2021 and the road ahead for virtual currencies in India ?

Categories: Bitcoin

The Government of India’s Ministry of Electronics and Information Technology (MeitY) had released a ‘National Strategy on Blockchain,’ (Draft Strategy) in January 2021, which is a step toward allowing trusted digital platforms and developing a blockchain framework for the creation of blockchain-based applications. The document explains Blockchain technology in simple terms, provides a worldwide context for its adoption, highlights national initiatives, and forecasts potential developmental trajectories. A survey on the use of this technology in various nations, as well as estimates and forecasts for the Global Blockchain Government Market, was provided. The document also discusses SWOT analysis, upcoming difficulties, technological and legal problems, and methods for developing the National Blockchain Framework and coordinating the strategy’s execution. The document provides a general overview of the Indian government’s blockchain intentions, but it does not provide precise implementation targets or deadlines. It is, however, intended as a guide for the government and industry stakeholders, as well as a boost for the Indian blockchain community at a time when crypto is facing regulatory scrutiny. It has identified a number of legal and regulatory barriers to blockchain implementation, including privacy concerns, the RBI’s skepticism of cryptocurrencies, and data localization requirements. 

Further, the Ministry of Corporate Affairs Notification on 24th March 2021 that amended Schedule III of the Companies Act, 2013 incorporated that Indian companies are required to disclose the following details in their balance sheet:

1. All profits and loss on transactions that involved cryptocurrency;

2. Amount of currency held as at the reporting date; and

3. Deposits or advances received from any person for trading or investing purposes in cryptocurrency. 

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