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India is set to roll out a central bank digital currency and slap cryptocurrencies with a 30% tax in a bid to boost the country’s digital economy.
Source: CoinTelegraph
INDA is down 0.76% premarket.
Indian Finance Minister Nirmala Sitharaman said the Reserve Bank of India is set to launch the digital rupee starting 2022 to 2023. Sitharaman cited the need for digital inclusion, noting that funds have been allocated under the Union Budget.
Sitharaman said the establishment of a central bank digital currency will give a big boost to the country’s digital economy, adding that a launch could provide a more efficient and cheaper currency management system.
The official said India also eyes a 30% crypto tax on the transfer of any virtual digital assets. There will be no deductions such as income in any expenditure or allowance allowed in the computation such as income, except acquisition costs.
Sitharaman is also looking to implement a tax deduction at source (TDS) of 1% above a yet-to-be-determined threshold.
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