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The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Budget 2023: Crypto industry expectations from FM Nirmala Sitharaman

The industry hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Crypto trading volumes in India took a big hit, crashing as much as 90% after the introduction of 30% crypto tax in the last budget. In this scenario, the industry has listed a slew of expectations from the union budget.&nbsp;
The crypto industry is hoping that FM Sitharaman announces a proper regulatory framework for homegrown crypto exchanges. Also on the wishlist is more clarity on the impending Crypto Bill, as well as some relief on crypto taxation (which stands at 30 per cent currently).&nbsp; Tarusha Mittal, Co-founder and COO, UniFarm and Dapps, says, &ldquo;the government should frame strong regulations for the sector in light of the FTX crisis [which wiped out billions of dollars in global investor money] especially for centralized bodies dealing with crypto.&rdquo;
The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India. Crypto bosses further expect the TDS exemption limit to be raised &ldquo;to a reasonable level&rdquo;.

In Budget 2022, the govt took a conservative stand on taxation by announcing flat 30% on income from digital virtual assets or crypto

Crypto tax impact: Crypto trade in India takes big hit

Crypto exchange trade in India down by ₹32k cr since...

Crypto crisis in India 

In Budget 2022, the govt announced a 30% tax on income from digital virtual assets or crypto. Since then, cryptos worth 32,000 crore has been moved from Indian to foreign crypto exchanges.

It has been over a year since the Indian government announced a 30 per cent tax on the income from crypto assets and one per cent tax deduction, but the real repercussions are being seen now.
According to reports, cumulative trade volume worth Rs 32,000 crore has shifted from Indian crypto exchanges to foreign ones between February to October.&nbsp;
In February and March 2022, domestic centralised crypto exchanges lost 15 per cent of their total trading volumes. Between April and June, they lost another 14 per cent, and 81 per cent of all trading volume was lost between July and October.&nbsp;
Apart from India, the crypto market saw a massive sell-off in 2022. The total market cap has fallen from over $2 trillion at the end of 2021 to $819 billion. Several exchanges, including FTX, have filed for bankruptcy. The price of Bitcoin, the largest crypto token by market cap, has fallen over 70 per cent since its peak in November 2021.&nbsp;

3,000,000,000,000 that's the marketcap of global cryptocurrency trade. As India looks to regulate the booming crypto trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:
United StatesCryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as ‘commodities’ and taxed as ‘property’ by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act 
The European UnionEU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing. 
ChinaThe Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South KoreaIn South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

Crypto Bill: A look at how the world is regulating cryptocurrencies 

Crypto legal limbo: A look at how the world is regulating cryptocurrencies through the craze and collapse

Crypto legal limbo

A look at cryptocurrency regulations in major economies and groupings and see how India may compare.

Crypto and its cryptic legal stance in India continues, the FM has made it clear that banning digital token is not feasible without international collaboration. But how is the world over managing the crypto craze and now the collapse -:
United States Cryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act&nbsp;
Also read/watch| <a title="FM explains why a complete crypto ban is not possible" href="https://www.editorji.com/business-news/cryptocurrency/fm-explains-why-a-complete-crypto-ban-is-not-possible-1658134695654">FM explains why a complete crypto ban is not possible</a>
The European Union EU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing.&nbsp;
China The Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South Korea In South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

If you thought financial stability and money laundering are the only two big concerns around crypto you would be mistaken. The growing crypto craze is turning out to be the one of the biggest threats to the environment. Here are shocking facts about the new climate criminal in town-: 

A University of Cambridge analysis estimated that bitcoin mining consumes 121.36 terawatt hours a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook and Microsoft combined.
Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University, only 39 percent of this energy comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity.
Bitcoin, which dominates more than 40% of the crypto market, has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per Digiconomist’s Bitcoin Energy Consumption Index.
 Bitcoin consumes around 192.80 TWh of power which is as much power as Thailand uses and most of this power is generated through coal, as experts say.
The energy footprint of one bitcoin transaction is equivalent to 4.53 lakh payments on the Visa network.
The Bitcoin network also generates significant quantities of electronic waste (e-waste). The reason for this is that Bitcoin mining is done with specialized (singular purpose) hardware, which becomes obsolete roughly every 1.5 years. 
Bitcoin’s annual electronic waste generation -- 30.7 metric kilotons or 272g per transaction on average -- is comparable to the small IT equipment waste produced by a country such as the Netherlands.

It was because of these very climate concerns that China cracked down on crypto mining hoping to reduce the enormous energy consumption that was working against China’s goal to be carbon neutral by 2060

Explained: Crypto and climate change, why digital tokens are flashing disaster signals

Crypto, the climate criminal: Shocking facts of global energy usage

EJ Explains| How the crypto craze is hurting the environment

Electricity consumption of Bitcoin&nbsp;is more than Google, Apple, Facebook and Microsoft combined.

