India`s official blockchain-based digital currency Digital Rupee Soon - Budget 2022
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| Digital Rupee - India`s own official digital currency to launch in 2022 |
What is Digital Rupee?
Indian government ready to field in the cryptocurrency world with official blockchain-based India`s own digital currency digital rupee says FM Nirmala Sitharaman. Central Bank Digital currency will be a digital representation of physical Indian Rupee, official Indian currency and will not have anonymous users like present digital currencies like Bitcoin, Ether Coin, Shiba Inn coin, etc allows.
Market Value of Digital Rupee
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| Value of 1 Digital Rupee is equal to value of its physical rupee value against usd. |
Tax on Cryptocurrency and Digital Assets
"Any revenue from the transfer of any virtual digital asset shall be taxed at a rate of 30%," according to key budget declaration. "With the exception of cost of acquisition, no deduction in respect of any expenditure or allowance shall be permitted in computing such income," Ms Sitharaman stated.
Cryptocurrency Tax Rate in India
The generated revenue from digital assets like cryptocurrencies and NFTs shall be under a tax rate of 30%.
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| Blockchain Technology to be in operation for Digital Rupee |
Central Banks legalizing Digital Currencies around the world
India is not the only country proposing to develop a system of digital legal money. Various central banks throughout the world are testing initiatives including the digital dollar, e-yuan, and digital euro.
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