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EXCLUSIVE
CRYPTOCURRENCY TIMELINE: THE SHADY WILD RISE TO THE UNCERTAIN FUTURE
The cryptocurrency buzz started with Bitcoin - a computerised algorithm that
generates a digital token of exchange - registered on the blockchain. The total
global crypto market value now exceeds $ 2.12 trillion, with a daily global
trading amount of more than $100 billion. ETBFSI brings to you a quick recap of
the 'crypto boom', 'crypto bubble', 'crypto winter', and other key developments
of the crypto industry.
* ETBFSI
* August 12, 2022, 08:00 IST
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~ Anushka Sengupta
Cryptocurrency, which started in 2008 had witnessed a wild and shady rise in
India, and globally while the industry also had to take the heat in 2021-22 with
a massive market crash that went on for days.
Recently, the crypto industry has been flooded with news of the WazirX-Binance
controversy. WazirX is currently in the limelight for allegedly aiding instant
loan app companies in money laundering by the Enforcement Directorate.
ETBFSI collates the past and present happenings of the crypto world into a
timeline — from the shady wild rise to its uncertain future.
Here's a quick recap :
2008
» Domain name bitcoin.org is first registered. Two months later, a paper
detailing a decentralized “peer-to-peer cash electronic cash system” was
published by Satoshi Nakamoto.
2010
» The first sale of an item using Bitcoin takes place, with a customer swapping
10,000 Bitcoin for two pizzas. This attaches a cash value to the cryptocurrency
for the first time.
2011
» Other cryptocurrencies began to emerge, including Litecoin, Namecoin, and
Swiftcoin.
2013
» December, 24 - RBI releases first press release on cryptocurrencies, which
says Virtual currencies are not backed by a central bank and their value isn’t
underpinned by an asset and thus a matter of speculation.
2014
» Tether, a “stablecoin” theoretically tied to the value of the U.S. dollar, is
issued. Hackers attack major Bitcoin exchange Mt. Gox, swiping $450 million in
bitcoins from owners—forever. Mt. Gox soon goes bankrupt.
2017
» Japan allows Bitcoin as a legal payment method. Norwegian online bank Sbanken
allows Bitcoin in customer accounts.
» February 01 - RBI released its second press release that repeats the concerns
mentioned in the first release.
» Oct-Nov - Two PILs are filed in the Supreme Court, one asking it to ban buying
and selling cryptocurrencies in India, the other asking for them to be
regulated.
» In November, the government formed a committee to study issues around virtual
currencies and propose actions.
» December - The RBI and the Ministry of Finance issue statements on
cryptocurrencies. The ministry compares them to Ponzi schemes.
2018
» Goldman Sachs announces it’s opening a Bitcoin trading desk while also stating
it isn’t “sold” on cryptocurrency.
» April 6 - The RBI issues a circular preventing commercial and co-operative
banks, payments banks, small finance banks, NBFCs, and payment system providers
from dealing in virtual currencies and providing services to all entities which
deal with them.
» Crypto trading volumes fall by 99% and by August 2018 about 95% of jobs
vanish. Faced with an existential threat, several exchanges filed a writ
petition in the Supreme Court.
2019
» November 21 - Binance acquires WazirX and explicitly says that the WazirX
acquisition and integration is part of the company’s strategy to enhance its
growing list of global partners, in an effort to provide the global crypto
community with easy access to cryptocurrencies in a fast and secure manner.
2020
» March 4 - The Supreme Court strikes down RBI’s banking ban on crypto, terming
the April 6 circular unconstitutional.
» Exchanges see a sharp increase in interest as the SC ruling coincides with a
crypto boom. The price of Bitcoin jumps more than 700% between April 2020 and
February 2021.
2021
» January 29 - The government says it will introduce a bill to create a
sovereign digital currency and simultaneously ban all private cryptocurrencies.
» Bitcoin-heavy exchange Coinbase becomes a publicly listed company on the
Nasdaq. The total market value of all cryptocurrencies surpasses $2.5 trillion,
then plummets $1 trillion in a week, sparking new fears of a “crypto bubble.”
» December 31 - WazirX comes under tax lens. GST department says crypto exchange
evaded Rs 40.5 crore in taxes.
2022
» February 15 - The Finance Minister Nirmala Sitharaman announced that there
will be a tax of 30% on income from cryptocurrencies. For taxation purposes,
cryptocurrencies have now been included in the definition of Virtual Digital
Asset (VDA).
» May 17 - The number of accounts against which crypto exchange WazirX took
legal action rose by 19% between October 2021 and March 2022, compared with the
previous six months. The company said 17,218 accounts were locked during the
period, compared to 14,469 in April-September 2021.
» June 22 - CBDT clarified saying that the new section mandates a person, who is
responsible for paying to any resident any sum by way of consideration for the
transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of
such sum as income tax thereon.
