From taxing crypto income to RBI’s hard stance against private cryptocurrencies, take a look at where the overall crypto sector currently stands in India.
Cryptocurrencies are still unregulated in India, and all crypto assets are clubbed under VDAs in the country.
The 2023 Union Budget is nearly here and the biggest question that’s haunting the mind of crypto enthusiasts is simple — how will the Finance Ministry treat the virtual digital assets (VDAs)
sector this time around?
While 2022 saw several important milestones for the crypto sector, from the taxation of gains to the introduction of a central bank digital currency (CBDC), the hard stance maintained by the Reserve Bank of India (RBI)
against digital assets and the eagle-eyed scanning faced by homegrown crypto firms — especially following the FTX massacre — lends an air of uncertainty towards cryptocurrencies in India.
It should be noted that cryptocurrencies are still unregulated in India, and all crypto assets are clubbed under VDAs in the country.
Let us understand the current crypto scenario in India before we take a look at what the industry expects from the upcoming budget.
