Cryptocurrencies May Finally Be Legal in India; UNICEF Asks Gamers To Mine Ethereum!
The government's announcement has brought a ray of hope for cryptocurrency investors even though no details are yet forthcoming.
In a positive news for cryptocurrency enthusiasts and investors in India, Govt. has finally given some signal towards making it ‘legal’.
As per reports coming in, Govt. may regulate the buying and selling of digital coins like bitcoins and others by March end.
Regulation of any financial operation, investment scheme means that it won’t be illegal per se, from now. However, to what extent the cryptocurrencies in India would be regulated is still not clear.
Meanwhile, United Nations International Children’s Emergency Fund (UNICEF) has officially asked all gamers to mine cryptocurrencies, and the reason is not to steal money but to aid in humanitarian tasks.
This is another very positive outlook and the right step towards making cryptocurrencies more acceptable and more mainstream.
Govt. Of India: Cryptocurrencies To Be Regulated By March End
Subhash Chandra Garg, secretary, department of economic affairs has confirmed that Govt. is aiming to regulate bitcoins and other cryptocurrencies, and this means that the trading and investing in these digital coins would be finally legalized.
“We hope that within this year, the committee would finalize its recommendations and then it would require legal changes, regulatory assignments, but certainly there will be regulations by the end of this financial year,”
This statement is quite impactful, that Garg heads a committee formed by Govt. to analyse and study cryptocurrencies, and how trading is actually done. The committee has been tasked to recommend steps to curb its illegal use and to formulate guidelines for its usage.
Besides Garg, other members of the committee include Securities and Exchange Board of India chairman Ajay Tyagi and Reserve Bank of India deputy governor B.P. Kanungo.
Earlier, after the Union Budget was announced, Central Board of Direct Taxes (CBDT) had said that tax notices were sent to ‘few lakh’ of bitcoin investors.
CBDT Chairman Sushil Chandra had said,
“We have issued notices (to investors) and they (many of them) have agreed to pay taxes. We will definitely take taxes as far as the money is concerned which is invested (in bitcoins trade) and is unexplained,”
Once bitcoin and other digital coin investors start paying taxes, then the legality of the whole ecosystem would be automatically established.
UNICEF To Gamers: Please Mine Ethereum!
Meanwhile, UNICEF, the global, UN-backed body for children welfare has requested gamers to mine a popular cryptocurrency Ethereum, and the purpose is to help refugee Syrian kids.
This is part of UNICEF’s “Game Chaingers” campaign, wherein any digital coin mined under this program will be used to fund relief programs for Syrian kids.
The website reads,
“To participate in this operation, all you need to do is to install Claymore, a mining software. You will be able to start or stop mining when you want, and generate Ethereum right in UNICEF’s electronic wallet.”
For this purpose, UNICEF is requesting all gamers, eSports fans and anyone having a strong graphics card to support their mission by mining Ethereum.
This call for mining of digital coins by UNICEF is just one such example of how blockchain-based applications can actually help humanity.
We will keep you updated as we receive more updates regarding cryptocurrencies, globally.