MoS Finance: Government will take action to end use of crypto-assets

[ad_1]

The government said on Tuesday that it would take all measures to eliminate the use of cryptoassets in funding illegitimate activities or as part of the payment system.

In a written response to Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said: of the payment system. He added that the government would proactively explore the use of blockchain technology to usher in the digital economy.

A high-level interministerial committee set up under the chairmanship of the Secretary (Economic Affairs) to study issues related to virtual currencies and propose specific actions to be taken in the matter has recommended that all private cryptocurrencies, with the exception of any issued cryptocurrency by the state, be banned in India.

Zomato’s loss widens on non-cash ESOPs

Mumbai: Zomato recorded a consolidated loss of Rs 356.2 crore in the June quarter, compared to a loss of Rs 99.8 crore during the period last year.

This is largely due to non-cash ESOP spending which increased significantly in the first quarter of FY22 due to large ESOP grants awarded during the quarter as part of the creation of a new 2021 ESOP program. This divergence in reported profit / loss and Adjusted EBITDA will continue, the company said. Zomato shares closed down 4.22% at Rs 124.95 on BSE on Tuesday.

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

[ad_2]