India Unveils Plans For Digital Rupee, Applies Blockchain Technology
According to the Wall Street Journal, citing MarketWatch, on Tuesday, the Indian Ministry of Finance announced that the Indian government will soon launch a digital rupee using blockchain technology with the Reserve Bank of India.
According to reports, Indian Finance Minister Nirmala Sitharaman said that a 30{9fa2ae831048424756faedea87f44870cd2ea6d09bcfab62eb5dabc6b233e172} tax will be imposed on gains from the transfer of virtual assets.
“I propose to provide that income from the transfer of virtual digital assets is taxed at a rate of 30{9fa2ae831048424756faedea87f44870cd2ea6d09bcfab62eb5dabc6b233e172}. In calculating such income, no expenses or subsidies shall be deducted, except for the cost of purchase.”
Global Sprout learned that, according to CNN, the central bank of India is expected to launch the currency “using blockchain and other technologies” in the new fiscal year starting in April.
