India Plans To Launch Digital Rupee Next Year & Legalizes Crypto

The crypto market in India just became legal according to the popular financial website FXStreet.com. They country previously thought about outlawing cryptocurrencies with some strict penalties, but have now changed their tune.

The legalization of cryptocurrencies means that the government of India is now preparing to tax purchases and transactions. The website also reported that India will be launching its own digital currency next year.

India is starting to prepare taxation forms as the country moves closer to recognizing crypto as legal tender.

Not only has India made this legal they are also imposing a tax on it. The Indian Government also announced that they will be taxing all income gained from digital assets, like NFT’s, at 30%.

The tax grab on crypto didn’t stop their either. They also plan to take a 1% TDS imposed as they will be tracking the money trail.