India has kept its restrictive crypto tax rules unchanged in 2023. In fact, Finance Minister Nirmala Sitharaman did not mention crypto, virtual digital assets or central bank digital currencies or the digital rupee while unveiling the nation’s budget which indicates the latest tax rules.

India’s Finance Minister Nirmala Sitharaman tables the Economic Survey 2022-2023 in the Parliament today. While the crypto community in India hopes for relief in crypto taxes, the Indian government is unlikely to change its strict stance against crypto, especially following the collapse of crypto exchange FTX. In fact, India is likely to push for a global common standard for regulating the crypto ecosystem.

The Indian crypto ecosystem is desperately looking for respite in the harsh tax policy that was introduced in 2022.

As this year's president of the intergovernmental forum, India can dictate how developed countries think about the future of crypto regulation.

Indian government official Rajeev Chandrasekhar talked about cryptocurrency Thursday at an event in Bengaluru. Chandrasekhar currently serves as both India’s Minister of State for Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship. He is also a member of Rajya Sabha, the upper house of parliament.

India’s central bank has reiterated its stance on banning cryptocurrencies like bitcoin and ether. The governor of the Reserve Bank of India (RBI) likened cryptocurrency trading to gambling. He warned that crypto “will undermine the authority of the RBI and lead to the dollarization of the economy.” Das stressed that the central bank’s view is to completely ban cryptocurrencies like bitcoin and ether, India Today reported, quoting him as saying: “RBI’s position on crypto is very clear — it should be banned.” (Bitcoin.com)

The Indian government is reportedly launching a first-of-its-kind crypto awareness campaign. It will be conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs. A government official was quoted by ET as saying: "The campaign will highlight that cryptocurrencies are not legal in India and there are also deep risks involved in such assets. Any investment where the people are being promised lucrative and assured returns, there is an element of high risk." (Bitcoin.com)

According to Inc42, among the Top 5 VC Funds For Startups Launched In India 2022, two are involved in the Web3.

WazirX, one of the fastest-growing and largest cryptocurrency exchanges in India, recently published its report on customer behavior for 2022, revealing that Shiba Inu ranks as the most popular asset among first-time buyers on the platform. The meme coin also ranks among the most traded assets on the exchange in 2022.

Charles Hoskinson isn’t interested in Cardano pushing into the Indian market until the south Asian country drops its <a href="https://zycrypto.com/tax-rates-to-cap-at-28-as-india-calls-for-crypto-transaction-tax-meeting/">anti-crypto policies</a> for progressive regulations.