India is planning to launch a digital version of the Rupee, the country’s national currency, becoming the latest country to join the rush to create state-backed virtual currencies.
As part of measures planned in the country’s budget by the country’s Finance Minister, Nirmala Sitharaman, India will be introducing the currency that uses blockchain technology in the period between 2022 and 2023.
In her speech, Nirmala said the Indian government would also impose a 30% tax on income from virtual digital assets citing rising transaction volume.
“There has been a phenomenal increase in transactions in virtual digital assets. There has been a phenomenal increase in transactions in virtual digital assets.”
– Finance Minister, India
India is one of the foremost emerging markets with a population of 1.38 billion people. The news has led to excitement about the legality of crypto since by imposing the tax rate, it means crypto trading is now legit and any concern of a ban is no longer the case.