If the opposition of central bankers was not enough, crypto&nbsp;backers are now contending with environmentalists&nbsp;as a threat to the climate. With New York looking to outlaw some bitcoin&nbsp;mining; cryptocurrency's&nbsp;dirty&nbsp;secret -- energy consumption -- will take the center stage in the debate. Here are shocking facts about the new&nbsp;climate criminal in town-:&nbsp;
<ul>
<li>A University of Cambridge analysis&nbsp;estimated that bitcoin mining consumes 121.36 terawatt-hours&nbsp;a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook, and Microsoft combined. </li>
<li>Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University,&nbsp;only 39 percent of this energy&nbsp;comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity. </li>
<li>Bitcoin, which dominates more than 40% of the crypto&nbsp;market,&nbsp;has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per&nbsp;Digiconomist&rsquo;s&nbsp;Bitcoin Energy Consumption Index. </li>
<li>&nbsp;Bitcoin&nbsp;consumes around 192.80&nbsp;TWh&nbsp;of power which is&nbsp;as much power as Thailand uses&nbsp;and&nbsp;most of this power is generated through coal, as experts say. </li>
<li>The energy footprint of one bitcoin transaction is equivalent to 4.53 lakh payments on the&nbsp;Visa&nbsp;network. </li>
<li>The Bitcoin network also generates significant quantities of electronic waste (e-waste). The reason for this is that Bitcoin mining is done with specialized (singular purpose) hardware, which becomes obsolete roughly every 1.5 years.&nbsp; </li>
<li>Bitcoin&rsquo;s annual electronic waste generation -- 30.7 metric kilotons or 272g per transaction&nbsp;on average -- is comparable to the small IT equipment waste produced by a country such as the Netherlands.</li>
</ul>
It was because of these very climate concerns that China cracked down on crypto mining hoping to reduce the&nbsp;enormous energy consumption that was working against China&rsquo;s goal to be carbon neutral by 2060.&nbsp;
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-crushed-flashback-to-when-malaysia-destroyed-1000-bitcoin-mining-rigs-with-a-steamroller-1637910206107" target="_blank">Crypto Crushed! Flashback to when Malaysia destroyed 1000 Bitcoin mining rigs with a steamroller</a>

The 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies is another chaos in India’s crypto space. Three Cryptocurrency exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax-deductible at source became effective on July 1, as compared to previous three-day periods in late June. The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The 1% TDS rule, which was proposed earlier this year in Budget 2022, has been introduced through a new section 194S in the Income-tax Act. 
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds. 

Crypto crises in India continues; new TDS rule brings down trading volume

Indian govt introduced a tax regime for digital assets in February, consisting of the TDS&nbsp;and a flat 30% tax on income from crypto investments

The 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies is another chaos in India&rsquo;s crypto space.
 Also read/watch| <a title="EV companies under fire, govt sends show cause notice&nbsp;" href="https://www.editorji.com/business-news/ev-companies-under-fire-govt-sends-show-cause-notice-1656991462823">EV companies under fire, govt sends show cause notice&nbsp;</a> Three Cryptocurrency exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax-deductible at source became effective on July 1, as compared to previous three-day periods in late June.&nbsp; The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The 1% TDS rule, which was proposed earlier this year in Budget 2022, has been introduced through a new section 194S in the Income-tax Act.&nbsp;
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds.&nbsp;

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:- 
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st. 
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022. 

From PAN to crypto TDS; all rules changing from July 1

Three major changes to income tax rules are going to be applicable to different taxpayers

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:-&nbsp;
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st.&nbsp;
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022.&nbsp;

Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue.
"The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said.
The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.
The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto.
"Next year ITR form will show a separate column for crypto. Yes, you will have to disclose," he said.
"The Government was very clear that it has to push for a tax on income from crypto assets. So we have brought in maximum rate and levied 30 per cent, with an applicable surcharge. We have also brought in TDS, so we will now track the transactions," Bajaj said.
The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.
The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.
Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income.
No deduction has been allowed since cryptocurrencies and virtual digital assets do not have any economic value, except the underlying technology, Bajaj said.
 

Next year's ITR to have separate column for crypto income

How will cryto be taxed? Is it just 30% or are there more surchages, details revealed by the Revenue Secretary as he says your new ITR will have a separate coloumn for crypto. 

Crypto Tax details revealed, ITR filing to surcharges everything you need to know 

The government will from April 1 charge a 30 per cent tax plus cess and surcharges on crypto&nbsp;transactions

Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue. Also read and watch:&nbsp;<a title="FD rate hike: Time to start saving - get all the details here&nbsp;" href="https://www.editorji.com/business-news/personal-finance/sbi-hdfc-icici-and-kotak-increase-deposit-rates-check-latest-fd-rates-here-1643800940410">FD rate hike: Time to start saving - get all the details here&nbsp;</a> "Next year ITR form will show a separate column for crypto. Yes, you will have to disclose," he said.
"The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said.
The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.
The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto.
"The Government was very clear that it has to push for a tax on income from crypto assets. So we have brought in maximum rate and levied 30 per cent, with an applicable surcharge. We have also brought in TDS, so we will now track the transactions," Bajaj said.
The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.
The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.
Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income.
No deduction has been allowed since cryptocurrencies and virtual digital assets do not have any economic value, except the underlying technology, Bajaj said.
&nbsp;

Crypto Bill may not see the inside of the Indian Parliament even in the upcoming budget. As per reports the govt wants to hold more discussions and build consensus around the digital tokens. The postponement comes as PM Modi as well called for global collective action on crypto as he highlighted in his WEF speech 'no single country can solve the challenge alone.' The RBI has also voiced "serious concerns" around digital currencies saying that they may impact financial stability. Reports indicate that North Block may await RBI's pilot launch of it's digital currency. Meanwhile there is ambuity in classification and taxation for crypto traders. There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around ₹40,000 crore ($5.39 billion) according to industry estimates.

Crypto Bill still in a limbo, likely to miss Budget session of Parliament as well

Crypto Bill may not see the inside of the Indian Parliament even in the upcoming budget. As per reports the govt wants to hold more discussions and build consensus around the digital tokens.

Crypto Bill possible a 'no-show' in Budget session

Reports:&nbsp;The government also wants to wait for the pilot launch of Reserve Bank of India's digital currency.

Crypto&nbsp;Bill may not see the inside of the Indian Parliament even in the upcoming budget. As per reports the govt wants to hold more discussions and build consensus around the digital tokens.&nbsp; The postponement comes as PM Modi as well called for global collective action on crypto&nbsp;as he highlighted in his WEF&nbsp;speech 'no single country can solve the challenge alone.'&nbsp; Also watch:&nbsp;<a title="Atmanirbhar reset? PM Modi calls for global solution to crypto challenges" href="https://www.editorji.com/business-news/cryptocurrency/atmanirbhar-reset-pm-modi-calls-for-global-solution-to-crypto-challenges-1642476973662">Atmanirbhar reset? PM Modi calls for global solution to crypto challenges</a> The RBI has also voiced "serious concerns" around digital currencies saying that they may impact financial stability. Reports indicate that North Block may await RBI's&nbsp;pilot launch of it's digital currency.&nbsp; Meanwhile there is ambiguity in classification and taxation for crypto&nbsp;traders.&nbsp;There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around&nbsp;₹40,000 crore ($5.39 billion) according to industry estimates.

