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India’s Finance Ministry Reveals It Has Been Investigating Bitcoin Businesses

Even though there has been an increased interest in businesses turning to cryptocurrency in India recently, many firms utilising such have yet to proceed with registering at the country’s Registrar of Companies (RoC). Those findings were discovered as part of the investigation undertaken by the nation’s Minister of State for Finance and Corporate Affairs, which looked into fraudulently operating Bitcoin companies.

Mohammed Faizal, who operates as a Member of the Indian Parliament, recently proceeded forward with three questions. These were directed at the nation’s lower house of bicameral Parliament, the Lok Sabha. Each question had some relevance regarding cryptocurrency-related businesses being registered in the country.

His first query was about whether or not the Government is actually aware of the growing reports of “cheating and fraudulent practices”, that have been taking place by Bitcoin companies. Secondly, he wanted to know if any of those firms are violating any rules created by the Corporate Affairs Ministry by not proceeding with filing any annual balance sheets. Finally, he requested to know what actions the officials will be taking against such firms.

Anurag Thakur, the Minister of State for Finance and Corporate Affairs, who recently utilised the Delhi elections as a means for stoking religious hatred, issued a response to Faizal. That response basically stated that Bitcoin companies are not defined under the Companies Act. Yet, the RoC has examined numerous businesses utilising Bitcoin, even going as far as filing violations against a firm called ZEB IT Services. Yet, the company responded swiftly, almost instantly filling in its Balance Sheet and now being current with local legislation. That makes it just the second company to be registered with the RoC, alongside Unocoin Technologies.

Cryptocurrencies in India

Digital assets have had quite the history with the country of India, as two years ago, the nation’s Reserve Bank (RBI) ordered all financial entities that it regulates to halt their operations with individuals or businesses utilising cryptocurrencies. Yet, that directive was quashed at the beginning of March by the Indian Supreme Court.

Almost immediately, local cryptocurrency projects began to ascend, as well as new businesses forming in the country. The latest of these appeared just a day or so ago, with Binance and the local Indian cryptocurrency exchange WazirX announcing a new initiative together.

This will also make it easier for Indian gamers and sports bettors to successfully place bets on their favourite events and games. Sites like 1xBet are able to provide cryptocurrency deposits to their members. Should you wish to visit that specific site, there’s a 1xBet mirror link available from Nostrabet that you can follow. This platform as well as many others allow Bitcoin deposits and withdrawals to take place, so with Indians not really having any restrictions on it anymore, this could spell great things for the online gaming world.

Additionally, with numerous other newly entering cryptocurrency businesses appearing in India, it will be nice to see exactly how well they’re able to grow. Furthermore, it will be interesting to see exactly how far the nation’s regulations go, as far as the “illegal” firms operating there.