India taxes crypto 30% while issuing central bank digital currency directive

Finance minister Nirmala Sitharaman

Elliot Gulliver-Needham
clock • 1 min read
India's government will now take 30% of “any income from the transfer of any virtual, digital asset”
Image:

India's government will now take 30% of “any income from the transfer of any virtual, digital asset”

The Indian government has directed the country’s central bank to begin developing a central bank digital currency (CBDC) while imposing new taxes on crypto assets.

Finance minister Nirmala Sitharaman unveiled a set of new taxes on crypto asset transactions in her budget speech yesterday, announcing that the government will take 30% of "any income from the transfer of any virtual, digital asset", as well as a "tax deducted at source" of 1%. Sitharaman also proposed a "digital rupee" should be issued by India's central bank, "using blockchain and other technologies". "Introduction of a central bank digital currency will give a big boost to the digital economy," Sitharaman said in a speech to parliament. "Digital currency will also lead to a more e...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Alternatives

Trustpilot