Budget 2022 has crypto&nbsp;exchanges and traders waiting eagerly for clarity not just on taxation but even the basics of legality and recognition from North Block.
IndiaTech, an industry association representing consumer internet startups, has written to Finance Minister Nirmala Sitharaman, seeking clarity on crypto taxation in Union Budget 2022-23.&nbsp;Initial indications&nbsp;of the proposed cryptocurrency Bill pointed towards the role of SEBI in regulating cryptocurrency as an investment asset in capital markets. But the bill was not introduced in the Winter Session as it reportedly did not garner enough consensus.&nbsp;As&nbsp;noted by the government, there are plans to make&nbsp;changes in the Income Tax Act to bring gains made from transactions in cryptocurrencies under the tax net.&nbsp;
Meanwhile while clarity is awaited law enforcement agency under the Union Ministry of Finance is scrutinising multiple crypto firms &nbsp;for tax evasion and has already slapped a fine on WazirX.&nbsp;
&nbsp;

Budget 2022: From classification to taxes will cryptocurrency finally get clarity?

IndiaTech, an industry association representing consumer internet startups, has written to Finance Minister Nirmala Sitharaman, seeking clarity on crypto taxation in Union Budget 2022-23.

Will Budget bring clarity to crypto?

Exchanges and traders await clarity on classification&nbsp;

Budget 2022 has crypto&nbsp;exchanges and traders waiting eagerly for clarity not just on taxation but even the basics of legality and recognition from North Block.
IndiaTech, an industry association representing consumer internet startups, has written to Finance Minister Nirmala Sitharaman, seeking clarity on crypto taxation in Union Budget 2022-23.&nbsp;Initial indications&nbsp;of the proposed cryptocurrency Bill pointed towards the role of SEBI in regulating cryptocurrency as an investment asset in capital markets. But the bill was not introduced in the Winter Session as it reportedly did not garner enough consensus.&nbsp;As&nbsp;noted by the government, there are plans to make&nbsp;changes in the Income Tax Act to bring gains made from transactions in cryptocurrencies under the tax net.&nbsp;
Meanwhile while clarity is awaited law enforcement agency under the Union Ministry of Finance is scrutinising multiple crypto firms &nbsp;for tax evasion and has already slapped a fine on WazirX.&nbsp;
&nbsp;

While the bill for regulating cryptocurrency is still in the works, various business personalities have multiple shades of opinions on the ongoing debate on cryptocurrency. 
Reliance Industries Chairman and Managing Director Mukesh Ambani said he sees the benefits of the blockchain technology and India is putting in place the most forward-looking policies and regulations
In an interview at the virtual InFinity Forum, hosted by International Financial Services Authority (IFSCA), he further added he believes in blockchain technology and this is different from cryptocurrency.
Using blockchain, we can deliver unprecedented security, trust, automation to almost any type of transaction, Ambani said.
 

Mukesh Ambani backs Blockchain tech; 'can change financial world' 

While the bill for regulating cryptocurrency is still in the works, business tycoon, Mukesh Ambani shares his opinion.

Check out he has to say on this:  

Mukesh&nbsp;Ambani: using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction

While the bill for regulating cryptocurrency is still in the works, the business world clearly has&nbsp;multiple shades of opinions on the ongoing debate.&nbsp;
<a href="https://www.editorji.com/business-news/mukesh-ambani-talks-succession-for-the-first-time-for-his-200-billion-reliance-empire-1640749921718" target="_blank">Reliance Industries Chairman and Managing Director Mukesh Ambani</a> said he sees the benefits of the blockchain technology and India is putting in place the most forward-looking policies and regulations.
Also watch&nbsp;| <a title="Your Complete Crypto Guide: The Good, The Bad and The Ugly!" href="https://www.editorji.com/business-news/cryptocurrency/your-complete-crypto-guide-the-good-the-bad-and-the-ugly-1638354256100">Your Complete Crypto Guide: The Good, The Bad and The Ugly! </a>
In an interview at the virtual InFinity Forum, hosted by International Financial Services Authority, he further added he believes in blockchain technology and this is different from cryptocurrency.
Asia's richest man said&nbsp;blockchain&nbsp;can deliver unprecedented security, trust, automation to almost any type of transaction.

Cryptocurrency - the craze that has taken the tech and trading world by storm still has a large section of the population, confused and some even concerned. EJ Biz brings to you your one stop shop for all your need to know about crypto-: The Good, The Bad & The Ugly Cryptic CryptoHow popular is it?The Indian crypto market grew 641% over the period from July 2020 through June 2021. - Need some how many investors and how much total invested data - As per data reported by Bloomberg transfers worth more than $10 million represented 42% of transactions sent from India-based addresses. What makes it so popular?Crypto concerns, why the RBI is up in arms?The Reserve Bank of India says they pose serious threats to the nation’s macroeconomic and financial stability. The twin tower of trouble is the lack of oversight and anonymity which raises the red flags for Issues such as money laundering and terrorism financing issues such as money laundering and terrorism financing. The environment angleWhat are the other countries doing about itHow is it different than digital currency?Why do we really need crypto?Crypto beyond tokens and trade 

Your Complete Crypto Guide: The Good, The Bad and The Ugly!

