Cryptocurrencies should be brought under control
India would be the first largest economy to regulate cryptocurrencies and levy taxes on it and sort of legitimize the entire space, according to Anirudh Damani, Managing Partner, Artha Venture. He said, there will be a lot of cryptocurrency startups now finding homes in India. “A lot more funds and investors are getting comfortable investing in the crypto space, because now the regulatory framework is going to get set. And I think I’m quite excited about that specific announcement as far as visualization is concerned. I think you’ve got a finance Minister announcing the budget from a tablet,” Damani said.
The government is quite clear in terms of digital payments. India is the world’s number one digital payments economy out there. From a common man to the richest person in India, people can send money. We’re now looking at 24 hours banking, he said.
Digitization of land records is important
According to Damani, digitisation of land records is extremely important. “I mean, it makes it so easy for anyone to buy and sell land or buy and sell property, which right now is such an opaque ecosystem. Every state has its own record. There are agents in between. It’s so confusing. As the next generation starts buying some of this land or trading land, it’s really important that it’s simple and easy and not as complicated as it used to be,” he said.
To tackle this situation, the young entrepreneur suggests using blockchain technology to figure out land records which makes it easy to understand who owns the land.
According to him, this can probably make it even more seamless for tracking these transactions, probably eliminating black money, which has again been a problem in the land ecosystem.
Own coin will help in seamless cash transactions
It is hoped that when a country issues its own coin, a few more seamless transactions will be possible. It makes the movement of that money easier in a way. If you have money in your bank account, when you transfer it to someone else’s bank account, you do not actually send the money in physical format. Everything is digital, so it’s another way of doing things digitally.
