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ARTICLE · 11 MAY 2022

Cryptocurrency – View Of 2022

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The budget for the fiscal year 2022-2023 was presented by the finance minister on 1st February 2022. The Government has put cryptocurrency in a new light with the advent of a new taxation scheme for virtual digital assets.

IndiaTechnology

The budget for the fiscal year 2022-2023 was presented by the finance minister on 1st February 2022. The Government has put cryptocurrency in a new light with the advent of a new taxation scheme for virtual digital assets. The Central Government has proposed for a 30% tax to be levied on income from the transfer of any virtual digital assets1 such as cryptocurrencies and non-fungible tokens (NFT's).

Such a move was inevitable, in light of the much increased usage and proliferation of cryptocurrency and digital assets in India. Considering the ease of access of highly valuable assets like cryptocurrency, such as via apps like CoinDCX, CoinSwitch Kuber, etc., this is a move which was a long time coming.

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