New Delhi
In response to a question about cryptocurrency, central finance minister Nirmala Sitaraman said in Rajya Sabha today that the center has imposed tax on income from virtual assets, however, the decision on whether or not to ban cryptocurrency in India will be taken later.
In her budget speech on February 1, the finance minister said the center was imposing a 30 per cent tax on income from the sale or acquisition of digital assets. There is no chance of any discount on income by selling virtual assets. Even the loss of a virtual asset cannot be reconciled with income. She further said that TDS will be levied at the rate of 1 per cent on the payment at the time of transfer of digital assets. In the case of gifting crypto tokens and virtual assets, the recipient will be taxed at the same rate.
It is also proposed in the budget that digital currency will be introduced under RBI. This currency transaction information will be kept in blockchain system like cryptocurrency. However, cryptocurrency and crypto assets have not been discussed yet. The rules will be decided after discussions with the partners on digital assets.
The new rules include private cryptocurrency, defy (decentralized finance) and non-fungible tokens (NFT). Initially, it did not include digital gold, central bank digital currency (CDBC) or any other traditional digital asset.
Earlier, RBI Governor Shaktikant Das had said that there was no confidence in cryptocurrency. At the same time, he mentioned the risks involved in investing in this invisible currency. He also lashed out at cryptocurrencies after the Reserve Bank's Monetary Policy Committee announced its decision on Thursday. That said, there is no real value in cryptocurrency, but this digital currency poses a risk to financial stability.
Special Correspondent
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