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BUDGET 2022! FROM BITCOINS TO STABLECOINS The Crypto currency boom
Finance Minister Nirmala Sitharaman announced that the country will be taxing all digital assets at a rate of 30% — no deductions or exemptions apply.
This includes everything from cryptocurrencies to non-fungible tokens (NFTs) to other ways that people earn from digital assets, like yielding, farming and mining.
The country moves closer to recognizing cryptocurrencies as legal tender in the world’s second-largest internet market.
To capture details of all such crypto transactions, she also proposed a 1% tax deduction at source on payments made related to the purchase of virtual assets.
India also plans to go live with its central bank digital currency (CBDC), the ‘digital rupee’, by March 2023.
The proposal comes at a time when the purchase of cryptocurrencies and NFTs are quickly making inroads in India despite regulatory uncertainty in the nation.
India’s proposals have somewhat created more confusion among entrepreneurs, venture capitalists, and the general public alike about how traders and investors plan to tackle cryptocurrencies.
By introducing a tax system for crypto-related transactions, people appear to be either recognising such virtual assets as legal tender or as an investor wondered aloud, “take their pound of flesh from all the action.”
“While clearing the speculations about legalisation of crypto in India, FM’s new proposal will scare the millennial investors, who can’t be ignored cause they are a large part of Indian crypto run, they will have to do a lot of paperwork.” —AMAR MISHRA
“Although 30% tax might be a little too high for the crypto community, it’s better than a complete ban on trading.
In a way crypto traders will be legitimised and work towards a more transparent ecosystem which will reduce scams and frauds in the crypto space.” —RAHUL RAMKRISHNA
“A country would have never been so excited about the government introducing a tax on anything! But personally, as a crypto enthusiast, I am so excited by this move. It will give India a chance to become the Web3 innovation hub in the coming decade.” —ABHAY KHANDELWAL
“The magnitude and frequency of these virtual currency transactions have made it imperative to provide for a specifi c tax regime.
India’s central bank will also introduce a digital currency in the next fi nancial year. The introduction of a central bank digital currency will give a big boost to the digital economy.
Digital currency will also lead to a more efficient and cheaper currency management system.” ” —SOUMYA SHARMA