Where does India stand on cryptocurrencies?
Categories: Crypto News All India
In the Union Budget for 2022-23 presented last month, the Centre proposed a 30 per cent tax on virtual assets, including cryptocurrencies, effectively legitimising trading of private cryptocurrencies and non-fungible tokens. This was broadly in line with the Centre’s plans to have a fiat digital currency, while disallowing use of private virtual coins as legal tender. The government is also separately working on a law to regulate private cryptocurrencies, while the Reserve Bank of India is planning to launch the pilot of its CBDC — the Digital Rupee — this year.Like many other jurisdictions, India is also faced with the question of who would regulate cryptocurrencies in the country — the central bank, the securities watchdog, or a new regulatory body.