Budget 2022 Cryptocurrency: Finance Minister Nirmala Sitharaman made a big announcement to bring cryptocurrency and said that now there will be a big tax on virtual currency. 30% tax will have to be paid on cryptocurrency.
Headlines
- Finance Minister said in the budget speech- RBI will launch a digital currency.
- At the same time, earnings from cryptocurrency have also come under the tax net.
- Apart from this, income from virtual digital assets will be taxed at 30 percent.
budget 2022 Cryptocurrency News: Finance Minister Nirmala Sitharaman made an important announcement in her budget speech. The Finance Minister informed that digital currency will be issued by the RBI from 2022-23 to promote the digital economy. With this, the way has also been cleared to bring regulated digital currency in India.
Opportunities For Those Investing In Digital Currency Like Bitcoin
With the announcement of the introduction of digital currency, a new safe investment option has been presented instead of risky investment in digital currency like bitcoin. The Finance Minister said that the Reserve Bank will launch digital currency in the financial year 2022-23. “Digital currency will be introduced using blockchain and other technologies, RBI will issue it from 2022-23,” the finance minister said. The Finance Minister said that investment in cryptocurrency will be taxed at the rate of 30 percent.
What Do Experts Say
Responding to this, BankBazaar.com CEO Adil Shetty said, ‘Union Finance Minister Nirmala Sitharaman said during the budget presentation that RBI will issue India’s own blockchain digital currency. This will give a big boost to India’s economy and will also strengthen the position in the digital financial space. The United States has yet to launch its own CBC. The launch of CBC means India wants to accelerate settlements by leveraging blockchain and low operational costs. We need to wait for its details to understand it better.
Rising Demand
Let us tell you that at present there is no regulation nor any restriction on the use of cryptocurrency in the country. However, there has been a demand for strict regulation of these from various sectors. The government had expressed its intention to introduce a bill on cryptocurrencies in the last session of Parliament itself. There was talk of preparing a framework for the formation of an official digital currency on behalf of the Reserve Bank. But due to the lack of consensus on the draft of this bill in the cabinet, it could not be placed in the Parliament. Earlier, Chief Economic Adviser Sanjeev Sanyal said on Monday that the government would take a balanced approach to the issue of its regulation, given the implications of cryptocurrencies on the financial stability of the country.
