India’s crypto bill likely to miss budget session of Parliament

economictimes.indiatimes.com:

New Delhi: The Centre is unlikely to introduce the much-awaited cryptocurrency bill in the upcoming budget session of Parliament as it wants to hold more discussions and build consensus on the regulatory framework. The government also wants to wait for the pilot launch of the Reserve Bank of India’s digital currency expected in a few months. While the Centre is keen on the bill, it is looking to hold more discussions with stakeholders to firm up a view on the policy, according to officials with knowledge of the matter. “The crypto bill may not be introduced in the budget session. It is a complex subject. This will require more time,” a senior finance ministry official told ET.

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A legislative framework for virtual currencies will also require the amendment of some existing laws. The government wants to wait for technical inputs from the RBI after the pilot launch of its digital currency, the official said. The central bank has raised concerns about private digital currencies, citing macroeconomic and financial stability issues. The government had initially listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for introduction in the Lok Sabha in the winter session but that didn’t happen. No consensus on taxation Another reason for the delay may be the lack of consensus over the taxation framework for virtual currencies, said people with knowledge of the matter. While the government may give some direction on taxation for investors in cryptocurrency assets in the upcoming budget, a full-fledged taxation framework