India propose 30% Tax on Crypto Income and prepares to launch a ‘Digital Reupee’
As part of the government’s effort to collect revenue from private crypto companies, the finance minister of India Nirmala Sitharaman proposed a 30% tax on all crypto transaction gains.
According to the disclosure included in India’s 2022 Union Budget, the country will also introduce its digital rupee soon, making it the tenth country to do so.
The Indian government’s decision to introduce a digital rupee is both driven by the long-term goal to digitize the country and its growing digital currency ecosystem. While the country is attempting to control its entire financial sector, it also hopes to reap maximum profit from the sector.
Sitharaman explained to the house of parliamentarians that, “the introduction of Central Bank digital currency (CBDC) will give an enormous boost to the digital economy.”