India wants to tax profits on digital assets at 30 percent. At the same time, the country wants to launch its own digital currency from April, at the start of the new fiscal year.
On Tuesday, India’s central bank should do that, Finance Minister Nirmala Sitharaman said.
Cryptocurrencies are very popular in India. The crypto market in India grew by 641 percent last year. The government is now also trying to get a piece of it, despite criticism from its own central bank about the risks and dangers of money laundering and terrorist financing.
The finance minister admitted on Tuesday that there is a spectacular rise in digital assets. “The size and frequency of those transactions necessitate a separate tax regime,” she said.
Sitharaman also announced that India’s central bank would launch its own digital currency. The introduction would be phased and should reduce dependence on cash.
