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ARTICLE · 16 FEBRUARY 2022

India's Digital Assets Definition Brings It On Collision Course With In-Game Currencies

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Finance minister Nirmala Sitharaman's announcement in the 2022 Union Budget of proposing a 30% tax on digital assets and cryptocurrencies has brought a flurry of reactions.

IndiaTechnology
Shashidhar KJ
Shashidhar KJ
Nehaa Chaudhari
Nehaa Chaudhari
Anirudh Rastogi
Anirudh Rastogi
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As we get more clarity with a definition of cryptocurrencies and digital assets, it might cause headaches to another burgeoning industry in India – online video games.

Finance minister Nirmala Sitharaman's announcement in the 2022 Union Budget of proposing a 30% tax on digital assets and cryptocurrencies has brought a flurry of reactions. Proponents of cryptocurrency call this a move towards legitimacy, but skeptics ask people to hold their celebrations as these announcements are simply reiterating the government's existing position that income gained through cryptocurrencies will be taxed, regardless of its legality.

However, the explanation in the Finance Bill is instructive in what the government considers a digital asset. Digital assets now are defined as a representation of value, be it information, code, a token, that is generated by cryptographic or other means and are traded or stored electronically. Accordingly, the definition of a digital

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