Crypto bill: Crypto bill unlikely this Budget session, hints Finance Minister

Synopsis

Crypto bill has not been included for the Budget session 2022. That said, Lok Sabha on Wednesday organised a lecture on understanding cryptocurrency and its impact on the Indian Economy for the members of Parliament in a hybrid mode.

Budget 2022: HighlightsBudget 2022: HighlightsNew Delhi: Ever since the announcement of the launch of India’s own digital currency and a 30 per cent tax on virtual assets in the Union Budget, the crypto community is buzzed with multiple questions.

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have stepped forward to clear the clouds of ambiguity.

In line with this, in a recent interview to News18, Sitharaman said that the budget announcement on virtual assets was aimed to differentiate between private cryptos and digital currency.
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Any currency, which is launched by the central bank, which is the Reserve Bank of India (RBI) in case of India, is a legal tender and other private virtual assets, or the so called cryptos are not ‘currencies’, she said.

“The government of India observed a robust rise in the transactions of private crypto assets, which generated a certain gain and thus decided to tax the profits,” the FM said in the interview.

Pertaining to the bill related to the future of cryptos in India, Sitharaman said the government is in consultation with various stakeholders. Post the consultation, the government will be coming up with the bill and timeline for the same is yet to be seen, she added.

Crypto bill has not been included for the Budget session 2022. That said, Lok Sabha on Wednesday organised a lecture on understanding cryptocurrency and its impact on the Indian Economy for the members of Parliament in a hybrid mode.

The crypto industry and enthusiasts believe that India has been taking progressive steps in the right direction. Against the earlier provisions of imprisonment up to 10 years, the 30 per cent crypto taxation has boosted morale.

“The government will also track the money trail in crypto deals and every transaction will have 1 per cent TDS imposed, taxing every transaction in the crypto world,” said the finance minister in the post-budget press conference.

On Wednesday, Prime Minister Narendra Modi threw some light on the issuance of the RBI backed CBDC, adding that the digital currency will boost the digital economy in the year to come.

PM Mod said, “The RBI backed CBDC will be controlled and monitored by the central bank and it will be a digital avatar of India’s Fiat currency. The digital payments and online transfer of funds will be more safe, secure and risk free.” Presented By

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Updated: 02/03/2022 — 03:00