Centre wants cryptocurrency holdings mandatorily disclosed in RoC filings

Question 1

Context?

Answer 1

corporate affairs ministry has announced companies will have to disclose any holding or dealings in cryptocurrencies or virtual currencies in their financial statements filed with the Registrar of Companies.

Question 2

Significance

Answer 2

Adhi government ban karnar hota crypto -> ya move varun kaltay ki government regulate karel ata crypto ban nahi.

Question 3

Various cyptocurrencies

Answer 3

Bitcoin, Ethereum

Question 4

What are Cryptocurrencies?

Answer 4

digital currencies in which encryption techniques are used to regulate the generation of currency and verify the transfer of funds.

Operates independently of a central bank.

Question 5

How blockchain technology works?

Answer 5

• A transaction is requested
• when a transaction is provided,The n/w of nodes (mhnje network of computers) use algorithms to validate transaction & user’s status.
• Verified transactions are combined together to create a block of data
• new block is added to existing blockchain
• Transaction completed.