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India Legalize Cryptocurrency, Categories Cryptos as Digital Assets.





After debating for many years on crypto ban by the Central Bank, a Supreme Court ruling and rumours of a ban by the Parliament, India has finally moved to officially categories Cryptos as digital assets, plan to begin taxing income from digital assets on Tuesday, also setting out plans for the launch of its digital currency (CBDC).

The Indian government in the new Financial Bill 2022 unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies.

Among the rules for the tax treatment are
"No deduction in respect of any expenditure or allowance shall be allowed while computing such income except the cost of acquisition. 

Further, "loss from the transfer of digital assets cannot be set off against any other income," said India's Financial Minister Nirmala Sitharaman."

Stocks are to be taxed at 15% in India, while the ordinary income of circa $1,300 a month or more is also taxed at just 15%.

Indicating crypto has been singled out for harsh discriminatory treatment, making India uncompetitive for crypto businesses.

Sitharaman also announced plans for an Indian central bank currency (CBDC) that will be launched in April. The country's central bank- The Reserve Bank of India (RBI) has been working on a phased implementation strategy for the CBDC.

Lakshika Kothari, Vice President at the cross-chain liquidity Router Protocol stated that the legalization of crypto removes any uncertainty that business has experienced in the past four years in the country.

"Excited to see our financial Minister Nirmala Sitharaman talking about gains from crypto income. This is a historic step in the direction of legitimizing crypto in India.
If we continue this progress, India has shot at becoming the centre of gravity of the Web3 ecosystem."


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