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Finance Minister Nirmala Sitharaman has unveiled the Indian Budget today for 2022-23 with two major announcements around cryptocurrencies.
The FM has proposed a taxation rate of 30% on any income arising from the transfer of any virtual digital asset. Moreover, it is reported that no deduction in respect of any expenditure or allowance will be allowed while computing such income. An exception will only be made by including the cost of acquisition.
Another major announcement comes around a central bank digital currency or CBDC. FM Sitharaman said in her budget speech
that a digital rupee will be issued using blockchain and related technologies. This can become a reality in 2022-23 when it will be issued by the Reserve Bank of India. FM said,
“This will give a big boost to the economy.”
Overall, the industry has given a positive reaction to the above announcements. Nischal Shetty, chief of WazirX took to Twitter to call it “great news.”
Blockchain powered Digital Rupee by @RBI will be introduced 2022-23 in India
Great news! More crypto adoption on the way ?
Glad to know that RBI will now start getting deeper into crypto. Hope to see banks start getting involved with crypto industry as well#IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) February 1, 2022
This is a developing story. As details emerge, it will be updated
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