Cryptocurrency tax and Digital Rupee to spur adoption of cryptos: Industry

Clarity required on how digital collectibles like NFTs will be taxed, say experts

The Budget’s move to tax gains made on crypto transactions by investors at 30 per cent has come as a respite for the country’s crypto start-ups. This is because there had been fears that the government could ban virtual assets, which is now out of the equation, said founders of start-ups dealing in virtual assets.

Moreover, the announcement by finance minister Nirmala Sitharaman that the Reserve Bank of India (RBI) is going to come out with a digital rupee later this year is an encouraging signal. This will lead to a wider understanding and adoption of virtual assets in the