Blockchain & Cryptocurrency Impact on Business, Economy and Profession
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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
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Blockchain & Cryptocurrency Impact on Business, Economy and Profession
- 1. The ROAD ahead…. Blockchain & Cryptocurrency Impact analysis on Business, Economy and Profession By Dhruv Seth (Techi, CA by mistake) dhruv@sethspro.com
- 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 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 Disable charging fail safe Overcharge battery = Lead reaction Lead = Hydrogen = BOOM ! 2011, Charlie Miller Upload malicious firmware
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- 10. 1. WHAT IS CRYPTOCURRENCY Medium of exchange created and stored in the blockchain, encrypted digitally to monitor its generation
- 13. “ There have been three era’s of currency the world has seen a.) Commodity b.) Paper And NOW c.) Math ? 13
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- 15. 15 WHY CRYPTOCURRENCY ▫ Redundant third-party trusted source ▫ More secure due to cryptography. ▫ More transparent - publicly- accessible ledger. ▫ Easy, cheap and fast international payments
- 16. CRYPTOCURRENCY GROWTH 16 1326 different currencies 328.47 Bn $ Market cap Bitcoin - 55.20% share 24hr trade Vol – 21.54 Bn $
- 18. 18 CENTRAL bank headaches 1818 Monitoring Hedging Money Laundering Financial Institutions redundant
- 19. PROFESSIONAL CHALLENGES 19191919 Classification Taxability Money Trail Security / Internal Controls
- 20. 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
- 21. 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
- 22. 22 Thanks! Any questions? You can find me at: dhruv@sethspro.com www.sethspro.com