Crypto just became legal in India. 30% Tax imposed

In a budget speech on Tuesday, Finance Minister of India Nirmala Sitharaman announced that India will tax income from virtual assets transfers. The tax percentage is announced to be 30%, regardless of profit and loss, and will be imposed on income.

The Reserve bank of India will introduce its own version of Digital currency from the 1st of April this year, said the Finance minister.

Her comment on Crypto removes all thick clouds hovering over the fate of digital currency in the country and clears uncertainties about the legal status of crypto transactions.

Even though the tax levied is high, still it encourages the environment of digital cryptocurrency trade in the country. India now joins China as one of the few big countries stepping forward and accepting digital currency and also coming up with their own version of digital currency.

Currently, India does not have any law regulating digital currency transactions. The rising wave of the Indian population actively jumping to the demand of global digital assets caused a 641% surge, a phenomenal number considering India has always proposed a ban on virtual currency all this long.