Bisaya News: Cryptocurrency Bill 2022: What Is It And How Will It Affect You?

| Published: Thursday 27 January 2022 11:59 am [IST]

Crypto investors are eager to see what the upcoming cryptocurrency bill might bring. So far, the crypto sector in India has been and is thriving in the legal gray area. At present, one should expect another delay in the cryptocurrency regulation bill in India as it may not have a share of the upcoming Union budget.

The reasons for the delay in the release of the cryptocurrency law are multiple. This is also reportedly the time the government is using to build the regulatory framework for cryptocurrencies in India. Despite the delay, it’s best to stay clear and informed on what to expect from the upcoming regulatory bill.

Cryptocurrency Law 2022: Taxation of Crypto Investors

One of the first things to keep in mind is taxes! The upcoming cryptocurrency law is expected to introduce a tax regime for cryptocurrency holders, investors, traders and other insiders. Taxes are something you might not like, but keep in mind that it will be a way to legalize cryptocurrencies.

Taxation is one of the most basic regulations one can expect from the cryptocurrency bill. It will not prevent Indians from investing or trading cryptocurrencies, which is a big plus here. Different classifications of holdings can also be expected depending on which taxes are levied.

Cryptocurrency Law 2022: Introduction of Digital Currencies

Since Indians are not barred from trading or investing in cryptocurrencies, this brings us to the next step. Reports talk about the government’s plan to launch the central bank digital currency, or CBDC. CBDC is just a digital currency issued by the Central Bank or RBI. Since this is government-backed, it will be regulated and more stable.

Regulations are also to be expected when it comes to cryptocurrency mining, which is an industry in itself. Overall, the new cryptocurrency law 2022 is poised to introduce multiple regulations. As mentioned earlier, the cryptocurrency market is currently in the legal gray area, which is true for most other governments.

There has recently been a call to introduce cryptocurrency regulations. Currently, it could be a while before the 2022 cryptocurrency law arrives. But it’s best to stay up to date as the union budget is right around the corner and could affect cryptos like bitcoin, ether and so on.

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