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Indian Government asked companies to disclose their crypto dealings; Indians still want Bitcoin
In its first move to regulate cryptocurrencies, the Indian Government made it mandatory for all companies to disclose their cryptos' dealings in their balance sheets. The decision was passed a few days back by the Ministry of Corporate Affairs to change the crypto dealings in India and bring transparency.
All the companies will soon disclose all their holdings of cryptos and their profit or loss on digital assets transactions. Companies will also share the details of deposits by the investors of cryptocurrency. It is seen as a significant step by the Government to regulate digital assets in India, which will bring more transparency in the investments. This move will further help the Indian digital asset industry to grow.
This step by the Indian Government can be seen as a move to show that Indian Companies are not falling behind in the current global scenario in the crypto domain, where many giants are actively participating in it.
Indian market always has a lot of crypto activity. Despite the government confusion and inconsistency, Bitcoin tends to move up in India. On the one hand, where the Indian Parliament is about to pass a bill to ban cryptos, Indians still see BTC as an alternative to gold. People are aware of the advantages of buying Bitcoin, especially the younger population. The expected ban has stimulated a lot of discussion among the Indian people about cryptos, especially Bitcoin.
In the current scenario where nobody can predict cryptos' future, the Government's stance is negative over the years. Indian Government may allow a specific window to do the experiments on cryptocurrency, said Nirmala Sitharaman, Finance Minister. According to the speculators, the Government might ban the crypto payments but will preserve the holdings of cryptos by the Indian investors. India plans to issue a digital rupee within a certain period to retain its power over money.
Many Indian investors with international connections do not want to miss the current crypto boom, especially Bitcoin, due to this uncertainty in Indian policies. Talking about the current market price of BTC, it has reached %57,529 with a 24-hour trading volume of more than $53,374,845,090 at the time of writing.