Tax has always been applicable to gains on virtual digital currencies, but the ecosystem did not have clarity on it from Mr. Avinash Shekhar, ZebPay
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By Mr. Avinash Shekhar, ZebPay
“Tax has always been applicable to gains on virtual digital currencies, but the ecosystem did not have clarity on it. The move to tax virtual digital assets gives the entire ecosystem including investors and exchanges transparency on the road ahead. 30% tax on income from virtual digital assets, while high, is a positive step as it legitimizes crypto and hints at an optimistic sentiment towards further acceptance of crypto and NFTs across stakeholders in the country. The government has come a long way in its stance towards crypto from last Feb to today and we are confident that this will herald a new era of growth and innovation for India in a Web 3.0 world.
Additionally, the announcement on the launch of a Digital Rupee using blockchain issued by the RBI will familiarise Indians with the benefits and efficiency of virtual currency, building an appetite for the crypto, blockchain and the multitudes of innovations and employment opportunities that these technologies are capable of fostering.
The Budget focused heavily on integrating technology across sectors, and the gradual acceptance of a digital currency, blockchain and virtual digital assets has the potential to make India a leader in this new paradigm of blockchain-enabled revolution.”
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