Today in Moring Budget Session 2022, Finance Minister Nirmala Sitharaman has confirmed that Reserve Bank of India is soon going to Launch Digital Rupee based on Famous Blockchain Technology
However Government has not clarify anything on other crypto Currencies.
“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies, to be issued by the Reserve Bank of India, starting 2022-23."
Last year Reserve Bank of India has expressed its desire to launch Digital Currency
At that Time Government was planning to ban use of Cryptocurrencies in India, However things get stalled after a committed was formed to hold talks with stakeholders and give recommendations on the future of cryptocurrencies in the country. Later, the draft of crypto bill suggested that the government may still ban all cryptocurrencies in the country to promote a possible digital currency from the RBI
“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 read.
Nirmala Sitharaman said in her Budget 2022, that a new crypto tax will be introduced under which virtual digital assets will be taxed at 30 per cent in the country. She also clarified that no set off will be allowed in case of losses. Also, gifts in virtual digital assets would be taxed in the hands of the recipient.