According to reports, the Indian government plans to introduce cryptocurrency regulation before the next general budget in February next year. According to reports, the government may not ban cryptocurrencies like Bitcoin, but instead regulate crypto assets as commodities.
India’s encryption law may be introduced as early as February
According to the local news media “Business Today”, the Indian government plans to introduce cryptocurrency regulation in February next year, and detailed:
Officials from the Ministry of Finance told Business TV Today that the law on cryptocurrency is likely to be introduced during the next overall budget.
The 2022-23 budget is expected to be presented in the first half of the parliamentary budget meeting on February 1, which usually starts in the last week of January.
In addition, the government is likely to regulate cryptocurrency as an asset class, similar to commodity The news media reported that it was regulated and levied appropriate taxes on transactions and proceeds.According to reports, the government in June Said After classifying cryptocurrency as an asset class, the Securities and Exchange Commission of India (SEBI) will oversee the regulation of the cryptocurrency industry.
Another official told the publication that officials from the Ministry of Finance and the Reserve Bank of India (RBI) are fine-tuning the regulatory framework for cryptocurrencies. However, the central bank recently stated that it still has “Serious concern“About cryptocurrency.
India currently does not directly regulate the encryption industry. The government has been considering a bill called “Prohibition of Cryptocurrency and Regulation of Official Digital Currency”, which aims to ban all cryptocurrencies, such as Bitcoin, except those issued by the state. The bill was drafted by an inter-ministerial committee led by former Finance Minister Subhash Chandra Garg.it is Publish July 2019.
However, recent reports indicate that the government may have abandoned the idea of banning cryptocurrencies. In July, the Minister of Finance stated that the encryption bill is get ready For the cabinet. The Chairman of the Standing Committee on Finance of the Indian Parliament explained in September that India’s cryptocurrency legislation will be “Unique and unique. “
Nischal Shetty, CEO of the cryptocurrency exchange Wazirx, commented on the upcoming Indian cryptocurrency regulations:
It is great to hear that India plans to introduce a cryptocurrency regulation bill next year. Cryptocurrency has reached a stage where countries no longer talk about bans. Now it’s about “how to supervise”.
Do you think India will introduce cryptocurrency regulation in February next year? Let us know in the comments section below.
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