Govt to Introduce Crypto Bill in Winter Budget Session; What is Expected?

By Malvika Gurung

Investing.com -- After maintaining a hardline stance towards the acceptance of cryptocurrencies, the Government has confirmed to introduce the virtual asset for finalising its legislation in the upcoming winter session of Parliament.

A source privy to the matter has informed that the Government is neither inclining on putting a hard-pressed ban on cryptocurrencies nor is it of the view to allow the currency as a legal tender.

The current scenario around the Indian investors in the cryptocurrency market involves large volumes of trading and investments in the said instrument, eradicating the option of putting an outright ban on the ‘unregulated’ virtual currency.

The source, as quoted by ET states, “A balance has to be found”, adding that the government is considering a middle-ground position on the use of cryptocurrencies in India. "A middle path that balances the concerns of all stakeholders is more likely,” adds the source.

The government’s policymakers are looking forward to drafting a Crypto Bill which would execute effectively, in parallel with the technological developments in the digital space.

A detailed discussion was done and a presentation was presented before the policymakers, revolving vividly around the same issue, including the benefits and drawbacks of cryptos, the regulative models used by other countries, the volume of investments made by Indian traders in such digital currencies, and the banking regulator RBI’s views on the same.

Following the discussion, another presentation is in the works, which is anticipated to finalise the taxation aspects emerging from trading of digital currencies, stated the source to the news daily.