The Indian government is planning to move ahead with its discussions for framing an overarching regulatory and taxation framework for crypto assets. This is a move which had been stalled in anticipation of a global consensus and framework on the issue.
As per reports, India will now consider moving ahead with finalising the contours of its policies. This will give a final shape to the cross-border reporting framework for crypto assets of Organisation for Economic Co-operation and Development (OECD).
According to media reports, even though the government brought in a tax for cryptocurrencies in the Union Budget of 2022-23 to focus on crypto asset regulations, it did not proceed ahead with framing any further regulations for it. The Reserve Bank of India had earlier proposed a ban on it that was subsequently set aside by a court order.
In July, 2022, Finance Minister Nirmala Sitharaman highlighted that the RBI had expressed concerns over cryptocurrencies and sought a ban on them from the Government.
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