The announcement of the Indian Financial Budget for the FY18 and the Finance Ministers remarks on cryptocurrency has stirred up a new anxiety in the Indian Cryptocurrency markets.
Since Mr. Arun Jaitely did not clear the government's stand on cryptocurrency, whether it is accepted as a legal tender or completely discarded as an illegal tender. However, the speech by the FinMin has made the Bitcoin Exchanges cautious as they are now planning to introduce a Central Repository of Users to collect their database from the which will aid them to maintain and access the actual record of transactions.
As per the idea, the cryptocurrency holders will have to register their Aadhar ID or Permanent Account Number with the exchange service, which will provide them the details of the total number of cryptocurrencies held by the users, it's total value and the pattern of buying and selling a pattern of the user's.
This proposal by the Bitcoin exchanges will soon be produced by the Government.
However, it is notable that Money Trade Coin, one of the fastest emerging cryptocurrencies in the market is already a step forward from the Leading cryptocurrency -Bitcoin exchanges, as Money Trade Coin has initiated the Know Your Customer (KYC) and Anti- Money Laundering (AML) provision since its inception. As such, cryptocurrency holders associated with Money Trade Coin, receive high-end security and safety of their transactions and the group is putting all its efforts to prevent the illegitimate and unlawful utilization of cryptocurrencies.