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India announces digital currency and plans to tax crypto assets

India announced that it plans to start a digital currency as well as taxing crypto assets. This is an effort to keep up with global digital movement.
India will adopt its own Digital Currency soon!

India plans to launch its digital currency soon!

First off, India announced the income from transfers of any digital assets will be taxed at 30 percent. This is a move made after the country showed rapid adoption of virtual currency. Regulating such investments is the next step for the government as a precaution for risks of money laundering, terrorist financing, and price volatility.

India's finance minister also said that the debut of a central bank digital currency in the fiscal year begins in April 2022. It will pave the way for more affordable and effective currency administration. The Reserve Bank of India has been developing a phased implementation approach to reduce cash dependency.

India's move is in line with China's CBDC trials and Ukraine's Commercial Bank test its digital currency built on Stellar. The US and England are also looking into efforts to adopt digital currencies.

What do you guys think?

Source: Bloomberg

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