1. How popular is crypto?
2.&nbsp;Crypto market cap: $3 trillion (worldwide)&nbsp; &nbsp; &nbsp; 10 sec
3. Crypto&nbsp;in India:
Indian crypto market grew 641% in 1 year to June 2021
10 cr crypto&nbsp;owners in India, highest in the world
Indians&rsquo; investment in crypto at&nbsp;$10 billion
42% of transactions sent from India-based addresses 30 sec
&nbsp;
1. What makes crypto so popular?
2. Highly volatile cryptos&nbsp;have given multiple time returns
3. Bitcoin rallied 90x in 5 years
4. Shiba&nbsp;Inu&nbsp;delivered 15,00,000x returns
Rs 10,000 becoming Rs 15,000 crore.
&nbsp;
&nbsp;
&nbsp;
1. Crypto&nbsp;concerns, why the RBI is up in arms?
2.&nbsp;RBI: Cryptos pose serious threats to the nation&rsquo;s macroeconomic and financial stability.
3.&nbsp;Red flags: Issues like money laundering and terrorism financing
4. Crypto&nbsp;backers: Crypto&nbsp;much easier to track than paper money
&nbsp;
The environment angle
Crypto&nbsp;Craze: One of the biggest threats to the environment
Bitcoin mining consumes 121.36 terawatt hours a year
Bitcoin's&nbsp;carbon footprint comparable to that of Chile
&nbsp;
How is crypto different than digital currency?
Digital currency&nbsp;issued by the govt or the central bank
Digital currency is stable and backed by the authorities
&nbsp;
Why do we really need crypto?&nbsp;
Cheaper, faster and transparent transactions
Bitcoin is also considered a store of value
Makes voting easier and more reliable
Creates a permanent ledger
&nbsp;
&nbsp;
&nbsp;
&nbsp;

India has the highest number of crypto owners in the world at 10.07 crore.

Cryptocurrency&nbsp;- the craze that has taken the tech and trading world by the storm still has a large section of the population, confused and some even concerned. EJ Biz brings to you your one-stop shop for all your need to know about crypto-:&nbsp;The Good, The Bad &amp; The Ugly Cryptic Crypto&nbsp;- What is it really? Cryptocurrencies&nbsp;are digital financial assets that are based on&nbsp;blockchain&nbsp;technology. A cryptocurrency&nbsp;is secured by cryptography&nbsp;which makes fraudulent activities like counterfeiting&nbsp;almost impossible. Every transaction done with the cryptocurrency&nbsp;gets recorded permanently, thus bringing complete transparency in financial transactions. However,&nbsp;cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. But they also have been praised for their portability, divisibility, inflation resistance, and transparency. Crypto experts have time and again pointed out that there are multiple use cases of cryptocurrencies and that each can't perform as a legal tender. Stablecoins could be looked at as potential cryptocurrencies&nbsp;that can act as legal tender. How popular is it? The Indian crypto market grew 641% over the period from July 2020 through June 2021. India has the highest number of crypto owners in the world at 10.07 crore, according to broker discovery and comparison platform BrokerChooser.&nbsp;The U.S. came in a distant second in terms of crypto owners at 2.74 crore, followed by Russia (1.74 crore) and Nigeria (1.30 crore). Comparing it with the conventional equity markets, the number of investors in stocks stood at 8&nbsp;crore, as per the exchanges. Indians&rsquo; investment in cryptocurrencies has increased to over Rs 75,000 crore or $10 billion from $923 million in April last year, according to crypto research and intelligence business CREBACO.&nbsp;As per data reported by&nbsp;Bloomberg&nbsp;transfers worth more than $10 million represented 42% of transactions sent from India-based addresses.&nbsp; What makes it so popular?
Cryptocurrencies&nbsp;being highly volatile in nature have been grabbing attention&nbsp;from all over the world. Moreover, some of them giving multiple-time returns in a short period have&nbsp;pulled investor attention. In the last five years, the dominant cryptocurrency&nbsp;Bitcoin&nbsp;has rallied 90 times. While a lot of meme&nbsp;cryptos are also on investors' favourite list. Meme&nbsp;token Shiba&nbsp;Inu&nbsp;delivered 15 lakh&nbsp;times of investment in just one year. This means an investment of Rs 10,000 becoming Rs 15,000 crore. If these sorts of returns won't get attention then what will! Crypto&nbsp;concerns, why the RBI is up in arms? The&nbsp;Reserve Bank of India&nbsp;says they pose serious threats to the nation&rsquo;s macroeconomic and financial stability. The twin tower of trouble is the lack of oversight and anonymity which raises the red flags for&nbsp;Issues such as money laundering and terrorism financing issues such as money laundering and terrorism financing.&nbsp; The environment angle
The growing crypto&nbsp;craze is turning out to be one of the<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-the-climate-criminal-shocking-facts-of-global-energy-usage-1637909400176" target="_blank"> biggest threats to the environment.&nbsp;</a>A University of Cambridge analysis&nbsp;estimated that bitcoin mining consumes 121.36 terawatt hours a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook and Microsoft combined.&nbsp;Bitcoin, which dominates more than 40% of the crypto&nbsp;market,&nbsp;has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per&nbsp;Digiconomist&rsquo;s&nbsp;Bitcoin Energy Consumption Index. <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1637728858155" target="_blank">What are the other countries doing about it</a>
Cryptocurrency is legal in the United States, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS.&nbsp;EU is one of the initial countries to make cryptocurrency legal but just like the U.S. there is no specific regulation.&nbsp;In June 2021, China banned the mining of cryptocurrencies&nbsp;and it&nbsp;is focusing on promoting it's Digital Yuan as a priority post the ban. India too&nbsp;soon going to introduce its own cryptocurrency&nbsp;or digital rupee. <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-digital-currency-vs-cryptocurrency-what-s-the-difference-1637738627963" target="_blank">How is it different than digital currency?</a>
A digital currency or CBDC&nbsp;is issued by the government or the central bank. Unlike cryptocurrencies, whose volatility is widely evident, a digital currency is more stable and backed by the authorities. Cryptocurrencies are decentralised, which may not be the case with the state-issued digital currencies.
 Why do we really need crypto?&nbsp;Crypto beyond tokens and trade
Cryptocurrencies are based on&nbsp;blockchain technology which can be used in many ways. It makes financial transactions cheaper and faster along with making them transparent as every transaction done on the blockchain gets recorded. Bitcoin is also considered a store of value as it is a limited resource, just like gold or coal, thus rising in terms of value with time. With the help of cryptos, voting can be done through your mobile devices. It makes authentication work easier and faster as it is decentralised. Any transaction done on the&nbsp;blockchain can be verified at any point of time as it creates a permanent ledger.
Also watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-debate-in-parliament-fm-faces-flurry-of-questions-on-cryptocurrency-1638260169020" target="_blank">FM faces flurry of questions on cryptocurrency</a>

