Indian Bitcoin Exchanges to maintain user database

Ajeet Khurana proposal

Indian Bitcoin Exchanges planning to maintain a user database.


Rattled by the Finance minister terming cryptocurrency as illegal tender and certain actions taken previously, exchanges are planning to create a central repository for users.


Ajeet Khurana, Head of Blockchain and Cryptocurrency Committee (BACC) of the Internet and Mobile Association of India, is looking forward to submitting a proposal to the government committee working on the same issue.


 

THE PROPOSAL: Link Aadhar ID or PAN


 

After the announcement made by Arun Jaitley in the recent Budget report regarding the exercise of cryptocurrency, Khurana came over with this proposal.


As per the proposal, the trading of virtual currency can be traced through either Aadhar ID or Permanent Account Number of the user.


The central repository of users helps maintain a real-time record of transactions as the subsequent details would be accessible:


  • Total no. of cryptocurrencies held
  • Value of the cryptocurrencies 
  • Pattern of trading by individual users 

Khurana exclaims submission of the report by this week.


Further expects government committee headed by Economic Affairs Secretary, SC Garg to submit its recommendation by March.  


Ajeet Khurana Infographics

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