The expectations of millions of cryptocurrency holders in India were dashed when the country’s federal budget for the year 2023 included no reference to cryptocurrencies or the technology known as blockchain. Many people in the cryptocurrency community in India had great hopes that the hefty cryptocurrency tax that was established in March 2022 will be lowered in some way.
Nirmala Sitharaman, the Indian Minister of Finance, delivered the union budget on February 1st, during which she announced many significant modifications to the income tax bands. However, over the course of the discussion, the minister did not discuss cryptocurrencies, digital currencies issued by central banks, or blockchain technology. As of the previous year, India imposed a tax of 30% on crypto earnings and a tax of 1% deducted at source (TDS) on all crypto transactions, which effectively put a stop to a growing business almost immediately.
The major goal of…
