First modification:
India joins Caribbean countries and Nigeria that have launched their digital currencies and accept payments with them; while China, the United States and England are studying the possibility of introducing digital assets into their economic systems.
If you can’t beat them, join them. India announced that, starting in its next fiscal year that takes effect on April 1, it will launch its digital currency backed by the official currency, the rupee, as well as a tax on cryptocurrency transactions.
During the presentation of its 2022-2023 budget, the Minister of Finance, Nirmala Sitharaman, confirmed that the Government seeks to tax the income from the transfer of virtual assets with 30%.
“I propose to provide that any income from the transfer of any virtual digital asset be taxed at a rate of 30%. No deduction shall be allowed with respect to any expense or allowance in computing such income, except the cost of acquisition,” Sitharaman said. .
This tax on virtual digital assets, where cryptocurrencies and NFTs based on blockchain technology are framed, “will give a great boost to the digital economy and lead to a more efficient and economical currency management system,” said the official.
The announcement represents a significant change of discourse, since in 2019, the same Government presented a draft law to prohibit digital currencies and that contemplated up to ten years in prison for possession, use or mining of cryptocurrencies. All after a committee formed by the Ministry of Finance recommended its prohibition.
But in May 2020, the Supreme Court of India ruled that the blocking of cryptocurrencies was illegal and asked the Government to regulate this legal loophole in the legislation. In India, the crypto asset market increased more than 600% until June 2021, according to a report by Chainalysis, a company that investigates the sector.
“We also hope that this development will remove any ambiguity for banks and that they can provide financial services to the cryptocurrency industry,” said Nischal Shetty, CEO of WazirX, another virtual currency exchange.
With the creation of its digital currency, India joins other countries like China in adapting to new technologies and streamlining transactions. The digital rupee, unlike the rest of the cryptocurrencies that do not depend on any central bank, will be regulated by the central bank and its value will be equal to that of the real rupee.
Some Caribbean countries and Nigeria have officially approved this payment method using a virtual version of their currency, while China is conducting some experiments in the area.
The United States Federal Reserve and the Bank of England announced their intention to create a digital currency, although they are still analyzing the impact on traditional banking.
With EFE and Reuters
First modification:
India joins Caribbean countries and Nigeria that have launched their digital currencies and accept payments with them; while China, the United States and England are studying the possibility of introducing digital assets into their economic systems.
If you can’t beat them, join them. India announced that, starting in its next fiscal year that takes effect on April 1, it will launch its digital currency backed by the official currency, the rupee, as well as a tax on cryptocurrency transactions.
During the presentation of its 2022-2023 budget, the Minister of Finance, Nirmala Sitharaman, confirmed that the Government seeks to tax the income from the transfer of virtual assets with 30%.
“I propose to provide that any income from the transfer of any virtual digital asset be taxed at a rate of 30%. No deduction shall be allowed with respect to any expense or allowance in computing such income, except the cost of acquisition,” Sitharaman said. .
This tax on virtual digital assets, where cryptocurrencies and NFTs based on blockchain technology are framed, “will give a great boost to the digital economy and lead to a more efficient and economical currency management system,” said the official.
The announcement represents a significant change of discourse, since in 2019, the same Government presented a draft law to prohibit digital currencies and that contemplated up to ten years in prison for possession, use or mining of cryptocurrencies. All after a committee formed by the Ministry of Finance recommended its prohibition.
But in May 2020, the Supreme Court of India ruled that the blocking of cryptocurrencies was illegal and asked the Government to regulate this legal loophole in the legislation. In India, the crypto asset market increased more than 600% until June 2021, according to a report by Chainalysis, a company that investigates the sector.
“We also hope that this development will remove any ambiguity for banks and that they can provide financial services to the cryptocurrency industry,” said Nischal Shetty, CEO of WazirX, another virtual currency exchange.
With the creation of its digital currency, India joins other countries like China in adapting to new technologies and streamlining transactions. The digital rupee, unlike the rest of the cryptocurrencies that do not depend on any central bank, will be regulated by the central bank and its value will be equal to that of the real rupee.
Some Caribbean countries and Nigeria have officially approved this payment method using a virtual version of their currency, while China is conducting some experiments in the area.
The United States Federal Reserve and the Bank of England announced their intention to create a digital currency, although they are still analyzing the impact on traditional banking.
