The government of India 🇮🇳 has reported that it intends to put the focus of attention on the so-called “Bitcoin companies” that operate in the Asian country.
The Indian executive presented a letter to the country’s parliament, known as Lok Sabha, earlier today. In which he reports that, through the Ministry of Corporate Affairs of the Cryptocurrency Companies, the investigation of the Bitcoin (BTC) companies would begin.
The Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur, provided details of two companies in particular, Zeb IT Services Ltd. and Unocoin Technologies Ltd. Which are the only two companies trying to comply with all the new regulations of that country. .
Investigation of Bitcoin companies in India
Three questions that go around India
The Prime Minister of India asked the Minister 3 questions related to the use of cryptocurrencies in that country.
The firstHe asked if the state was aware of an increasing number of reports that speak of “fraud” by these companies.
In second Instead, he wondered if these Bitcoin companies were repeatedly violating the Ministry’s rules. Since, according to the sources of the Ministry of Corporate Affairs of the Cryptocurrency Companies, they have not received the annual balances.
In third Place has asked what actions will be taken against all the offending companies.
The Minister already answered
In his written reply to Lok Sabha, the minister explained:
“Bitcoin companies are not defined in the Companies Law. However, the Ministry of Corporate Affairs has carried out an inspection through the Registrar of Companies in the Zeb IT Services Private Limited case to examine the aspect regarding BTC trading. ”
Apparently only two crypto companies are on the Business Register in the entire Indian Territory 🇮🇳, Zeb IT Services Ltd. and Unocoin Technologies Ltd.
In addition, the minister clarified that Zeb IT Services has presented its balance sheet and its corresponding annual statement as of March 31, 2019, adding that the company is currently in liquidation.
On the other hand Unocoin Technologies Private Limited is in the business of developing an online crypto exchange platform to facilitate and carry out the purchase, sale, storage and mass adoption of BTC.
“This company was updated in the presentation of legal declarations and no complaint has been received so far.”
Thakur expressed to Lok Sabha.
India on the verge of mass adoption
While India does not yet have laws to directly regulate the cryptocurrency sector. Experts have suggested that the Business Law can be used to indirectly regulate cryptocurrency businesses.
Crypto companies are rushing to enter India after the Central Bank of India (RBI) ban has been lifted.
But, the lack of regulations remains an obstacle for crypto companies trying to offer their services to the people of India. On the other hand, the increase in possible frauds increasingly distances those people who are not yet part of the cryptoverse.