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.
Thank you for your support by helping us create content:
BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT
ERC20 Address: 0xBc11cFa590C6CC465248D77d399C3106B881cC0E
SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community
Subscribe to our YouTube channel below for more updates: