The union budget 2023 will be announced in a couple of days by the Indian Finance minister, Nirmala Sitharaman. This is expected to be a populist budget to prepare for the 2024 elections. Many people have different types of expectations from this upcoming budget.
After the last budget not going in their way as the government imposed a 30% flat tax on gains from crypto and to make matters even worse, a 1% TDS on every transaction. The volumes on Indian crypto exchanges went down by 90 per cent. Traders lost interest and investors backed down from further investments. These taxes have badly affected the Indian crypto market and people are very conscious about investing and trading.
No regulatory frameworks till now
The government have been signalling regulating crypto markets for the last year. The last budget introduced taxes, maybe this one will bring some regulatory frameworks...who knows what's going on in their mind. I don't think we will be seeing any more surprises this year.
What are the expectations this year?
Many crypto experts and investor expects the tax to be reduced or at least be put under various slabs like other assets. 30% tax is among the highest crypto taxes in the world. Also, the reduction of TDS is a major concern in the community as well. These changes will impact the crypto industry positively in India and will help to revive the dying business of crypto exchanges. By the current condition, they are keen on taking their business to other crypto-friendly countries.
Last year has not been easy for the community, it has seen many centralised exchanges collapsing. FTX was a major blow to the overall market. Not to mention the plummet of Bitcoin and other cryptocurrency prices. It's been tough for miners as well. The market has been very volatile during the last year with major news pushing the price of cryptocurrencies even further. The whole market went under 1 trillion dollars market cap from nearly 3 trillion dollars.
If this budget has some positive tweaks to taxation then it would help the crypto adoption in India and could bring back the lost volume again. There are many expectations but the Reserve Bank of India's stance on Cryptocurrency is still bad. They issued a statement wanting a complete ban on cryptocurrency during the last year. They are launching CBCD and talking about banning cryptocurrency? As our PM famously said, "Hypocracy ki bhi koi seema hoti hai" (trans. Hypocracy should have its limits). Will their Hypocracy end now?
We will find out on Feb 1, 2023. Hoping they still got some people left who know about cryptocurrency and what this budget could mean to the whole community.
Looking forward to the Budget day. Wish us Indians some luck.
Thanks for reading...
Until next time...
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