we managed to raise money from investors, uniform after the RBI ban. 

 

A planned ban on private cryptocurrencies has endangered to quash India’s budding cryptocurrency industry and disturb investors who have previously placed their money in virtual currencies. Mint talked to Sumit Gupta, creator, CoinDCX, one of the country’s largest cryptocurrency exchanges about his background and opinions on the road ahead for cryptocurrency in India. 

 

Can you state to me a tiny bit about your contextual? 

 

Narendra Modi- our 70-year-old Prime Minister developed a jab at Delhi’s All India Institute of Medical Sciences. Permit a vibrant market for vaccines to arise. 

 

Cryptography is a significant part of cybersecurity and is used by specialists in that field. I got a pre-assignment offer from Sony and went to Japan in 2014. I even educated Japanese earlier going there. 

 

Throughout my time in Japan, I used to get emails about job proposals in the crypto field. I did not understand the technology at that time and so I didn’t even capitalize on cryptocurrency back then. I request I had done so; I would’ve been an ironic man by now. 

 

What made you introduce a cryptocurrency exchange? 

 

At the time, major exchanges were only contributing to Bitcoin. Numerous were operative as brokers rather than exchanges and fees were in the 5-10% variety and fluidity was tremendously low. I felt that India needs a user-determined exchange. My flatmate was also doing a crypto startup. 

 

Any immovable stuff held for more than 24 months is categorized as a long-term capital asset. 

 

The LTCG is chargeable at 20% plus a surcharge.

Bestowing to experts, unsecured NCDs are much more uncertain than protected NCDs as the bonds are supported by the company’s assets. 

 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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