CoinDesk: India Edges Toward Crypto Legalization With 30% Tax, Announces Digital Rupee Indian
Finance Minister Nirmala Sitharaman announced a 30% tax on any income from the transfer of virtual digital assets, a first for the nation.
Sitharaman also said that the digital rupee will most likely be issued in the 2022-2023 time frame, which is the first time the Indian government has given a timeline on the launch of a central bank digital currency (CBDC).
"There has been a phenomenal increase in transaction in virtual digital assets.
The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime," Sitharaman said in the Indian budget speech, which lasted for over two hours.
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Update #1: India wants to launch a digital rupee and tax crypto profits (CNN)
Update #2: Cryptocurrency slapped with 30% tax (RT)
WNU Editor: An easy prediction. Most countries will be imposing taxes and regulations (or bans) on crypto in the coming years.
2 comments:
Good. I can buy a video game card again then.
They can't tax what they can't track. Good luck collecting the 30%.
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