New Delhi: Cryptocurrencies are trading in the green on November 15. The global cryptocurrency market capitalisation is Rs 213.54 lakh crores, resulting in an increase of 1.12% over the last 24 hours. Besides, the total crypto market volume is Rs 643586 lakh crores with a 9.75% decrease over the last day.
Currently, Bitcoin is priced at Rs 52,11,834 with a dominance of 43.33%, resulting in an increase of 0.21% over the last day.
The finance ministry is planning to introduce the planned bill on cryptocurrency in the upcoming Winter Session of Parliament. The urgent decision of the bill comes after many government officials saw an unnecessary growth of an unregulated sector and have been confirmed through multiple meetings held, including the one headed by PM Narendra Modi.
The Winter Session of Parliament might be held from November 29 to around December 13. One of the most important issues that need a proper solution before the session is the tax treatment of the sector. Reportedly, the issues are expected to be solved soon and the cabinet approval might be sought this month itself, stated the source.
“We are working on the tax aspect of the cryptocurrency regulations. There are discussions ongoing at the highest levels of the government as well as with regulators like the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI),” said a top government official.
Besides, the procedure in which cryptocurrency trade and profits are taxed depends on what it is classified as. Reportedly, privately held cryptocurrencies will not be allowed as legal tender, besides, they will be allowed as assets.