Caution and patience, that's the word from the Finance Minister Nirmala Sitharaman as she faced a flurry of questions in Parliament about cryptocurrency and what the government is doing to provide clarity on legality while safeguarding the investors. Here is a snapshot of the question answers in Rajya Sabha on Tuesday-: 
Question: Is government going to regulate or ban?FM's reply: Since the bill is going to come, as of now, we can't say anything more on what Govt will do. Question: What will be the regulatory capacity with RBIFM's reply: Let us wait for the Bill, have had consultations with all related regulators Question: Will the govt do anything to inform public about not investing in it, ban ads, till Bill is brought? FM's reply: Govt has issued advisory for people to exercise caution, this is a risky area.No decision was taken on banning its advisements. Steps are taken to create awareness through RBI & SEBI. 

Parliament Winter Session, Day 2: FM Nirmala Sitharaman faces flurry of questions on cryptocurrency

Watch: The Finance Minister responds to MPs questioning the government on cryptocurrency, the risk and the proposed 'ban'

FM faces questions on crypto as call for clarity continues

This is a risky area &amp; not in a complete regulatory framework. No decision was taken on banning its advisements. Steps are taken to create awareness through RBI &amp; SEBI. Govt will soon introduce a Bill: FM Nirmala Sitharaman on Cryptocurrency during Question Hour in Rajya Sabha

Government to table crypto bill in Winter Session of Parliament

Caution and patience, that's the word from the Finance Minister Nirmala&nbsp;Sitharaman as she faced a flurry of questions in Parliament about cryptocurrency and what the government is doing to provide clarity on legality while safeguarding the investors. Here is a snapshot of the question answers in Rajya&nbsp;Sabha&nbsp;on Tuesday-:&nbsp;
Question:&nbsp;Is government going to regulate or ban? FM's reply: Since the bill is going to come, as of now, we can't say anything more on what Govt will do. Question: What will be the&nbsp;regulatory capacity with RBI FM's&nbsp;reply: Let us wait for the&nbsp;Bill, have had consultations with all related regulators&nbsp; Question: Will the govt do anything to inform public about not investing in it, ban ads, till Bill is brought? FM's&nbsp;reply: Govt has issued advisory for people to exercise caution, this is a risky area.No decision was taken on banning its advisements. Steps are taken to create awareness through RBI &amp; SEBI.&nbsp;

''No proposal to recognise Bitcoin as a currency'', that's what the Union Finance Minister Nirmala Sitharaman had to say in a response in the Parliament on November 29
She also informed the House that the government does not collect data on Bitcoin transactions.
This comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. 
The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.
Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.It has gained massive popularity across the world with El Salvador becoming the first country in September this year to recognise the cryptocurrency as a legal tender.

India has no plans to recognise Bitcoin as a currency: FM Sitharaman

Statement comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament

El Salvador becoming the first country in September this year to recognise the cryptocurrency as a legal tender

''No proposal to recognise&nbsp;Bitcoin as a currency'', that's&nbsp;what&nbsp;the Union Finance Minister Nirmala Sitharaman&nbsp;had to say in a response in the Parliament on November 29
She also informed the House that the government does not collect data on Bitcoin transactions.
Also watch |&nbsp;<a title="India has no plans to recognise Bitcoin as a currency: FM Sitharaman" href="https://www.editorji.com/business-news/govt-says-do-not-subscribe-to-elon-musk-s-internet-services-1638174269993">India has no plans to recognise Bitcoin as a currency: FM Sitharaman</a>
This comes as the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament.&nbsp;
The Bill seeks to ban all but a few private cryptocurrencies to promote underlying technologies while allowing an official digital currency by RBI.
Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. It&nbsp;has gained massive popularity across the world with El Salvador becoming the first country in September this year to recognise the cryptocurrency as a legal tender.

Crypto may not see a complete trading ban in India reports Bloomberg quoting unnamed sources. The global business news outlet states that the government is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors in the upcoming bill. Citing unnamed officials familiar with the proposed regulation, Bloomberg reports that the legislation may stipulate a minimum amount for investments to protect small investors, while banning their use as legal tender. This would come as a huge relief not just for crypto investors but also the crypto exchanges that have long demanded that the digital tokens be classified as security or a 'store of value' instead of a currency. The categorisation is critical, as a security the regulation purview would fall under the market regulator SEBI versus the oversight of the central bank who has been extremely critical of the crypto market. 

Crypto Bill: Not a blanket ban, some crypto may be classified as financial assets 

Big relief for crypto may be in the offing, reports indicate bill may classify the digital tokens as security and not ban trading. 

