Cryptocurrency will never become legal in India: Center

Hitting hard private cryptocurrency exchanges and apps which are luring millions, especially the young, into investing their hard-earned money in Bitcoin and other digital tokens, the government on Tuesday announced a 30 per cent tax on any income from the transfer of virtual digital assets, specifying that no deductions and exemptions will be allowed.

Stressing that since there has been a phenomenal increase in transactions in virtual digital assets, Finance Minister Nirmala Sitharaman, presenting the Budget 2022-23, said that the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.

Finance Secretary of India TV Somanathan said that Bitcoin will never become legal in India only the digital currency launched by RBI will be legal. Stay connected for regular updates.