On Tuesday, India announced plans to launch a digital national currency by next year and tax cryptocurrencies and NFTs. The fact is that the...
According to Binance-owned Indian cryptocurrency exchange WazirX, the trading volume on the platform exceeded $43 billion in 2021, up 1735% from 2020.
The initiative was presented by the Minister of Finance of the country, Nirmala Sitharaman, during the presentation of the annual budget:
“There has been a phenomenal growth in transactions with virtual digital assets. Their scale and frequency required the provision of a special tax regime. In calculating such income, no deductions are allowed for any expenses or benefits other than the cost of the acquisition. In addition, losses from the transfer of digital assets cannot be set off against any other income,” the official commented.
According to Sitharaman, a CBDC (in this case, a digital rupee) based on blockchain and other technologies will allow a transition to a more efficient and cheaper national currency management system, as well as give a powerful impetus to the economy. India will introduce a digital currency in the next fiscal year. The country's central bank has been testing its CBDC for several months in a series of controlled trials and studying its impact on the banking and monetary systems.
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The Bulgarian government is negotiating the legalization of cryptocurrency payments. The Minister of Finance of the country acknowledged that the heads of relevant departments are involved in the study of the cryptocurrency payments market and ways to regulate it.
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