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The Reserve Bank of India will launch its digital currency in the year starting April 1, Finance Minister Nirmala Sitharaman said in her budget speech this week. The nation also plans to tax the income from the transfer of virtual assets at 30%, she said, effectively removing uncertainties about the legal status of such transactions.
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“Imposing the tax rate makes crypto trading official now and any concern of a ban is off the table,” said Darshan Bathija, co-founder and chief executive officer of Vauld, a crypto exchange platform based in Singapore. Still, the relatively high tax rate could prompt traders to move to platforms in other countries, which would reduce revenue for the Indian government, he added.
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