The truly anticipated crypto currency with Regulation of the bill for Official Digital Currency does not find any such place again in tentative list for almost fifteen proposed legislations which might also may come up in the Parliament during starting of the budget session.
Listing of new bills
About 15 new bills listed for the purpose of introduction in this Budget session. This includes the Competition Bill, 2022, which is the amended bill, Emigration Bill, Energy Conservation Bill which is also an amended bill. However, this list does not mention about Crypto Bill.
However, government is also reportedly waiting for Reserve Bank of India for initially conducting the pilot launch of their digital currency. On the other hand, crypto assets are recently well estimate at about 45,000 crore. It is almost 15 million of the investors
Crypto currency bill not introduced
The Crypto currency bill was not introduce in recent session. It is also on the expected lines that Government still not have final call on legal rationality of the crypto-currency. Also, the uncertainties of tax around various crypto transaction will be the main cause for concern for Government as well as for people transacting. One may also understand why the position in tax stays to uncertain given any such indirect indication. Some kind of legal sanctity and the crypto currency among lack of the legal framework. However, speedy resolution on such matter will also definitely go long way.
Debates
Debates about the regulation of currency started in early days as in the year 2018. RBI had imposed a clear ban on various crypto transactions clearly facilitated by different lenders.
Recently, there is not any provision for taxing the crypto currencies separately. The much likely tax position mainly about income on the transfer of cryptocurrencies that must also taxed as capital gains.
