The Indian government is looking forward to amending the new crypto law. The government’s attitude on cryptocurrencies has softened over time. With officials confirming that although a blanket ban on cryptocurrency is unnecessary. India requires a “Balanced Approach” towardscrytpcurrency trade.
In 2018, India developed a law to prohibit all cryptocurrency transactions. But, the bill was never publically debated. Officials from the Finance Ministry, on the other hand, are working to change the law. This is inorder to do so that it does not include any harsh regulatory measures. Such measures include publicly accepting it as legal cash or imposing an indefinite prohibition.
Meanwhile, it was reported in September that the government is considering classifying cryptocurrency as a commodity. Also, they are working on categorizing it as an asset class in order to regulate its trading. It will put it under stringent regulatory oversight.
India has also established a group to examine how bitcoin revenue may be taxed, and governed. India has also formed a working committee to look at how bitcoin earnings may be taxed and regulated. This is in accordance with Indian economic regulations, according to a prior statement given by authorities.
Earlier sources suggested that the new crypto bill would be tabled next year. But current events in India imply that the measure is going to be introduced in the parliament’s winter session. It is beginning later this month.
Officials from the finance ministry are looking forward to “fast-tracking” the updated measure. They are going to propose the cryptocurrency bill during the parliament’s winter session.
Stay connected to The Sports Junkies for all the latest news and updates for all your favorite and trending topics.