After Winter Session, Crypto Bill Unlikely To Be Introduced In Budget Session Too

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New Delhi: As investors wait eagerly for the cryptocurrency bill, new reports have emerged that signal that the bill is unlikely to be introduced in the upcoming Budget Session of the parliament too. Earlier, the bill was scheduled to be introduced in the Winter Session but was postponed due to various reasons. According to a report by The Economic Times, the central government wants to hold more discussions before introducing the much-awaited bill.Also Read – Budget 2022: Finance Ministry Looking To Slash Subsidy Bill. Fiscal Target Likely To Be 6.8 Per Cent

The central government, according to the report, is looking forward to making a consensus on the regulatory framework first. Also, it is looking forward to the Reserve Bank of India’s digital currency. It is expected to be launched in a few months. Also Read – LIC IPO: Timeline, Numbers May Be Revealed In Budget 2022

The Budget Session 2022 will begin on January 23 and Budget 2022 will be presented on February 1, 2022. Also Read – Budget Could Consider Levying TDS/TCS On Crypto Trading, Make It Reportable in SFT

Awaiting Technical Input From RBI

The report added that the centre is waiting for RBI’s technical inputs after it launches its own virtual currency. RBI has been sceptical about private digital currencies. According to the central bank, these currencies pose a threat to macroeconomic stability.

Earlier, the central bank took a decision to ban all the private cryptocurrencies in the country but the decision was overturned by the Supreme Court of India. RBI’s governor Shaktikanta Das has been pessimistic about the private virtual currencies. However, RBI is most likely to introduce its own virtual currency in the upcoming months.

Taxation- Bone Of Contention

The report by ET also said that it is the lack of consensus over the taxation of the virtual currencies, that is delaying the process. The government may provide some rules regarding the taxation of cryptocurrencies in the Budget Session, but a full-fledged framework is unlikely to be announced.

According to the report, the government has been consulting various tax experts to give their inputs but it is yet to emerge on a consensus. The two alternatives, as per the report, are that one, it should be treated as equity and the profit should be categorised as a capital gain. Second, the investment in private cryptocurrencies should be considered solely capital gains.

It seems the mist around the matter is unlikely to be cleared in the next few months, at least.

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