In order to tax the movement of cryptocurrencies, India decided to launch a “digital rupee”. With government support, a 30% tax will be levied on virtual currency profits. In an announcement made this Tuesday (1st), the plan provides for regulating the cryptocurrency market in the country.
“There has been a phenomenal increase in digital virtual goods transactions. The introduction of the Central Bank’s digital currency will give a strong boost to the digital economy,” said Finance Minister Nirmala Sitharaman. She added that this growth requires an adequate regulatory framework.
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In addition to the fee, losses from this market cannot be offset with other income. Sitharaman further said that the Indian Central Bank is expected to release the “digital rupee” by the end of March 2023. Cryptocurrencies have been in the crosshairs of Indian regulators since they entered the local market nearly a decade ago.
The rise in fraudulent transactions even led to a ban by the Indian BC in 2018. India’s Supreme Court lifted the ban two years later. Since then, the market has skyrocketed, with growth of nearly 650% in the 12 months to June 2021, according to research by Chainalysis.
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