New Delhi: Big news is coming out about cryptocurrency. It is reported that very soon the government can introduce a bill regarding cryptocurrency in Parliament. According to the news, the government may introduce a cryptocurrency bill at the beginning of the winter session of Parliament.
Sources as saying that the government had previously proposed a ban on cryptocurrencies, but is now working on revising the cryptocurrency bill. Sources have said that the finance ministry officials are trying to ‘fast-track’ the amended bill. Let us tell you that at present India does not have any concrete law to regulate it.
Thoughts on every aspect
According to the source, the final decision on the framework of the law will be taken soon. It is more likely that a middle path can be found that balances the concerns of all stakeholders. The Official Digital Currency Bill, 2021 for Cryptocurrencies and Regulation was to be introduced during the budget session earlier this year. However, it was later withdrawn.
Finance Minister Nirmala Sitharaman had also said that a complete ban on crypto is off-table. The government will take a cautious stance on crypto. It has also been said that central banks are also likely to come up with “legitimate” cryptocurrencies.
Tax is also being considered
At the same time, according to a report by Inc42, this new panel formed by the Ministry of Finance has been given four weeks. At the end of the given time period, the panel will have to specify whether income from trading in cryptocurrencies can be taxed as capital gains or they will need to be classified under a newly created tax category. Taxation analysis on cryptocurrency trading-based income by this committee will reportedly be included in the final draft of the Cryptocurrency Bill.
