Once the bill detailing the regulation of cryptos is cleared by the Union, it may be taken up for passage in the winter session of Parliament.
comprehensive bill on cryptocurrencies is likely to be tabled for clearance at a meeting of the Union cabinet before or during the winter session starting on November 29.
Sources said that once the bill detailing the regulation of cryptos, their classification, and intent to tax earnings from them gets the approval of the Cabinet, it may be taken up for passage in the winter session of Parliament.
After the intent to tax earnings from cryptos is formalised in the legislation, the provisions for implementation are likely to be announced in the finance bill during the Budget session which usually starts in the last week of January.
A source said that Finance Minister Nirmala Sitharaman’s budget is likely to include a move that will clear the air completely on the future of cryptocurrencies in the country.
Though the government is tight-lipped, cryptos are not likely to be treated as a currency, as currency notes and coins are backed by statute and are regulated by the RBI in consultation with the Centre. “The Ruppee has the backing of the sovereign. It can be regulated at every level. In the case of cryptos, getting the status of currency is a problem. Who will provide the guarantee? That’s why there is a higher likelihood of cryptos getting accorded an investment asset category, which can be traded,” said an official.
senior official said that the regulations the government is planning to bring in could involve permitting only those cryptocurrencies in India that have been approved by the authorities to be listed and traded on exchanges. This could eventually reduce both the number of players and the risks involved.
Source :IndiaToday
In my opinion, A nation that puts bans on cryptocurrencies today is seen as a nation that does not want to keep up with the times.
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