Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
  • bitcoinBitcoin(BTC)$27,560.00
  • ethereumEthereum(ETH)$1,759.56
  • tetherTether(USDT)$1.01
  • binancecoinBNB(BNB)$324.50
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.443572
  • cardanoCardano(ADA)$0.371968
  • dogecoinDogecoin(DOGE)$0.076813
  • staked-etherLido Staked Ether(STETH)$1,756.34
  • matic-networkPolygon(MATIC)$1.11
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > Crypto Misses the Bus in Budget 2023-24, Will India Regulate Crypto?
News

Crypto Misses the Bus in Budget 2023-24, Will India Regulate Crypto?

voiceofcrypto
Last updated: 2023/03/23 at 1:13 PM
voiceofcrypto Published February 1, 2023 March 23, 2023
Share
Crypto Misses

The Government of India introduced the Budget for the Financial year 2023-24. Surprisingly there were no provisions for cryptocurrency regulation, not even a policy signal. Earlier, RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman have been vocal against cryptocurrencies. However, the Government of India appears supportive of the underlying Blockchain Technology.

Contents
Past Decisions on CryptoBan in 2018Ban Reversal by the Supreme Court in 2020Budget 2022-231% TDS in July 2022Statements by Key Decision Makers

Let us take a tour of past policy decisions for cryptocurrencies.

Past Decisions on Crypto

Ban in 2018

The first policy decision for the then financial year came as RBI banned financial institutions from dealing with entities that trade or deal in cryptocurrencies like Bitcoin. Cryptocurrencies were then termed stateless digital currencies by RBI. They further opined that cryptocurrencies would boost illegal transactions.

RBI’s stance on cryptocurrencies has not changed much after that decision.

Ban Reversal by the Supreme Court in 2020

In 2020,  Supreme Court reversed the RBI’s decision. The decision resulted from crypto exchanges filing a writ petition and winning the case. The Supreme Court held the RBI circular unconstitutional.

Budget 2022-23

The most significant decision after the ban of 2018 was the 30% tax on Virtual Digital Assets. Cryptocurrency profits and earnings by selling NFTs were taxed at a  flat 30% rate. Further, crypto traders were not allowed to offset profits and losses. In contrast, for equity markets in India, losses can be carried over eight financial years.

1% TDS in July 2022

Since July 2022, a 1% Tax Deductible at Source(TDS) has been introduced for every crypto transaction between the rupee (INR) and a cryptocurrency. Further, some exchanges were also made responsible for collecting TDS from users.

Statements by Key Decision Makers

Finance Minister Nirmala Sitharaman has been a vocal critic of cryptocurrencies. She had earlier called for global regulations for banning or severely restricting cryptocurrencies. She has once even compared cryptocurrencies with UPI, a payment channel for small transactions, saying the latter is more powerful.

RBI Governor Shaktikanta Das has criticized cryptocurrencies on various platforms. A few days earlier, he called cryptocurrencies “nothing but gambling.”  In Dec 2022, he was noted predicting that cryptocurrencies would bring the next financial crisis.

However, Prime Minister Narendra Modi has been a vocal supporter of blockchain technology. As early as 2018, he voiced support for blockchain, saying it would benefit Indian agriculture.

He has also been awarded blockchain-based digital degrees at IIT Kanpur, a premier educational institution in India. Speaking at the World Economic Forum conference at Davos, he tried to create a consensus for the same global vision about cryptocurrencies.

Cryptocurrencies face a tough challenge in India with respect to taxation and non-regulation. However, with a global consensus on viewing crypto in a positive light, things are soon expected to take a positive turn in the near future.

 

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

You Might Also Like

Networkverse: NFT & Web3 & Metaverse – Open Mic & Networking

Assesing the Odds of a Bitcoin (BTC) Price Run to $30K

Aftereffects of Meta Ending NFT Support for Instagram and Facebook

XRP Market Cap Smashes $20B As Ripple vs. SEC Case Stirs News

Dogecoin Whales Make Massive Moves – Where Is DOGE Headed?

TAGGED: Bitcoin, Blockchain, Crypto Exchange, NFT
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article VOC, Voice of crypto, crypto, web3, london MeetFounders Venture Capital Night: A Huge Success
Next Article Peer Acquires Elite Team Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
web3 event London VOC
Networkverse: NFT & Web3 & Metaverse – Open Mic & Networking
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?