The country’s central bank, the Reserve Bank of India (RBI), is implementing Indian central bank digital currency (CBDC). Digital currency will lead to a more efficient and cheaper currency management system, Financial Minister of India Nirmala Sitharaman stated.
CBDC differs from decentralized cryptocurrencies, which don’t have the legal tender status. Yet the digital rupee will allow users to make domestic and international transactions without a third party or bank interference.
India also imposed a 30% tax on both, cryptocurrency and NFT proceedings.
“There’s been a phenomenal increase in transaction in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime,”
said Sitharaman.
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Source: Cryptocurrency - investing.com
