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India Finally Warms to Crypto With Tax, Digital Currency (2)

Feb. 1, 2022, 11:12 AM

India took a step closer to adopting cryptocurrencies after years of wavering on its stance, as the country seeks to keep up with the global move toward the digital assets. Bitcoin gained.

The Reserve Bank of India will launch its digital currency in the year starting April 1, Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday. The nation also plans to tax the income from the transfer of virtual assets at 30%, she said, effectively removing uncertainties about the legal status of such transactions.

Cash-dependent India joins countries including China in pushing forward with digital versions of ...