Crypto is legally recognized in India with a 30% tax.
India has announced that there has been a huge rise in the use of digital assets, and the size of these transfers necessitates the application of a special tax regime: 30% tax...
Indian Finance Minister Nirmala Sitharaman said in her budget speech that any income from the transfer of digital assets will be taxed at a rate of 30%.
Stating that there has been a great increase in the use of digital assets, Sitharaman said, "The size of these transfers made it necessary to apply a special tax regime."
Digital currency will be available soon
Announcing that India's central digital currency will also be available as of the fiscal year that starts in April, Sitharaman stated that the Reserve Bank of India is working on a gradual implementation strategy.
While the People's Bank of China is starting trials in certain cities, the US Federal Reserve and the Bank of England are working to adapt digital central currencies to their respective economies.