Crypto not a currency but a security, Sneak peak into the bill

Bill seeks to&nbsp;prohibit&nbsp;all private cryptocurrencies except &ldquo;certain exceptions to promote the underlying technology of cryptocurrency and its uses.&rdquo;
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Crypto&nbsp;may not see a complete trading ban in India reports Bloomberg&nbsp;quoting unnamed sources. The global business news outlet states that&nbsp;the government is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors in the upcoming bill.&nbsp; Citing unnamed officials familiar with the regulation, Bloomberg&nbsp;reports that the legislation may stipulate a minimum amount for investments to protect small investors, while banning their use as legal tender.&nbsp; This would come as a huge relief not just for crypto&nbsp;investors but also the crypto&nbsp;exchanges that have long demanded that the digital tokens be classified as a security or a 'store of value' instead of a currency. The categorisation is critical, as a security the regulation purview would fall under the market regulator SEBI&nbsp;versus the oversight of the central bank who has been extremely critical of the crypto&nbsp;market.&nbsp;

As the government readies a Crypto Bill aimed at promoting a Digital Currency over the rampant crypto trade, EJ Biz looks at what is the big difference between the two digital tokens as we have see a faceoff between Digital Currency vs Crypto Currency -:The backer
Officially backed digital currencies will be issued centrally and will be backed by their central banks unlike cryptocurrencies, which follow DLT (distributed ledger technology) backing them with no underlying security. In fact one of the big concerns is that they are not backed by a legal entity that responds in the event any major technical problems.The distribution

Cryptocurrency Bill: Digital Currency Vs. Cryptocurrency – What’s the difference?

Digital Currency Vs. Cryptocurrency – What’s the difference? 

It's the final round and it's advantage Digital Currency over Crypto

Digital Currency Vs. Cryptocurrency: The government to introduce &ldquo;The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" in the winter session of Parliament beginning November 29

As the government readies a <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-the-govt-looks-to-ban-private-crypto-10-billion-in-investments-await-winter-session-1637727721860">Crypto&nbsp;Bill</a> aimed at promoting a Digital Currency over the rampant crypto&nbsp;trade, EJ Biz looks at what is the big difference between the two digital tokens as we have see a faceoff&nbsp;between Digital Currency vs Crypto&nbsp;Currency Also read|&nbsp;<a title="Crypto Bill: A look at how the world is regulating cryptocurrencies" href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1637728858155">Crypto Bill: A look at how the world is regulating cryptocurrencies</a> 
<h3>The Issuer&nbsp;</h3>
<ul>
<li>Central bank digital currency or CBDCs&nbsp;are issued by governments and are regulated and backed by the central banks</li>
<li><a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1637728858155">Cryptocurrencies</a> are developed by private parties independently from a central bank or government institution. Cryptos&nbsp;also make use of&nbsp;blockchain technology, a digital ledger system that records crypto transactions&nbsp;</li>
</ul>
<h3>Who has got your back?</h3>
<ul>
<li>The digital currency will be backed by the state and the central bank, which means in the event of a technical breakdown the regulator takes control</li>
<li>The digital currency is centralized; transactions are controlled by servers belonging to the central bank&nbsp;</li>
<li>Instead of being a tradeable asset with&nbsp;wildly fluctuating prices, central bank digital currencies would function more like their fiat counterparts, and would have widespread acceptance.</li>
<li>Cryptocurrencies&nbsp;are&nbsp;decentralized within the structure; the rules are dictated by the majority of participants in a crypto community and can face unregulated volatility.&nbsp;</li>
</ul>
<h3>Who is using Digital Currencies/CBDCs&nbsp;?</h3>
<ul>
<li>The Chinese central bank is&nbsp;racing ahead with its own CBDC project, rolling out a virtual version of the yuan in trials across several provinces. People&rsquo;s Bank of China is likely to be the first to fully launch a CBDC, the Mainland banned all <a href="https://www.editorji.com/business-news/cryptocurrency/winter-session-of-parliament-modi-govt-to-table-bill-to-regulate-cryptocurrency-1637685362743">crypto</a>&nbsp;activity earlier this year.&nbsp;</li>
<li>In Japan, a consortium of roughly 70 Japanese firms, including the country's three mega-banks, will begin experiments to launch a digital currency as early as the latter half of 2022</li>
</ul>
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-ban-in-the-works-sends-crypto-prices-crashing-in-india-1637722292670">Cryptocurrency Bill: A ban in the works sends crypto prices crashing in India</a>

3,000,000,000,000 that's the marketcap of global cryptocurrency trade. As India looks to regulate the booming crypto trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:United StatesCryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as ‘commodities’ and taxed as ‘property’ by the IRS.The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act The European UnionEU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities. Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing. 
China
The Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.South KoreaIn South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

Cryptocurrency Bill: A look at how the world is regulating cryptocurrencies 

With the Crypto Bill in the waiting, EJBiz takes a a look at cryptocurrency regulations in major economies and sees how India may compare.

3,000,000,000,000 that's the marketcap of global cryptocurrency&nbsp;trade. As India looks to regulate the booming crypto&nbsp;trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:
<h3>United States</h3>
<a href="https://www.editorji.com/story/crypto-bitcoin-ban-should-you-invest-databaaz-cryptocurrency-1613210247700">Cryptocurrency</a> is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS. The US&nbsp;Securities and Exchange Commission&nbsp;(SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and&nbsp;cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act&nbsp;
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-the-govt-looks-to-ban-private-crypto-10-billion-in-investments-await-winter-session-1637727721860">Crypto Bill: The govt looks to ban private crypto, $10 billion in investments await Winter Session</a>
<h3>The European Union</h3>
EU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto&nbsp;exchanges to ensure no wrongdoing.&nbsp;
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-ban-in-the-works-sends-crypto-prices-crashing-in-india-1637722292670">Crypto Bill: A ban in the works sends crypto prices crashing in India</a>
<h3>China</h3>
The Mainland's&nbsp;dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/winter-session-of-parliament-modi-govt-to-table-bill-to-regulate-cryptocurrency-1637685362743">Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency</a>
<h3>South Korea</h3>
In South Korea, crypto exchanges are legal but&nbsp;not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the&nbsp;Ministry of Strategy and Finance&nbsp;has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.
Also Read |&nbsp;<a href="https://www.editorji.com/lifestyle-news/food/now-you-can-pay-for-your-pickles-with-cryptocurrency-1633406697021">Now, you can pay for your pickles with cryptocurrency</a>

It is going to be a cold winter for crypto backers as the central government readies to introduce a Bill in the Parliament to prohibit all private cryptocurrencies in India. Listed for the Winter Session of parliament which kickstarts on November 29, the government intend to ban pvt coins barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".The Cryptocurrency & Regulation of Official Digital Currency Bill; the official name for the proposed regulation states that it seeks to create facilitative framework for creation of official digital currency which will be issued by RBI. The central bank has repeatedly raised the red flag towards the rampant trade and popularity of cryptos in India. Nischal Shetty, CEO of WazirX, India’s largest crypto exchange platform, tweeted: “The crypto regulation bill has been listed for the winter session. The description hasn’t changed much. There will be speculation on both sides. The good thing is more people within the government are aware of how crypto works."The mystery remains on the classification of what may be 'accepted or exceptions' to the regulation which prohibits the decentralised tokens. 

