India Plans To Impose A 30% Tax On Cryptocurrencies

 

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.