The Indian government may not introduce a much-anticipated crypto bill in the upcoming parliamentary budget session, according to a report by the Economic Times of India.
Fast facts
- The government is reportedly seeking to reach consensus with industry stakeholders before proposing legislation.
- The government may also be waiting for the Reserve Bank of India to launch a central bank digital currency, which could take a few months.
- The lack of consensus on how to tax crypto, particularly whether to treat profits as capital gains or business income, may also be a cause for the delay.
- The government may provide some taxation clarity in the budget session but a full-fledged framework for crypto taxation is still a work in progress, the report said.
- The India crypto bill was initially slated for introduction in the budget session of parliament in 2021 but was never tabled. It also was listed on the parliamentary agenda for the 2021 winter session but was deferred.