Digital Asset Tax – We are not taxing currencies, as crytpo are not currencies

Finance Minister Nirmala Sitharaman told media at the post-Budget press conference that 30 per cent tax will only be imposed on trading of cryptocurrencies, not RBI issued digital currency.

Digital currency, to be issued by Reserve Bank of India, will not be taxed at 30 per cent like other cryptocurrencies currently traded in the market, Finance Minister Nirmala Sitharaman clarified in the post-Budget press conference in New Delhi on Tuesday.

The finance minister said that since ‘currency’ can only be issued by the central banks, all other cryptocurrencies were actually assets and must be taxed when traded.

“We are not taxing currencies as crytpo are not currencies. They cannot be as currency can only be issued by the central bank. Everything else are assets created by individuals and we are taxing profits made out of transactions of those assets, at 30 per cent,” she said.

Additionally, the finance minister informed, the government will also track the money trail in crypto deals and every transaction will have 1 per cent TDS imposed.

Finance Minister Sitharaman said that the Reserve Bank of India will issue ‘digital currency’ sometime in the financial year 2022-23. She also said that the government was in discussion with stakeholders and experts to form a policy to deal with cryptocurrencies

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