India has taken an interesting angle towards regulating cryptocurrencies. In a speech discussing the FY23 budget on Feb. 1, India’s finance minister Ms. Nirmala Sitharaman proposed the introduction of a 30% crypto tax that targets all transfers of virtual digital assets.
She also announced the launch of a ”digital rupee” CBDC by 2022-23 based on blockchain technology. According to the finance minister, a CBDC would provide a boost to the economy while introducing a more efficient currency management system.
Notably, the bill to ban cryptocurrencies is no longer on the floor of the Indian parliament.
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