Budget 2022: Crypto Bill Not Likely To Be Introduced

The long-awaited cryptocurrency bill, which was slated to be introduced during parliament’s winter session last year, is unlikely to see the light of day during the upcoming budget session, which begins on January 31.

According to sources, the centre wants to have more meetings with stakeholders to sharpen the country’s cryptocurrency rules.

The sources also noted Prime Minister Narendra Modi’s desire for global discussions on cryptocurrency legislation, which he urged in his latest World Economic Forum (WEF) address. At the World Economic Forum’s virtual meeting on Monday, PM Modi urged unified global efforts to oversee cryptocurrencies.

According to sources, the postponement is anticipated to provide further clarification on how crypto income is taxed in the country. There are already suggestions that the Centre may consider imposing new TDS (tax deducted at source) or TCS (tax collected at source) on cryptocurrency sales and purchases beyond a threshold limit.

It was stated in December of last year that there might be more amendments to the Crypto Bill.

Cryptocurrencies may also be treated as assets and supervised by market watchdog SEBI. In India, the valuation of crypto assets is estimated to be over Rs 45,000 crore, with approximately 15 million investors.

The Budget Session will take place from January 31 to April 8. On February 11, the first phase of the session will come to a close. The sequel of the session will resume on March 14 and end on April 8 after a month’s break.

The Budget will be unveiled on February 1 by Finance Minister Nirmala Sitharaman.