The Institute of Chartered Accountants of India, the ICAI, have said they’re investigating Cryptocurrencies in India and will produce what they’re calling a “concept paper” in response to critics disturbed by the country’s lack of regulations that has been highlighted by the committee of the Department of Economic Affairs investigating the subject, however it remains to be seen how quickly the law will change and if it will effect those using them to do some online gambling in India.
- Can chartered accountants keep up with technology?
- Will cryptocurrencies disrupt the economy?
- Does Blockchain pose a threat to the pillars of finance?
- Distributed ledgers, are they more or less secure?
With cryptocurrencies in India hitting the headlines weekly the lack of regulation of their use (and indeed abuse) is becoming an issue, and one officials are struggling to get to grips with.
“We are developing accounting and auditing standards also, but it takes time,” said ICAI President Naveen N D Gupta, making excuses for leaving the markets akin to a casino in India where there is precious little to protect consumers and they can’t see the tables. “It is too early to say anything as of now.”
Cryptocurrencies In India Get Accountants In A Flap
Sat in a poker room in India it might be risible to watch the authorities scramble to catch up with the technology around cryptocurrencies in India, especially with the Finance Minister of Narendra Modi, Mr Arun Jaitley, claims the government doesn’t recognize any of these virtual currencies as legal tender but will look at them “pro actively for ushering in digital economy” which probably means those using them to skirt Indian gambling laws can probably continue to do so, the authorities are just not on the ball. Yet.