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During the Indian budget speech today, Indian Finance Minister Nirmala Sitharaman announced the government plans to impose a 30% tax on any income from the transfer of virtual digital assets.
Furthermore, she said that India’s central bank digital currency, the digital rupee, will likely be issued towards the end of this year, towards 2022-23.
Sitharaman said:
“There has been a phenomenal increase in transaction in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.”
The finance minister then said:
“A digital rupee will be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy.”
India’s central bank, The Reserve Bank of India, had previously indicated launching a pilot CBDC project in the fiscal year April 2022 to March 2023.
Although some clarity on the taxation of crypto assets has now been given, the formal classification of cryptocurrency remains open.