Budget 2022: Crypto’s here to stay!

Nearly five years after the RBI issued its notification barring banks from working with digital assets, India finally has regulations governing our industry. Crypto is here to stay!

As part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman introduced two major updates to the government’s tax policy:

  1. Income earned from the transfer of virtual digital assets will be subject to taxation at 30%
  2. The RBI will introduce a blockchain-based digital rupee by the end of the current financial year.

What does this mean for India?

As of 2022, India has more than 15 million crypto investors. India also ranks second on Chainalysis’ Global Crypto Adoption Index, meaning this number is set to grow exponentially in the years to come.

The announcement signals a great step forward for the blockchain and crypto industry. With taxation in place, the government now recognizes crypto and crypto-trading to be a legitimate activity.

To all the people who have wanted to invest, but were unsure of the government’s stand – this is your time!

Clarity from the government will bring in not just a new wave of investors, but professionals willing to lend their expertise to the industry as well. A growing talent pool means we’re going to quickly see greater innovation and growth in the projects we work with.

We think it’s safe to say, crypto has officially hit the mainstream.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

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