Cryptocurrency Bill: Modi government looks to ban private crypto, $10 billion in investments await Winter Session

Crypto Bill will finally make it to Parliament, but as over $10 billion in investment awaits clarity will it be a long winter for crypto backers?

Crypto Bill: Is it a ban, is it a boost?

<ul>
<li>Crypto&nbsp;Bill listed to for Winter Session of parliament starting November 29</li>
<li>The Cryptocurrency &amp; Regulation of Official Digital Currency Bill to ban pvt&nbsp;digital tokens</li>
<li>Crypto&nbsp;bill likely to put in motion the launch of the Digital Rupee by the RBI&nbsp;</li>
<li>Nischal Shetty, CEO of WazirX: Speculation continues on crypto&nbsp;categorisation&nbsp;</li>
</ul>

Cryptocurrency Bill: As per the government, India has 15 million KYC-approved users, with an investment value of $6 billion in crypto based assets.&nbsp;

Cryptocurrency Bill: It is going to be a cold winter for crypto&nbsp;backers as the central government readies to introduce&nbsp;a Bill in the Parliament to prohibit all private <a href="https://www.editorji.com/business-news/cryptocurrency-a-legal-tender-asset-or-commodity-see-what-indian-govt-plans-1637123869448">cryptocurrencies in India</a>. Listed for the Winter Session of parliament which kickstarts&nbsp;on November 29, the government&nbsp;intend to ban pvt&nbsp;coins&nbsp;barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/winter-session-of-parliament-modi-govt-to-table-bill-to-regulate-cryptocurrency-1637685362743">Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency</a> The <a href="https://www.editorji.com/story/now-you-can-pay-for-your-pickles-with-cryptocurrency-1633406697021">Cryptocurrency</a> &amp; Regulation of Official Digital Currency Bill; the official name for the proposed regulation states that it seeks to create facilitative framework for creation of official digital currency which will be issued by RBI. The central bank has repeatedly raised the red flag towards the rampant trade and popularity of cryptos in India.&nbsp;
Nischal Shetty, CEO of WazirX, India&rsquo;s largest crypto exchange platform, tweeted: &ldquo;The crypto regulation bill has been listed for the winter session. The description hasn&rsquo;t changed much. There will be speculation on both sides. The good thing is more people within the government are aware of how crypto works."
Also Read |&nbsp;<a href="https://www.editorji.com/story/crypto-bitcoin-ban-should-you-invest-databaaz-cryptocurrency-1613210247700">Crypto Bitcoin Ban: Should You Invest?</a>
The mystery remains on the classification of what may be 'accepted or exceptions' to the regulation which prohibits the decentralised tokens.&nbsp;

The Narendra Modi government to regulate cryptocurrency will introduce a bill in the upcoming Winter Session of the Parliament . The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 bills listed for introduction in the Parliament in the Winter Session, which begins on November 29.Prime Minister Narendra Modi had last week said cryptocurrencies must not fall into the “wrong hands and spoil our youth", urging all democratic nations to come together and ensure things like these do not happen. 
This comes a week after a Parliamentary panel, chaired by BJP leader Jayant Sinha, discussed the pros and cons of crypto finance with various stakeholders, and an agreement was reached that digital currencies can’t be stopped but must be regulated.
The bill seeks to prohibit all private cryptocurrencies in India, but allows for certain exceptions to promote the underlying technology and its uses. It also aims to create a facilitative framework for the creation of the official digital currency to be issued by the RBI.

Winter session of Parliament: Modi govt to table bill to regulate cryptocurrency

Time to rein cryptocurrency in as the Modi government will table a new bill to regulate the new currency model in Winter Session of Parliament. 

Time to rein cryptocurrency&nbsp;in&nbsp;as the Modi&nbsp;government will table a new bill to regulate the new currency model in Winter Session of Parliament.&nbsp;

The Narendra&nbsp;Modi&nbsp;government to regulate <a href="https://www.editorji.com/business-news/cryptocurrency/india-wants-crypto-trends-as-ban-fears-ease-and-regulation-awaited-1637041283294" target="_blank">cryptocurrency</a> will introduce a bill in the upcoming Winter Session of the Parliament. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 bills listed for introduction in the Parliament in the Winter Session, which begins on November 29. Prime Minister Narendra Modi had last week said cryptocurrencies must not fall into the &ldquo;wrong hands and spoil our youth", urging all democratic nations to come together and ensure things like these do not happen.
Also Watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency-a-legal-tender-asset-or-commodity-see-what-indian-govt-plans-1637123869448" target="_blank">Cryptocurrency: A legal tender, asset or commodity? See what Indian govt plans</a>
This comes a week after a Parliamentary panel, chaired by BJP leader Jayant Sinha, discussed the pros and cons of crypto finance with various stakeholders, and an agreement was reached that digital currencies can&rsquo;t be stopped but must be regulated.
The bill seeks to prohibit all private cryptocurrencies in India, but allows for certain exceptions to promote the underlying technology and its uses. It also aims to create a facilitative framework for the creation of the official digital currency to be issued by the RBI.

