India on Tuesday announced plans to launch a digital currency by next year and tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender in the world's second largest internet market. Income from the transfer of any virtual assets will be taxed at 30%, the nation's finance minister Nirmala Sitharaman said Tuesday. To capture details of all such crypto transactions, she also proposed a 1% tax deduction at source on payments made related to purchase of virtual assets.
If you have money to burn on crypto gambling and NFTs, you have money to contribute to public funding.
I thought the central govt was going to ban crypto.
Anyway, I haven’t started to use cryptocurrencies yet…
30% tax is equivalent to banning cryptos.
they flipflop between banning and allowing it for years