With EFE and Reuters
First modification:
India joins Caribbean countries and Nigeria that have launched their digital currencies and accept payments with them; while China, the United States and England are studying the possibility of introducing digital assets into their economic systems.
If you can’t beat them, join them. India announced that, starting in its next fiscal year that takes effect on April 1, it will launch its digital currency backed by the official currency, the rupee, as well as a tax on cryptocurrency transactions.
During the presentation of its 2022-2023 budget, the Minister of Finance, Nirmala Sitharaman, confirmed that the Government seeks to tax the income from the transfer of virtual assets with 30%.
“I propose to provide that any income from the transfer of any virtual digital asset be taxed at a rate of 30%. No deduction shall be allowed with respect to any expense or allowance in computing such income, except the cost of acquisition,” Sitharaman said. .
This tax on virtual digital assets, where cryptocurrencies and NFTs based on blockchain technology are framed, “will give a great boost to the digital economy and lead to a more efficient and economical currency management system,” said the official.
The announcement represents a significant change of discourse, since in 2019, the same Government presented a draft law to prohibit digital currencies and that contemplated up to ten years in prison for possession, use or mining of cryptocurrencies. All after a committee formed by the Ministry of Finance recommended its prohibition.
But in May 2020, the Supreme Court of India ruled that the blocking of cryptocurrencies was illegal and asked the Government to regulate this legal loophole in the legislation. In India, the crypto asset market increased more than 600% until June 2021, according to a report by Chainalysis, a company that investigates the sector.
“We also hope that this development will remove any ambiguity for banks and that they can provide financial services to the cryptocurrency industry,” said Nischal Shetty, CEO of WazirX, another virtual currency exchange.
With the creation of its digital currency, India joins other countries like China in adapting to new technologies and streamlining transactions. The digital rupee, unlike the rest of the cryptocurrencies that do not depend on any central bank, will be regulated by the central bank and its value will be equal to that of the real rupee.
Some Caribbean countries and Nigeria have officially approved this payment method using a virtual version of their currency, while China is conducting some experiments in the area.
The United States Federal Reserve and the Bank of England announced their intention to create a digital currency, although they are still analyzing the impact on traditional banking.
With EFE and Reuters
First modification:
India joins Caribbean countries and Nigeria that have launched their digital currencies and accept payments with them; while China, the United States and England are studying the possibility of introducing digital assets into their economic systems.
If you can’t beat them, join them. India announced that, starting in its next fiscal year that takes effect on April 1, it will launch its digital currency backed by the official currency, the rupee, as well as a tax on cryptocurrency transactions.
During the presentation of its 2022-2023 budget, the Minister of Finance, Nirmala Sitharaman, confirmed that the Government seeks to tax the income from the transfer of virtual assets with 30%.
“I propose to provide that any income from the transfer of any virtual digital asset be taxed at a rate of 30%. No deduction shall be allowed with respect to any expense or allowance in computing such income, except the cost of acquisition,” Sitharaman said. .
This tax on virtual digital assets, where cryptocurrencies and NFTs based on blockchain technology are framed, “will give a great boost to the digital economy and lead to a more efficient and economical currency management system,” said the official.
The announcement represents a significant change of discourse, since in 2019, the same Government presented a draft law to prohibit digital currencies and that contemplated up to ten years in prison for possession, use or mining of cryptocurrencies. All after a committee formed by the Ministry of Finance recommended its prohibition.
But in May 2020, the Supreme Court of India ruled that the blocking of cryptocurrencies was illegal and asked the Government to regulate this legal loophole in the legislation. In India, the crypto asset market increased more than 600% until June 2021, according to a report by Chainalysis, a company that investigates the sector.
“We also hope that this development will remove any ambiguity for banks and that they can provide financial services to the cryptocurrency industry,” said Nischal Shetty, CEO of WazirX, another virtual currency exchange.
With the creation of its digital currency, India joins other countries like China in adapting to new technologies and streamlining transactions. The digital rupee, unlike the rest of the cryptocurrencies that do not depend on any central bank, will be regulated by the central bank and its value will be equal to that of the real rupee.
Some Caribbean countries and Nigeria have officially approved this payment method using a virtual version of their currency, while China is conducting some experiments in the area.
The United States Federal Reserve and the Bank of England announced their intention to create a digital currency, although they are still analyzing the impact on traditional banking.
With EFE and Reuters