Hindustan Unilever, HDFC Bank, ABG Shipyard and Reliance Explore Crypto Option into Operations in India
The Indian cryptocurrency scene happens to be one of the most sporadic across the world. It is one slowed down by contradictory statements that at times seem to be working for it, and at other times against it. This can be clearly seen from the recent update released by leading corporates in the country.
The update has totally thrown the crypto scene in the country into a tailspin as various organizations contemplate experimenting with the digital assets. This is being done with the sole purpose of helping the organizations better optimize their upcoming financial statements.
Updates From Leading Corporations
Individuals close to bigwigs in the industry’s leading organizations, e.g., ABG Shipyard, HDFC Bank, Reliance Industries, and Hindustan Unilever indicate that the corporations are considering undertaking new programs in their organizations. Some of these programs are expected to touch on record keeping, internal capital administration, and trade finance functions.
One of the participants who is very close to these bigwigs stated that the corporations only intend to use the cryptocurrencies internally. This means that they will only be using the digital assets to manage their working capital as opposed to using it to transfer money. In the cases where the cryptocurrency is transferred, the accounts will have to be reconciled at a future date.
The source went on to state that the sole reason why these companies have resorted to using cryptocurrencies is to help them handover payments that happen at very high frequencies. Sai Venkateshwaran, the head of CFO advisory and a partner at KPMG gave his thoughts on this move and had a few things to say about it.
Sai started by stating that many leading companies were looking at real-world use cases of blockchain technology. This includes looking into areas such as internal group transactions. For these transactions, the companies were interested in learning how they can use the technology to manage their internal working capital.
According to Sai, the companies believe that cryptocurrencies will make it easier for them to enhance efficiency as well as the accuracy of their internal operations. In the long run, it is believed that the cryptocurrencies will be able to bring about improved transparency levels as well as help the companies save on expenses.
Most of the officials have also made it a point of talking about the legal implications of incorporating cryptocurrencies into their day-to-day operations. This is something that has been brought about by the fact that the Reserve Bank of India has been making statements seen to be against the use of crypto in the country.
The RBI (Reserve Bank of India) has turned out to be a leading decider of how cryptocurrencies are used in the country. Some of its decisions have been interpreted by crypto organizations as being an obstacle to the use and development of crypto in the nation. It is a scenario that came into play when one of the nations’ cryptocurrency exchanges were shut down due to failure to abide by the regulations in place.