How Does The Indian Union Budget 2022 Impact The Crypto World?

In the fiscal year 2022–23, the government plans to create a Virtual Rupee, or Central Bank of Digital Currency (CBDC). Additionally, Budget 2022 suggested a 30% taxation on virtual assets i.e. cryptography, thereby legalising the trading of individual currencies and NFTs (non-fungible tokens). This is following the Centre’s aims to create fiat virtual money while prohibiting private virtual coins from being used as legal money.

Nirmala Sitharaman (Minister of Finances) said the RBI will issue the Digital Rupee using blockchain-based technology from the next financial year while delivering the Union Budget on 1st February, Tuesday. The Central Bank’s adoption of digital currency will result in more cost-effective and speedier currency management.

However, in her Budget speech, the Finance Minister made no mention of the Cryptocurrency Bill, which would regulate private currencies. Approximately Rs.50,000 crore has been invested in proprietary cryptocurrencies by Indian investors. The Reserve Bank of India has been a vocal opponent of private cryptocurrencies, claiming that they pose a severe threat to macroeconomic stability.

Taxation Structure in Indian Budget 2022

Furthermore, the Finance Minister stated that the 30% tax on data assets cannot be used to substitute any other source of income (i.e., it cannot be claimed as a deduction) and that a 1% TDS will be paid on fees paid with crypto assets in keeping a track of activities.

Read more - https://medium.com/@Expandmybusiness/how-does-the-indian-union-budget-2022-impact-the-crypto-world-cb7708c5523a

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