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Taxes, GST, and the digital rupee — Crypto policy in India is going through a big overhaul

Prabhjote GillFeb 11, 2022, 14:47 IST

IANS/BCCL/Canva/BI India

February kicked off with India’s government announcing a 30% tax on all ‘virtual digital asset’ transactions after March 31.
The country’s central bank is working on the digital rupee, which may or may be based on the blockchain, with a deadline of March 2023.
Here’s everything that has happened in India’s crypto policy space in February, so far.

It’s been a year of waiting for India to officially present new legislation around crypto law with bare minimum movement public discussion. However, this week saw a flurry of announcements from the government, the Reserve Bank of India (RBI) and the Finance Ministry on what the future could possibly hold.

Here’s everything that’s happened around crypto policy in India just in the month of February, so far:

A 30% tax on cryptocurrencies

Canva

A 1% tax deducted at source (TDS) for every cryptocurrency transaction

Canva

India’s CBDC will likely make an appearance before March 2023

Live Law

The digital rupee may not be based on the blockchain

Canva

RBI governor comes to the crypto hype to ‘tulip mania’

Canva

Mining for cryptocurrencies may reportedly get covered under GST

Canva

Avalanche bucks market dip with Bitcoin, Ethereum and others in the dumps