Budget 2022: How Will Tax On Crypto Work; What Is Digital Rupee

On February 1, Finance Minister Nirmala Sitharaman in her budget speech, proposed to issue a Digital Rupee, or Central Bank Digital Currency (CBDC). In her Union Budget 2022 speech, Finance Minister Nirmala Sitharaman proposed that transfer of virtual/cryptocurrency assets will be taxed at 30 per cent. Sitharaman said that no deduction except cost of acquisition will be allowed. She added that no loss in transaction will be allowed to be carried forward. The Finance Minister said Reserve Bank of India will launch the Central Bank Digital Currency (CBDC) using blockchain technology. Watch the video to know more.