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  • Arjun Patil

What the budget 2022 had to say about virtual assets. [Cryptocurrency/NFTs] [2 min read.]

All Indian Crypto HODLERS were hopping for a ray of hope in the cryptocurrency space. For a long time, they have been hopping for some regulations in the space as till this date there is no specific guide on trading virtual/digital assets. There were also no positive moves from the governments side despite the fact that India has the most number of crypto investors.

In order to push the narrative of cryptocurrency, there were many hashtags like #indiaforcrypto and all which were circulating through the twitter, and it seems it worked. The finance minister in the recent budget announced that there will be a cryptocurrency which will be launched by Central Bank (CBDC) in the coming and that the tax of 30% will be levied on transfers of cryptocurrency.

Despite the fact that this a hefty tax imposed on these virtual assets, its of great relief that a step is taken for cryptocurrency, towards accepting it. #indiaforcryptocurrency. Although there hasn't been clear regulations and rules in this asset class as of now as there are for stocks and other assets. What the whole market is waiting for is clear list of regulations and rules which they can refer to for trading in this asset.

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