All eyes were on Union Budget 2022-23 for some clarity on cryptocurrencies, especially as a precursor to the Cryptocurrency and Regulation of Official Digital Currency Bill. The good news: It was a matter of celebration that after four years, the government announced something progressive about crypto-assets–i.e., there was a recognition that there is a full-fledged market for cryptocurrencies. The bad news: If we read between the lines, it is a story of ‘tax them out of the system.’