India to launch Digital Rupee in 2023, Virtual Digital Assets to be taxed

February 01, 2022 06:25 PM AEDT | By Manu Shankar

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India to launch Digital Rupee in 2023, Virtual Digital Assets to be taxed — Image source: © Kdrs32 | Megapixl

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Indian Finance Minister Nirmala Sitharaman during the Union Budget 2022 speech announced that the Reserve Bank of India (RBI) will be rolling out its Central Bank Digital Currency (CBDC) using blockchain and other technology in FY23.

In October 2021, the RBI had hinted that it has received a nod for the amendment to the Reserve Bank of India Act 1934, which will expand the definition of bank note, which also involves CBDCs. The central government had highlighted potential benefits of CBDCs and stated it would reduce the dependency on fiat currencies.

In another major announcement, Sitharaman said that all income from the transfer of virtual digital assets will be taxed at 30%. This will impact gains from cryptocurrencies and NFTs.

India to launch Digital Rupee in 2023, Virtual Digital Assets to be taxed

She further highlighted that no deduction will be allowed for expenditure undertaken on its acquisition.

Many countries have rolled out its CBDCs recently. Nigeria launched eNaira in October last year. The Bahamas and five other islands in the East Caribbean have also rolled out their digital currencies.

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