The Indian community had been hoping for further clarification on the crypto legislation with this year’s Union Budget, which will carry over the tax modifications from the Union Budget 2022. However, the “Virtual Digital Assets” haven’t been a topic of conversation.
That is, up until February 13, 2023, when the honorable Finance Minister Nirmala Sitaraman responded to a query in the Lok Sabha about the issue.
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Sitaraman said, “In the G20, we’re raising it & having detailed discussions with members so that a standard operating protocol emerges which results in a coherent, comprehensive approach where all countries work together in bringing some regulation.”
The G20 Summit has been a fascinating topic for a number of global economic reasons. The G20 is hosted by a different member of the organization each year. India is hosting the top summit for global economic cooperation this year from December 1 to November 30, 2023.