Union Budget, 2022: Digital Currency To Be Taxed At 30%

In the Union Budget 2022-2023, FM Nirmala Sitharaman significantly announces that digital currency will be allowed in the country with a tax rate of 30%.

The transfer of digital assets, from now on will be taxed, according to the FM. The digital asset gift receiver will also be taxed. With this announcement, the government introduces some regulations on the cryptocurrency field in the country. The RBI, along with many other economists earlier anticipated that the digital currency or cryptocurrency can bring multi-layered irregularities in the finance sector, as digital money is not regulated or ruled by the SEBI or RBI.

Through investment in cryptocurrencies and blockchain, many investors have earned enormous amounts of assets, however, these amounts were not under any tax slab. With today's budget announcement, FM mentions that from now on digital money will be taxed at a 30% rate.

Additionally, the union government will also introduce its digital currency using blockchain, the digital Rupee. This is going to be the first step in the cryptocurrency field by the RBI. The digital Rupee is expected to be launched in 2023 by the RBI.