Money & Banking

IAMAI hails govt’s move on cryptocurrencies

New Delhi | Updated on March 26, 2021

The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), on Friday, welcomed the government’s move on making it mandatory for companies to disclose investments made in cryptocurrencies.

Favouring the development, BACC of IAMAI stated it’s a move in the right direction that will bring greater transparency.

“The move opens the door for all Indian companies to have crypto on their balance sheets. It is a good sign that India is moving towards more acceptance and awareness amongthe mainstream markets and regulators,” said Sohail Merchant, Chief Executive Officer, Pocketbits, a member of IAMAI’s BACC.

This would help in shaping the crypto-assets market, eventually leading to its growth, he said.

Another member of BACC, Sumit Gupta, CEO and Co-founder, CoinDCX, said: “With companies across the world adding crypto assets to their books, this is a timely initiative by the MCA. This move will bring in a lot of transparency and will act as a comfort for Indian companies which are dealing in crypto-assets and were previously confused on how to put it in their books.”

Published on March 26, 2021

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