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Reduction of Crypto ban fear in India?

Feb 1, 2022

WazirX founder, CEO [@WazirXIndia], Nischal wrote on social media website Twitter : Hope to see a reduction of crypto ban fear. India just taxed crypto Flexed biceps. Lot of information to unpack here. Do go through. Most importantly, this doubles down on the fact that virtual digital assets are legal in India. Lot to unpack here but overall this is a very positive step forward for crypto ecosystem in India Flag of India

Reduction of Crypto ban fear in India?

Today’s budget has ensured a very bright future for Indian Crypto ecosystem. A few notable outcomes:

- Government has legitimized industry
- No more fear to BUIDL
- Everyone can participate

#IndiaWantsCrypto , It’s been worth it! Next, let’s Build For Crypto Handshake.

Updates on Cryptocurrency ban in India

Reduction of Crypto ban fear in India?

A new Digital Rupee powered by blockchain technology will be issued by the Reserve Bank of India starting 2022-23. This was announced by Finance Minister Nirmala Sitharaman during the Union Budget 2022. The crypto industry and experts welcomed the 30% tax rule for digital assets income. Not just this, there was no negative impact on prices of most of the popular crypto tokens including Bitcoin, ETH, WRX, SOL, ADA, DOGE, MATIC listed on Indian exchanges.

Updates on Cryptocurrency ban in India :

Can someone explain the new crypto tax rule with an example of a purchase?

Just giving a quick example. It’s not to be taken as tax advise or anything

You make profit of Rs. 100 in one crypto trade
You make loss of Rs. 100 in another crypto trade
These were the only two trades done in the financial year
Your tax on crypto profit would be 0
Clarity on crypto tax as well!
Income from transfer of any digital asset to be taxed at 30%
No expenditure deduction except cost of acquisition
Loss from digital asset cannot be set-off
Yet another step towards positive crypto regulations

Blockchain powered Digital Rupee by @RBI, will be introduced 2022-23 in India.

Great news! More crypto adoption on the way Rocket. Glad to know that RBI will now start getting deeper into crypto. Hope to see banks start getting involved with crypto industry as well.

Cryptocurrency India News Nirmala Sitharaman WazirX WazirX founder

Piyush Verma

I am a Blogger and Web Designer.

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