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Monday, September 27, 2021

MoS Finance: Govt will take measures to end crypto-asset use

A high-level inter-ministerial committee constituted under the Chairmanship of Secretary (Economic Affairs) to study issues related to virtual currencies and propose specific actions to be taken in the matter recommended that all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India.

By: ENS Economic Bureau | New Delhi |
August 11, 2021 3:00:39 am
Minister of State for Finance Pankaj Chaudhary said, the government will explore use of blockchain technology proactively for ushering in digital economy.

The government said Tuesday it will take all measures to eliminate the use crypto-assets in funding illegitimate activities or as part of the payment system.

In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said, “The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” He added the government will explore use of blockchain technology proactively for ushering in digital economy.

A high-level inter-ministerial committee constituted under the Chairmanship of Secretary (Economic Affairs) to study issues related to virtual currencies and propose specific actions to be taken in the matter recommended that all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India.

Zomato loss widens on non-cash ESOPs

Mumbai: Zomato posted a consolidated loss of Rs 356.2 crore during the June quarter, as against a loss of Rs 99.8 crore in the year-ago period.

“This is largely on account of non-cash ESOP expenses which have increased meaningfully in Q1 of FY22 due to significant ESOP grants made in the quarter pursuant to creation of a new ESOP 2021 scheme. This divergence in reported profit/loss and adjusted EBITDA will continue going forward,” the company said. Zomato shares closed 4.22 per cent lower at Rs 124.95 on the BSE on Tuesday.

The company’s total revenue from operations jumped to Rs 844.4 crore during the quarter under review as against Rs 266 crore in the corresponding period of last year. “Revenue growth was largely on the back of growth in our core food delivery business which continued to grow despite the severe Covid wave starting April,” Zomato said. Total expenses increased to Rs 1,259.7 crore as against Rs 383.3 crore.

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