Furthermore, India planned to impose a 1% tax deducted at source, or TDS, on payments related to the transfer of digital assets.
He explained that the Blockchain and Crypto Assets Council — the industry body in India — would aim to work with the authorities to make the tax for crypto earnings on par with other asset classes over time.indicated that the government planned to introduce a new bill aimed at regulating digital currencies. That bulletin said India sought to ban most private cryptocurrencies and establish a framework for a central bank-issued official digital currency.
"What the government has done very smartly is to separate the currency use case of crypto to the asset class use case of crypto," he said, adding that the former would be handled by the Reserve Bank of India. In her budget speech, Sitharaman proposed that the central bank would start issuing digital rupee, using"blockchain and other technologies," in the upcoming fiscal year that begins on April 1.
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