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Indian Crypto Investors have Big Expectations from the Union Budget

Key Takeaways
  • Like every time, the Finance Ministry of the Government of India will present the Union Budget in the Parliament on 1st February, from which people of every section are expecting big relief.
  • Indian cryptocurrency investors also have high expectations from this budget and they believe that there may be some relief in the tax on cryptocurrency in this budget.
  • Investors hope that in the budget the tax on crypto profits can be reduced from 30% to the range of 10-15%. Also TDS can also be reduced from 1% to 0.01%.
30-Jan-2024 By: Gunjan Sahu
Indian Crypto Invest

Union Budget 2024 will impact crypto investors in India

On February 1, Indian Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25, for which all sectors are expecting big relief. The sectors which will be most affected by the budget include big sectors like automobile, health, real estate. This budget is going to affect every person, general and special. In such a situation, every person has a lot of expectations regarding this. There is also a large influx of crypto investors in India, who are expecting a lot from the Union Budget. The issues on which Indian crypto investors are most hopeful include the tax and regulatory framework on crypto.

What are the expectations of Indian crypto investors from the Union Budget

Indian cryptocurrency investors have high expectations from the Union Budget 2024-25, which are as follows

Indian cryptocurrency investors are expecting that there may be some big announcement related to cryptocurrency in the budget, in which any update related to the regulatory framework being created under the chairmanship of India can be given by the Finance Ministry.

Crypto investors have been demanding for a long time to reduce the tax on crypto trading. In such a situation, they hope from the budget that the tax on crypto profits can be reduced from 30% to 10-15%.

For a long time, there have been reports of reducing the TDS imposed on cryptocurrencies from 1% to 0.01%. In such a situation, Indian cryptocurrency investors are hoping that a major decision can be taken in the Union Budget on TDS imposed on crypto.

Investors are hopeful that any update related to India's Central Bank Digital Currency (CBDC) e-Rupee can also be given by the Finance Ministry, such as what is the current number of its retail users and how much its usage has increased. So that crypto investors can make their future plans regarding investment.

Crypto investors are also hoping that some information can be provided in the Union Budget regarding the next step of the Indian government regarding cryptocurrency, which may contain information about the further strategy of the government regarding those foreign crypto exchanges on which the government has recently taken action due to not being registered with the FIU.

Coingabbar believes that Indian crypto investors are also excited about the budget speech. In which investors expect that Finance Minister Nirmala Sitharaman will give her reaction on recent events related to the crypto market in her speech. Which includes the recent approval of 11 spot Bitcoin ETFs by the SEC.

Also Read: Alaska and Florida Regulators Took Action Against Binance US

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