New Delhi: A comprehensive bill for approval will be placed before the Union Cabinet before the beginning of the winter session of Parliament or during the session itself to crack down on cryptocurrencies in the country. It may be mentioned that the winter session is scheduled to begin on November 29. According to sources, the bill provides in detail for regulating, classifying and taxing cryptocurrencies. Once it is given the green signal from the Cabinet, it can be passed only in the Winter Session of Parliament.

This can be announced in the finance bill to be introduced in the budget session after the provisions for taxing cryptocurrency income are approved. The budget session usually begins in the last week of January. A finance ministry source said finance minister Nirmala Sitharaman may make some announcements in the budget that could explain the picture on a variety of questions about cryptocurrencies in the country. According to sources, India could take a middle ground instead of banning crypto. Income can be taxed by tightening regulations in respect of cryptocurrencies.

The government is not ready to say anything in this regard. But crypto does not have currency status in India. All currency and notes are given statutory status by the Reserve Bank of India (RBI) in consultation with the Government. RBI had earlier tried to ban cryptocurrencies, but the Supreme Court stayed it saying that no action can be taken without the government enacting rules and regulations in this regard.

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