RATE Group | New investigations launched into Bitcoin companies
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New investigations launched into Bitcoin companies

18 Mar New investigations launched into Bitcoin companies

Posted at 10:21h in Cryptocurrency News by

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  • Only two Bitcoin-related companies are defined under the Companies Act in India.
  • Uncertainty still hovers over India’s crypto market despite the recent Supreme Court ruling.

According to a filing made at the Lok Sabha, the lower house of India’s parliament, new investigations have been launched to unearth any fraudulent and malpractice activities in what is deemed as “bitcoin companies.” The lower house was privy to several questions put forward by the parliamentarian, Mohammed Faizal.

The questions answered by Anurag Thakur the Minister of State for Finance and Corporate Affairs included:

  1. If the state is aware of the rising reports regarding “cheating and fraudulent practices by the bitcoin companies?”
  2. If the ministry new that companies “are repeatedly violating rules laid out by the Corporate Affairs Ministry by not filing annual balance sheets?”
  3. If the ministry has details in regard to any actions taken against the offending firms?

In…

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