Table of Contents
In the Union Budget 2022, the Indian finance minister, Sitharaman presented the budget on February 1, 2022, in which, the Finance Minister introduced the crypto tax of 30% on all digital assets. During the Budget speech on February 1, Sitharaman legalized cryptocurrency in India. Now, the topic on the Internet is rising once again among investors. The finance minister of the country admitted to not carrying enough information to make a fateful call. Another statement by an Indian official suggests that the regulatory uncertainly around the digital assets in India will persevere in the near term.
During the general discussion of the 2022-23 Union Budget at Parliament House, finance minister Nirmala Sitharaman stated that she was not going to ban or legalize crypto at this time. Sitharaman added that “Banning or not banning will come subsequently”. Along with this, the Finance Minister, Sitharaman mentioned that the country has the sovereign right to tax income that citizens derive from cryptocurrency transactions. Instead of this, the capacity to levy crypto taxes by the Government is separate from the issues of legally recognizing the asset class.
The statement was made earlier in the week by the head of the tax authority of India, who stated that a plan to tax digital assets doesn’t mean the legalization of trading. As we know that India has become the place where the rumors were circulating related to the potential ban stirring up the global crypto space in late 2021. Now, the current point that the immediate threat has been blown up with the bill containing the ban proposition out of the parliament’s agenda for the current session. Now, the Government is looking over its options on crypto assets, the Indian Government is taking steps to introduce the Central Bank Digital Currency or CBDC in 2022 or in 2023.
Also Read: SOL Price Prediction 2022
Now, investors from India are keen to know more about the updates in the crypto market. Along with this, the Finance Minister proposed to introduce the cryptocurrency using blockchain and other technologies in India to be issued by the Reserve Bank of India which is going to start from 2022-23. The CBDC is going to give a big boost to the digital economy. Many investors across the world are moving towards digital currency.
