While the Golden Crown payment service refuses any transactions with cryptocurrencies, India wants to introduce a tax of 30% on digital assets. It was announced that income from cryptocurrencies and NFTs would be taxed.
India is moving towards the recognition of cryptocurrencies as legal tender. In her announcement of the adoption of the country's 2022 budget, Finance Minister Nirmala Sitaraman said that the country's central bank, the Reserve Bank of India (RBI), will introduce its digital blockchain currency in the next fiscal year.
Almost all income will be taxed, even a gift in cryptocurrency. The industry estimates that there are between 15 and 20 million crypto investors in India, with a total crypto assets of around Rs 400 billion ($5.37 billion). But there is no official data on the size of the Indian cryptocurrency market yet. To track the details of all crypto transactions, an additional one percent withholding tax deduction has been offered on all payments related to the purchase of virtual assets.
The introduction of a central bank digital currency will give a big boost to India's digital economy, the minister said. According to her, the digital currency will lead to an efficient and cheap monetary management system. However, the Reserve Bank of India has previously expressed concerns about private cryptocurrencies as they could lead to instability in the financial system.
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