India to create its own cryptocurrency, 30 percent tax on income from digital assets


India is going to launch its own cryptocurrency. The use of digital rupee will be started in the central bank of India from the financial year 2022/23. The digital currency will be based on blockchain technology.

Digital rupee has been mentioned in India’s fourth budget for the year 2022 presented on Tuesday. Speaking in the budget speech, India’s finance minister Nirmala Sitharaman said that digital currency will be cheaper and easier to manage.

He was of the opinion that this would help in the digital economy. India is going to introduce digital rupee under its ‘Digital India’ program.

India has introduced this plan to properly manage cryptocurrency. India is also going to impose a 30 percent tax on income from virtual digital assets from now on.

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