India to launch state-backed 'digital rupee', tax crypto
Gulf Times
The plans are a blow to one of the world's fastest-growing cryptocurrency markets, which has remained unregulated despite burgeoning local trading platforms and glitzy celebrity endorsements.
India will introduce a state-backed ‘digital rupee’ and impose a 30 percent tax on profits from virtual currencies, the government announced Tuesday.
The plans are a blow to one of the world's fastest-growing cryptocurrency markets, which has remained unregulated despite burgeoning local trading platforms and glitzy celebrity endorsements.
They make India the latest major emerging economy to rein in the sector, after China went even further in outlawing all cryptocurrency transactions last September.
"There has been a phenomenal increase in transactions in virtual digital assets," finance minister Nirmala Sitharaman told parliament, adding that the growth necessitated a proper tax framework.
