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Tuesday, August 9, 2022
Home Technology India to Regulate Cryptocurrencies and NFTs with 30% Tax

India to Regulate Cryptocurrencies and NFTs with 30% Tax


The Minister of Economy and Corporate Affairs of India, Nirmala Sitharaman, announced this Tuesday plans for the regulation of the cryptocurrency market in the country. The main measure is the creation of a transfer fee for “Virtual goods”which includes both cryptocurrencies and non-fungible tokens (NFTs).

The tax will be 30% on each transaction, which should reduce the use of cryptocurrencies for criminal activities and also the application of fraud involving the subject – in addition to legalizing this type of digital economy and avoiding future bans in the country.

For now, the study process on tax collection is still in the study phase. Local experts already disagree with the measure: there are those who think the value is too high and with the possibility of emptying investments in cryptocurrencies in the country, while other professionals in the area celebrated the regulation for helping to formalize and create a base for the local ecosystem in the sector.

Digital Rupee

In parallel with the new tax, the minister also announced that India will enter the sector of digital currencies built on blockchain technology. The Digital rupee will be developed by the Reserve Bank of India and takes effect this or next year – following the trend in China, which is already a success in the sector.

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