Union Budget 2022 : Today i.e. on 1st February, the Finance Minister of India, Smt. Nirmala Sitharaman has presented the annual Union Budget of the country.
It has been said that this year RBI will launch the country’s own digital currency and at the same time, a tax of 20% will also be imposed on the earnings on bitcoin and other cryptocurrencies. Let’s know about all this..
Finance Minister Smt. Nirmala Sitharaman has presented this year’s Union Budget today, in which many important aspects have been included.
Presenting the Union Budget on Tuesday, Finance Minister Nirmala Sitharaman said that the Reserve Bank proposes to introduce a ‘digital rupee’ using blockchain technology from 2022-23. Also, a decision has been taken regarding taxation on cryptocurrencies.
India’s Digital Currency Will Be Launched
The Finance Minister has made it clear that using blockchain technology, the Reserve Bank of India will launch the country’s own digital currency from the year 2022 i.e. from this year itself.
Nirmala Sitharaman ji says that with the advent of digital currency, the digital economy will get a lot of boost and the currency management system will also become very cheap. This digital currency can also be called the cryptocurrency of our country.
30% Tax on Bitcoin Earnings
During the budget, nothing has been said about banning bitcoin, but it has definitely been told that from now onwards tax is being imposed on the earnings of bitcoin etc.
It is quite surprising for investors of bitcoin and other cryptocurrencies that virtual digital assets will attract 30% tax and 1% TDS will also be applicable for virtual transfer of these digital assets. If cryptocurrency is given to someone as a gift, then the recipient of the gift will have to pay tax.
