Investing.com - The Indian government will tax 30% of income from transactions with virtual assets, TechCrunch reports, citing Finance Minister Nirmala Sitharaman. She also announced the launch of the digital rupee from the next financial year, which starts on April 1st.
“No deductions are allowed in the calculation of such income, except for acquisition costs. In addition, the loss from the transfer of a digital asset cannot be set off against any other income. In the case of a gift of a digital asset, the recipient is also proposed to be taxed,” says Sitharaman.
India is now seeing a phenomenal growth in virtual digital asset transactions. “The scale and frequency of these transactions have necessitated a special tax regime,” adds India's finance minister.
It is not yet fully known whether India recognizes the cryptocurrency as legal tender in this way or simply wants to charge part of the money from the crypto market participants, investors say.
The Central Bank of India is also set to launch its own cryptocurrency in the next fiscal year. The Central Bank tested it for several months, and also studied the impact on the banking and monetary system.
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