India to allow crypto, but with steep taxes

India has finally decided to move towards regulating cryptocurrencies, something that was vehemently opposed by the Reserve Bank of India. There are some caveats, however.

While announcing the annual Union Budget for the year 2022-23 on Tuesday, Finance Minister Nirmala Sitharaman said the Reserve Bank of India would introduce a digital currency in the next financial year, starting in April this year, to boost the digital economy.

“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies to be issued by the Reserve Bank of India, starting 2022-23,” Sitharaman said.

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