Cryptocurrency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token. You usually exchange cryptocurrency with someone online, with your phone or computer, without using an intermediary like a bank. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created.
More recently, in the last week of March 2021, the government made it mandatory for companies to disclose investments made in cryptocurrencies. The move was welcomed by the crypto sector operating in the country. Experts said this move would open the door for all Indian companies to have Crypto on their balance sheets. “It will bring in a lot of transparency and will act as a comfort for Indian companies which are dealing in crypto-assets and were previously confused on how to put it in their books,” said Sumit Gupta, CEO & Co-founder, CoinDCX.
Slowly but steadily sentiments in favour of cryptocurrency is building in the country. In what form cryptocurrency would be acceptable to Indian lawmakers and regulators remains to be seen. However, the good thing for crypto lovers in the country is that discussions on this topic are not dead. Rather, they are getting louder even as cryptocurrency is not fully backed by the law. In the Parliament also, several members have been recently raising the issue of cryptocurrency/Bitcoin. In the month of March alone, at least five questions related to cryptocurrency were raised in Parliament. Here’s a look at the questions asked and the Government’s official responses.
So there is a less chance that crypto could be the future as the it is not backed by law or there is any evidence present for the transactions.
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