30% Tax on Crypto in India; Digital Rupee to Launch by 2023

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Key takeaways

  • 30% tax would be charged on income from the transfer of virtual digital assets.
  • Finance Minister Nirmala Sitharaman announced that the Reserve Bank of India would issue a digital rupee using Blockchain and other technologies starting 2022-23. 

On Tuesday, Finance minister Nirmala Sitharaman announced the finance budget 2022 in Parliament. In her Budget Speech 2022, she stated that 30% tax would be charged on income from the transfer of virtual digital assets. She further marked no deduction will be allowed in case of losses. Also, gifts in virtual digital assets would be taxed in the hands of the recipient.

The Finance Minister also said that by 2023, a Blockchain-based and RESERVE BANK OF INDIA backed Central Bank Digital Currency (CBDC) will be introduced as a form of the digital rupee.

In addition to it, FM Nirmala Sitharaman announced that the Reserve Bank of India would issue a digital rupee using Blockchain and other technologies starting 2022-23. This announcement could help in strengthening the backbone of the economy.

However, the government is taking a neutral and pretty steady viewpoint on cryptocurrencies. Meanwhile, the government is also imposing 30% taxes on crypto gains. This is a positive step in the direction of crypto adoption. And accordingly, things for crypto in India look really good.

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Purnima Dhar

A journalist on a voyage of unearthing the world of fathomless things in tech world. An odyssey writer at eventide and a greek mythology reader while in hush.I Breathe for writing content and fabricating media ties.

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