Indian Budget 2023 - Crypto Outlook
There is no tax relief for cryptocurrency investors and traders.
Today is the day when investors and traders are anticipating two significant events that will shape the future of the cryptocurrency industry.
- - The first is the FOMC meeting, followed by the Fed’s interest rate decision
- - The second is India’s 2023 budget, which will affect cryptocurrency investors in the future.
Indian investors and traders have been anticipating any changes in crypto regulation in this year's budget. However, it appears that the Indian crypto space has let down its investors, as no change has been mentioned for the crypto.
Just a few hours ago, the Indian Finance Minister, Nirmala Stharaman, presented the budget for 2023, which surprised Indian crypto investors and traders by mentioning no plans or tax breaks for crypto trading and other Virtual Digital Assets (VDA) in the Indian space. This action indicates that Indian crypto investors and traders will maintain the crypto regulation implemented last year.
India established the crypto tax slab in 2022, requiring investors and traders to pay a 30% tax on profits and a 1% tax deduction at source (TDS). The same rules will now be enforced until 2023.
Govt Plans to boost Crypto adoptions
According to reports, the Indian government is starting a groundbreaking awareness campaign for cryptocurrencies. The Ministry of Corporate Affairs-controlled Investor Protection and Education Fund Authority will be in charge of running it. Since 2019, the Indian government has been drafting a crypto policy, but nothing has been approved. Nirmala Sitharaman, the Indian Finance Minister, stated that the government intends to discuss cryptocurrency legislation with the G20 participants.
The coming Union Budget could reflect the crypto regulatory approach India will favor, which could be discussed further within the G-20. Not only is this necessary given the recent explosion in cryptocurrency and bitcoin prices, but many Indian investors are also sitting on lifetime profits that may be taxed, which may discourage them from making additional investments in the future. A steady rise in volumes could push the bitcoin price prediction for 2023 to $43,959.19 as per coinpedia experts.
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