Crypto Ignored by the Indian Government: Union Budget 2024-25 Makes No Reference to It

The cryptocurrency community in India has come to a halt since the announcement of the Union Budget for 2024-25, which has left many people wondering what it all means.

Finance Minister Nirmala Sitharaman did not mention the digital currency sector in her budget proposal, which was presented on July 23, despite previous speculation and expectations of possible regulatory clarifications or supporting actions.

This absence stands in sharp contrast to India's approach to managing digital assets, especially considering the current state of the sector, which is characterized by widespread use and regulation.

There were nine areas targeted for economic development in the budget, including jobs and agriculture, but digital currencies were not one of them. The lack of a legislative framework in this fast evolving industry is seen as a failure to foster innovation and attract investment.

Aside from this, the current digital currency tax structure remained unchanged, even though there were significant changes suggested in the budget, such as eliminating the angel tax for startups and making adjustments to the equalization levy.

Saran claims that the digital currency market was ignored in the budget, which means that the current system, which taxes crypto transactions at 30% plus an extra 1% at source (TDS), would remain in place starting from 2022.

These tax policies are quite stringent compared to others across the world, and they will have a major influence on how digital currency exchanges and investors in the nation function.

The digital currency business in India has already been dampened by the strict tax structure. Trading volumes on Indian exchanges have fallen by 97% and active user engagement has decreased by 81% since these tariffs were implemented, according to the National Academy of Legal Studies and Research (NASLAR).

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