Government accepts cryptocurrency, Companies will have to give details of every transaction | The Cyberbunk

It has been debated for a long time whether legal recognition or ban should be given to crypto-currencies. But in this direction, the government has made a positive initiative, making it mandatory for companies to give information about every transaction and investment made in cryptocurrency. Learn how experts see this change.

It has been debated for a long time whether legal recognition or ban should be given to cryptocurrencies. But in this direction, the government has made a positive initiative, making it mandatory for companies to give information about every transaction and investment made in cryptocurrency. Learn how experts see this change.

Cryptocurrency formed part of accounting' Ministry of Corporate Affairs has made it mandatory for companies to give information about transactions and investments made by companies in cryptocurrency in a financial year. 

 In a way, it is considered to be a step taken towards the regulation of cryptocurrency. Experts believe that after being part of accounting, cryptocurrency will find a place in tax rules as well. '

'Investors will get ease' Monarch Modi, founder and CEO of global cryptocurrency exchange 'Bitex', says that after being part of accounting, it will definitely ease investors. It shows that India is walking in step with the world. By bringing the cryptocurrency under the purview of regulation, the sense of security within the investors will increase.

Highlights.

• 'Cryptocurrency becomes part of company accounting'

• 'Bringing in the scope of regulation will reduce black money'

'Will reduce black money' GV Anand Bhushan, partner at Shardul Amarchand Mangaldas & Co. believes that making cryptocurrency a part of accounting will put an end to illegal activities through it. The hoarding of black money will stop. It will also help in curbing tax evasion and money laundering.

Ritesh Kumar, executive director of Indslaw, 'needs to clarify the tax rules a bit', says that the profit on cryptocurrency transactions in the country comes under the tax net. But how can the income from this benefit be taxed. The government sees it as a capital gain whereas in reality it is capital assets because no cryptocurrency holder transacts them very quickly. In such a situation, there is a need to make the rules a bit clearer.

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