Although a major chunk of the population have been fascinated by the Bitcoin revolution and a lot of people have invested in this crypto-currency, the government in general and Finance Ministry in particular have been wary of this revolution.

While South Korea has asked Bitcoin traders to reveal their identity, India has gone all out to shut all doors pertaining to crypto-currency trading in the country. As part of the latest move, the Registrar of Companies (RoC), MCA has stopped registering crypto-currency exchanges under the Companies Act, 2013, reports a leading financial daily, Business Standard.

Praveen Kumar, founder and CEO of Malaysia-based Belfrics Group which operates in India as well, while speaking about Bitcoins mentioned,

 “This is slightly an old story as we had stopped taking deposits few weeks before itself even though we have not troubled by any bank. Many Payment Service Providers (PSP) have stopped giving services to exchanges.”

FM Arun Jaitley had earlier clarified that neither the government nor the Reserve Bank of India has authorised any virtual currencies as a legal tender. Further, the government or any other regulator in India has not given license to any agency for working as an exchange or any other kind of intermediary for any crypto-currency. Persons dealing in them must consider these facts and beware of the risks involved in dealing in crypto-currency.

According to the latest reports from the Ministry of Corporate Affairs wing has asked for an undertaking from software development or information technology companies that they will not deal with crypto-currencies.

About Author

Shivani Pandita

Shivani is an avid reader and loves to pen down her thoughts on paper in the most creative ways. She is more on the eccentric side, but it is this obscurity and uniqueness that makes her stand out. She has a passion for photography, travel and music. She strikes a thorough balance between intelligence and creativity and has a solution oriented approach to any problem at hand.

Leave A Reply