No Ban On Crypto But Digital Assets Taxed

The Reserve Bank of India (RBI) will introduce digital currency in 2022-2023 to boost the digital economy and efficient currency management, Finance Minister Nirmala Sitharaman proposed in her Budget speech. With the move, India took a step closer to adopting cryptocurrencies after years of wavering on its stance. The income from the transfer of virtual assets will be taxed at 30%, she said, effectively removing uncertainties about the legal status of such transactions.

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