Indian Corporates Will Now Have To Disclose Their Crypto Holdings To the Government

In the latest developments within the Indian cryptosphere, it turns out that Indian corporates might have to report their cryptocurrency holdings to the government. India’s blockchain lawyer Varun recently shared a draft image, the access to which is still missing.

However, Varun states that as per the Standard Scheduled III Balance Sheet, companies reporting with the Ministry of Corporate Affairs will have to disclose their cryptocurrency holdings if any. “This means every corporate in #India now has to report it’s #crypto holding. And guess what, it will be public data!” he added. 

Standard Sch III Balance Sheet reporting with Ministry of Corporate Affairs in #India may now require #cryptocurrencies disclosure! #Crypto #Blockchain pic.twitter.com/3m2q31vwnL

— Varun | Blockchain Lawyer (@Blockchainlaw91) March 25, 2021

The latest report comes at a time when India has been mulling a blanket ban on the use of cryptocurrencies. There have been several discussions between the government and the central bank over the past few weeks.

Unlike American corporates, Indian corporates haven’t been much vocal about their views on cryptocurrencies. Probably, they might have been fearing any government action or scrutiny looking at the way things are moving with India’s crypto ban.

RBI’s Shaktikant Das Flags “Major Concerns” With Crypto Use

Speaking at the 7th India Economic conclave on Thursday, March 25, RBI Governor Shaktikant Das said that the central bank has flagged “major concerns” with the use of cryptocurrencies.

However, Das added that the matter of crypto ban or any related decision is still under consideration. “The government will come out with a decision on it,” the RBI chief added.

Interestingly, Das further added that the Indian central bank and the government are on the same page when it comes dealing to with crypto matters and there’s no difference of opinion between the two. He further added that both of them are committed to the financial stability of the Indian market.

Besides, Das further noted that the RBI is working on its way for the central bank digital currency (CBDC) aka digital Rupee.

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