Union Budget 2022:
Crypto, NFT come under tax net
The Budget has proposed taxing virtual assets at 30%. Also, 1% TDS to be charged further on payments made using digital assets to keep a track on transactions.
This move would formally bring virtual assets such as cryptocurrencies and non-fungible tokens under the tax net, thereby according it the recognition by the government.
A new digital rupee powered by blockchain technology will be issued by the Reserve Bank of India starting 2022-23 announced by FM
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The introduction of CBDC will give a big boost to the digital economy. Digital currency will also be a more cheaper and efficient currency management system says FM
Taking forward this agenda, and to mark 75 years of Independence, it's proposed to set up 75 digital banking units in 75 districts of the country by scheduled commercial banks
The RBI had earlier voiced "serious concerns" around private cryptocurrencies on the grounds that these may cause financial instability.