» July 20 - The Government is not considering any plan to reduce taxes on
cryptocurrency transactions. In a written reply to a query in the Rajya Sabha on
whether the Government wants to exempt cryptocurrency transactions from taxes,
Minister of State for Finance Pankaj Chaudhary said, “There is no such proposal
under consideration.”
» Spot trading volumes on crypto exchanges CoinDCX, WazirX, and Zebpay declined
by at least 70% on July 3 compared with June 30, even as the rule requiring
deduction of tax at source on every transaction came into effect on July 1.
» August 4 - The Directorate of Enforcement (ED) has served crypto exchange
WazirX a notice under the FEMA Act, Minister of State for Finance Pankaj
Chaudhary told Rajya Sabha.
» August 5 - The Enforcement Directorate (ED) said it has frozen the bank
balance of around Rs 64.67 crore of one of the directors of Zanmai Lab Private
Ltd, which owns the crypto-currency exchange WazirX.
» August 6 - Binance does not own any stake in Indian cryptocurrency exchange
WazirX, the global crypto platform’s founder said.
» August 8 - The world's largest crypto exchange Binance, which disowned the
Nischal Shetty-run crypto platform WazirX, said that it is removing the
off-chain fund transfer channel between WazirX and Binance.
» August 10 - WazirX said it has a no-tolerance policy towards any illegal
activities. The statement comes just days after the Directorate of Enforcement
(ED) alleged that the company was in violation of know your customer (KYC)
guidelines.
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EXCLUSIVE
INDIAN FINTECH MARKET TO RECORD ‘10 TIMES’ GROWTH; ACHIEVE $1TN IN AUM, $200BN
IN REVENUE BY 2030
India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022.
* ETBFSI
Click Here to Read This Story
*
*
*
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Indian Fintech market is expected to record a 10 times growth to achieve $1Tn in
Assets Under Management (AUM) and $200Bn in revenue, said the report titled ‘$1
Tn India FinTech Opportunity'.
The report released by Chiratae Ventures in collaboration with Ernest and Young
(EY), highlighted that much of the growth will be driven by the digital lending
market, which is expected to grow to $515 Bn in book size by 2030.
The market is expected to reach $1Tn in AUM with contribution from lending to be
highest at 50%+, while from a revenue standpoint payments and lending make 75%+
of the pool, the report highlighted.
India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022. An organic and collaborative
ecosystem is driving this growth, which is being supported by key government
initiatives, such as Digital India, Smart City, the development of UPI, and
other initiatives.
Payments, Digital Lending, WealthTech, InsurTech, and Neo-banking will all be
contributing to growth in the FinTech space with Agri+FinTech and Prop+FinTech
considered to be big bets.
Tailwinds due to favorable demographics, growing technology adoption, higher
disposable incomes, and aware customer are further fuelling this growth.
Fintechs have been innovating in product and delivery to cater to the evolving
needs of the customers.
The report also highlights that Buy Now Pay Later has become mainstream and is
on an accelerated growth trajectory, emerging strong not only in B2C but also in
the B2B payments space.
On the launch of the report Sudhir Sethi, Founder, and Chairperson, Chiratae
Ventures said, “The Indian Fintech market has been a formidable global force,
contributing to the largest share of unicorns in India. We have been a
technology-first investor believing in the power of both data and technology and
hence have backed companies such as EarlySalary, Kristal.ai, PB Fintech, ShopSe,
and Vayana amongst others”
Co-lending to emerge as a preferred model that supports lending partners in
mitigating their risk exposure. New asset classes, Crypto & NFT will also
continue to attract investor interest as fintech continues to solve for
traditionally underserved customers.
Technology-based Innovation on the underwriting side of the insurance value
chain will help deliver solutions for the highly unpenetrated market at
affordable rates.
“FinTechs have innovated for the underserved financial markets through a strong
and supportive ecosystem, which will continue to keep accelerating growth and
penetration of Fintech in India. These include fast-growing digital adoption and
mobile penetration on the back of the cheapest data rates in the world offered
by private telecom players, to enabling regulatory environment coupled with
world-leading digital infrastructure (Aadhar, UPI, BBPS etc.), and structural
reforms and initiatives (GST, TReDSetc.),” said TC Meenakshi Sundaram,
Co-Founder and Vice Chairperson, Chiratae Ventures.
“We also expect FinTechs to continue solving for the substantial and growing
sub-markets with novel solutions,” he added.
With 5X growth in the digital tech talent, India has the opportunity to address
the global digital skill gap and establish itself as the destination of digital
and tech talent.
“India is recognized as a strong FinTech hub globally and is increasingly
becoming a talent destination for fintech businesses. We are glad to partner
with Chiratae Ventures and delve into the emerging trends in regulatory
innovation, technology advancements, new business models, industry convergence,
and inclusive digital financial services in the Indian fintech space,” said
Rajiv Memani, Chairman and Managing Partner, EY India.
The report also highlighted that the regulatory support will enable the industry
further as already established models go international through collaborations.
The actively encouraging innovation through regulatory sandboxes, new
distribution models, and the launch of innovative products has provided a good
regulatory environment.
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