Crypto in Budget 2022-23: Taxed, but is it legitimate?

cnbctv18.com:

Finance Minister Nirmala Sitharaman on Tuesday announced that virtual assets will now be taxed at 30 percent on all income made on them. Virtual digital assets, as they are called in the Budget speech, will most likely cover assets like non-fungible tokens (NFTs) and cryptocurrencies.Finance Minister Nirmala Sitharaman on Tuesday announced that virtual assets will now be taxed at 30 percent on all income made on them.

Virtual digital assets, as they are called in the Budget speech, will most likely cover assets like non-fungible tokens (NFTs) and cryptocurrencies.While provisions of the new tax code will now bring income from the sale of crypto assets under the lens of the Income Tax department, there was no mention of what the government plans to do with cryptocurrencies in the future, apart from the fact that it will not consider cryptocurrency as ‘currency’.While provisions of the new tax code will now bring income from the sale of crypto assets under the lens of the Income Tax department, there was no mention of what the government plans to do with cryptocurrencies in the future, apart from the fact that it will not consider cryptocurrency as ‘currency’."I said the Reserve Bank (of India) will be issuing a digital currency. A currency becomes, or, a currency is a currency only when it is issued by the central bank, even if it is crypto.

Anything outside of that, even loosely all of it referred to as cryptocurrencies, they are not currencies," Sitharaman said in the post-presentation media briefing."I said the Reserve Bank (of India) will be issuing a digital currency. A currency becomes, or, a currency is a currency only when it is issued by the central bank, even if it is crypto.