Govt’s crypto law move puts city’s new age pros in a bind | Nagpur News

Nagpur: The booming trade in cryptocurrency has attracted many new age entrepreneurs to the industry, including a few professionals from Nagpur. However, uncertainty over the fate of the virtual money in the country after the government planned to bring in a law has derailed the plans of a few. A city professional Sandeep Agrawal and his parents had created a digital coin Speedon, which he along with associates based in Delhi had planned to launch in September. The venture has been withheld now. There were plans to start with coins backed with real currency worth Rs20 lakh. The plan was to generate liquidity through the pre-sale. This means sale of cryptocurrency before it is listed on an exchange. This would have led to gradual backing up with real currency, which in cryptocurrency terms is known as liquidity. The plan was to start with listing it with CoinMarketCap, a virtual exchange, said Agrawal. Agrawal said they had planned to invest funds generated from cryptocurrency trade in projects related to virtual reality, gaming and animation. “There are a lot of theories concerning cryptocurrency. However, it is actually backed by real money. We are now waiting to get clarity on the legality,” he said. Agrawal says the government should not bring the legislation in haste. There have been losses to investors, but many have earned too. All the pros and cons of the system must be studied first, he added. In another development, a city startup ProCohat Technologies has provided technological support to a payment aggregator through which funds can be transferred to one of the major crypto exchanges. “We are providing the services to payment aggregator, which in turns caters to a leading exchange. The name cannot be disclosed due to a non-disclosure agreement with the client,” said Wasudev Mishra of ProCohat. Our company has provided technological support for routing payment of the exchange’s customers into their e-wallet. The funds are transferred in rupees. The order was bagged recently. There have been investment in cryptocurrency by individuals in Nagpur also, say sources. Though the estimates vary. Agrawal said in Nagpur, cryptocurrency is not seen as an investment yet. Those who are parking their money are speculating and are open to risk. Mishra said youngsters are interested in the virtual money and he put up the number of investors running into tens of thousands. FacebookTwitterLinkedinEMail

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