Cryptocurrencies are soon going to be regulated in India but the question remains on their categorisation. An economic times report said that cryptocurrencies will be treated as assets.
This certainly means crypto won't be treated as a currency in India, rather an asset just like stocks, gold, etc.
Active solicitation by companies including exchanges and platforms would be barred, ET reported quoting people with knowledge of the matter.
The legislation that's in the works could be taken to the cabinet for consideration in the next two to three weeks, the report said. The bill could be introduced in the upcoming winter session of the parliament.

Cryptocurrency: A legal tender, asset or commodity? See what Indian govt plans

Govt mulling to treat cryptos as an asset just like stocks or gold.

Cryptocurrencies won't be a legal tender in India!

Active solicitation by companies including exchanges and platforms would be barred

Cryptocurrencies are soon going to be regulated in India but the question remains on their categorisation. An economic times report said that cryptocurrencies will be treated as assets.
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/india-wants-crypto-trends-as-ban-fears-ease-and-regulation-awaited-1637041283294" target="_blank">'India Wants Crypto' trends, as ban fears ease and regulation awaited</a>
This certainly means crypto&nbsp;won't be treated as a currency in India, rather an asset just like stocks, gold, etc.
Active solicitation by companies including exchanges and platforms would be barred, ET reported quoting people with knowledge of the matter.
The legislation that's in the works could be taken to the cabinet for consideration in the next two to three weeks, the report said. The bill could be introduced in the upcoming&nbsp;winter session of the parliament.
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/business-of-sports-crypto-cashes-in-on-the-t20-world-cup-with-soaring-ad-spends-1637045336323" target="_blank">Crypto cashes in on the T20 World Cup with soaring ad spends</a>

While $10 billion dollars worth of crypto&nbsp;trading still awaits regulatory clarity from the Indian Govt there seems to be movement on the much awaited crypto&nbsp;bill. Reports indicate that a draft bill has been prepared and been sent to PM Modi's office but is unlikely to be ready for presentation this winter session.&nbsp;
As per reports the current crypto&nbsp;draft bill includes creating a broad framework around crypto assets that would give them a legal credence in India without&nbsp;going into the details of sub categorising the crypto assets.&nbsp;This however may aid more confusion than clarity. Experts say the law will have to address a host of regulatory issues&nbsp;starting from definition of the asset class, and who will regulate it, as this will have income tax and GST implications.Cryptocurrency exchanges has reportedly earlier this year&nbsp;communicated to the government that market regulator Securities and Exchange Board of India (Sebi) is more suited to regulate the space than the Reserve Bank of India (RBI). Exchanges reasoned that cryptocurrency assets, such as Bitcoin and Ethereum, are&nbsp;closer to commodities than currencies.

Crypto bill draft reaches the PMO; but debut likely only in the Budget session

Cryptocurrency Bill likely to make its entry in the budget session. Govt  preps first draft, here is what is expected and what is missing. 

Crypto Clarity Countdown! Govt readies draft bill, budget session debut likely

Use story block se crypto&nbsp;wala&nbsp;background - put Crypto&nbsp;Bil? and maybe a person looking like they are waiting as well&nbsp; While $10 billion dollars worth of crypto&nbsp;trading still awaits regulatory clarity from the Indian Govt there seems to be movement on the much awaited crypto&nbsp;bill. Change shot here - PM Modi&nbsp;working on&nbsp; desk prefferably and then the shot of parliament&nbsp; Reports indicate that a draft bill has been prepared and been sent to PM Modi's office but is unlikely to be ready for presentation this winter session. &nbsp;Use Invideo/Canva/Adobe for gfx&nbsp; Crypto&nbsp;Bill&nbsp; to have broad framwork&nbsp; May not have&nbsp;sub categorising the crypto assets.&nbsp;
As per reports the current crypto&nbsp;draft bill includes creating a broad framework around crypto assets that would give them a legal credence in India without&nbsp;going into the details of sub categorising the crypto assets.&nbsp; Cut to shot of people looking confused or just loads of question marks on the screen .. use gfx&nbsp;post..&nbsp; Crypto&nbsp;Clarity Needed&nbsp; - Commodity or Currency&nbsp; - Who will regulate it&nbsp; - How will it be taxed
This however may aid more confusion than clarity. Experts say the law will have to address a host of regulatory issues&nbsp;starting from definition of the asset class, and who will regulate it, as this will have income tax and GST implications. Shots of popular crypt exchange websites and then SEBI&nbsp;close baord&nbsp;shot and then RBI&nbsp;close board shot
Cryptocurrency exchanges has reportedly earlier this year&nbsp;communicated to the government that market regulator Securities and Exchange Board of India (Sebi) is more suited to regulate the space than the Reserve Bank of India (RBI). Exchanges reasoned that cryptocurrency assets, such as Bitcoin and Ethereum, are&nbsp;closer to commodities than currencies.

Reports:&nbsp;A copy of the draft Bill has already been shared with the prime minister's office (PMO) by&nbsp;DEA and MeitY

While $10 billion dollars worth of crypto&nbsp;trading still awaits regulatory clarity from the Indian Govt there seems to be movement on the much awaited crypto&nbsp;bill. Reports indicate that a draft bill has been prepared and been sent to PM Modi's office but is unlikely to be ready for presentation this winter session.&nbsp;
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As per reports the current crypto&nbsp;draft bill includes creating a broad framework around crypto assets that would give them a legal credence in India without&nbsp;going into the details of sub categorising the crypto assets.&nbsp; This however may aid more confusion than clarity. Experts say the law will have to address a host of regulatory issues&nbsp;starting from definition of the asset class, and who will regulate it, as this will have income tax and GST implications. Cryptocurrency exchanges has reportedly earlier this year&nbsp;communicated to the government that market regulator Securities and Exchange Board of India (Sebi) is more suited to regulate the space than the Reserve Bank of India (RBI). Exchanges reasoned that cryptocurrency assets, such as Bitcoin and Ethereum, are&nbsp;closer to commodities than currencies.

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