CRYPTOCURRENCY TRADING HAS BEEN LEGALIZED IN INDIA
#Budget2022: Union Finance Minister in today’s Budget speech announced that India will soon get its own Blockchain-based Central Bank Digital Currency (#CBDC) which will be backed by the Reserve Bank Of India(#RBI). The finance minister, however, did not touch upon anything related to cryptocurrency–also powered by the #Blockchain.
“The introduction of a Central bank #digital currency will give a boost to the digital economy, leading to a cheaper currency management system. Blockchain and other technologies will be used by RBI to issue the same from 2022,” the Finance Minister said while addressing the Budget Session, as reported by The Hindu.
The digital rupee will be held in a digital wallet that will be supervised by the RBI. For all transactions, the digital rupee is equivalent to a #physical rupee. The value of a digital rupee will be the same as the value of a physical rupee. Besides, the govt has also announced that any income from the transfer of digital assets will be taxed at 30 per cent.