Digital Rupee launch<\/strong><\/p>\nThe Indian government has decided to launch its own digital currency on April 1, 2022. The new rupee will be based on\u00a0blockchain and other modern technologies.<\/p>\n
According to Sitharaman, the CBDC “on the basis of blockchain and other technologies” will allow the transition to a more efficient and cheaper system of managing the national currency, and will also give a “big boost to the economy.”<\/p>\n
The launch of the digital rupee is expected in the new fiscal year, which is coming in April, the head of the Finance Ministry added.<\/p>\n
30% tax<\/strong><\/p>\n\u201cThere has been a phenomenal growth in transactions involving virtual digital assets. Their scale and frequency required special tax treatment. [\u2026] Any income from the transfer of such an asset is taxed at a rate of 30%. No deductions are allowed, with the exception of the purchase price,” the official commented.<\/p>\n
Prehistory<\/strong><\/p>\nAt the beginning of 2021, India reported a possible legal ban on cryptocurrencies, even talking about criminal liability for owners.<\/p>\n
In the middle of the year, there was information that the government would legalize digital currencies as an asset class.<\/p>\n
However, in November there was renewed talk of the government’s intention to ban most private currencies. This caused panic in the local market, which led to a short-term local drop in the price of Bitcoin by 15%.<\/p>\n
In December, the media reported that the authorities would still regulate digital assets instead of banning them.<\/p>\n
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