As we see the Indian government on the verge of banning digital currency, we hear the buzz all around. With this, we see the country now tightening the screws on the different regulations that have given bitcoin a bit of freedom to prosper in the country. However, now see the government coming up with a demand for the companies to disclose all their digital currency assets or crypto dealings and holdings by the 1st of April. Failing to do will invite issues to the company. As per the recent statement issued by the Indian Ministry of Corporate Affairs this Wednesday, more and more companies are now investing in digital currencies, and they will have to now disclose this before the government or face the music. The government reps dealing with the Indian digital currency have sent out the notices to all the companies to decrypt the same, and they also claim that the statement of adding some relaxation does not mean that they turn complacent on this issue.
They claimed that it could be called a welcome move when the Finance minister said that it would not be applicable to many things, but this should allow the companies to take the government for the ride. This will, however, ban digital currency in a big way in the Indian market. Now, if you look at the implications of the ban, most of the companies who all in possession of the digital currency, the rules would change many things, including the 2013 Companies Act as well that demands the companies show their total profit of loss in terms of the digital currency transaction along with the deposits that are seen coming in advance or getting the crypto trading in a big way. As per the crypto-based company called WazirX, the digital money exchange seems to have recorded a 2.3 billion of trading in the market. With the new rules coming in the government, one can see that many are willing to understand the size and extent of the crypto sector.
An app called SuperStox founder called Z Suresh was seen explaining the extra scrutiny over the holdings found around the digital currency due to the higher price of Bitcoin that remain too high to ignore. The cryptocurrency exchange in India called PoketBits’ CEO Sohel Merchant was seen saying that the country has come a long way since it started dealing with digital currency in 2016. They took time to get the consent of the government, and still, they have their own reservations as far as digital currencies like Bitcoin are concerned. But as you see things coming up with the ban, regulators would really have to take time to understand the importance of accepting the digital coin for sure.
We see the issue coming like a prospect of the potential ban over Bitcoin. Earlier this year, in January, we saw the Indian Parliament coming up with this bill called the digital money and regulation bill for cryptocurrency presented in the recent past. The ban of the digital coin with this bill will help the private digital currencies to be monitored by a number of agencies working under the government. At the same time, it will also offer the players to enjoy certain underlying technologies as well. Having said that, this has come up fuelling anxiety and fear all along with the digital currency industry. With the industry reps coming up with the decryption in the earlier month, one can be seen breathing a sigh of sigh with the finance minister coming up to approve the previous position of the government.
However, on the other side, one can feel the anxiety seen all across the digital currency industry in India regarding the yuanpaygroup.site. But on the other side, the government officials are happy to run the show as they want. If you check what the Finance Minister Mrs, Sitaraman, has to say about this issue, she claimed that the ban is nothing but adding a window of the experiment all across the digital currency that will further add transparency to the system. All you get to face is the change of tone in the industry, which is done for the good in the long run. As things are so tense in the market, many feel that this move is going to go against them and the companies dealing with digital assets.
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