• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

India plans to launch its CBDC like eNaira and proposes 30% tax on cryptocurrencies, NFTs

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
February 1, 2022
in Currencies
India plans to launch its CBDC like eNaira and proposes 30% tax on cryptocurrencies, NFTs
Share on FacebookShare on TwitterShare on Linkedin

After Nigeria launched its digital currency, more countries have ramped up efforts to join the CBDC community. Now, India’s central bank has announced plans to launch its digital version of the rupee in the next financial year.

The Indian government also plans to tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender, unlike Nigeria where the CBN has banned financial institutions from dealing in cryptocurrency.

This is according to Nirmala Sitharaman, Minister of Finance and Corporate Affairs of India, while delivering the country’s annual budget. The Reserve Bank of India will introduce the digital rupee in the 2022-2023 financial year which begins on Apr. 1.

RelatedStories

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 

Bitcoin drops below $91K as Trump’s tariffs spark inflation fears 

February 25, 2025
Donald Trump pledges to make US the crypto capital of the world at the Bitcoin conference

Bitcoin, other cryptocurrencies retreat as Trump’s speech is silent on digital assets 

January 21, 2025

What the Reserve Bank of India is saying

Nirmala Sitharaman said, “Introduction of a central bank digital currency will give a boost, a big boost to the digital economy, Digital currency will also lead to a more efficient and cheaper currency management system.”

Sitharaman gave no details about how the digital rupee would work or what it would look like but said it would be introduced using blockchain and other technologies.

The term “blockchain” refers to the technology that was developed in tandem with bitcoin, but the definition has grown as the technology’s applications have expanded beyond cryptocurrencies.

The income from the transfer of any virtual assets will be taxed at 30%, according to Sitharaman. She also advocated a 1% tax deduction at source on payments made relating to the purchase of virtual assets to record data of all such crypto transactions.

“No deduction in respect of any expenditure or allowance shall be allowed while computing such income except the cost of acquisition. Further, loss from the transfer of digital assets cannot be set off against any other income,” she said in one of New Delhi’s most remarkable tech and business-focused federal budgets.

“Gift of virtual digital asset is also proposed to be taxed at the hand of the recipient,” she added.

Tags: CBDCCryptocurrenciesDigital rupeeIndia’s central bankNFTsNirmala Sitharaman
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

Related Posts

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 
Cryptos

Bitcoin drops below $91K as Trump’s tariffs spark inflation fears 

February 25, 2025
Donald Trump pledges to make US the crypto capital of the world at the Bitcoin conference
Cryptos

Bitcoin, other cryptocurrencies retreat as Trump’s speech is silent on digital assets 

January 21, 2025
Spot Ethereum ETFs record a $107 million net inflow on its first day of trading  
Cryptos

Spot Ethereum ETFs record a $107 million net inflow on its first day of trading  

July 24, 2024
Naira Scarcity: CBN launches eNaira enhanced services, to be funded with GSM recharge cards
Currencies

eNaira makes up less than 1% of currency in circulation as of March 2024 

July 21, 2024
Mr Mahamudu Bawumia
Cryptos

Ghana to become Africa’s first blockchain-powered government -VP Bawumi

May 12, 2024
Ghana honours monarch’s silver jubilee with crypto stamps linked to NFTs  
Cryptos

Ghana honours monarch’s silver jubilee with crypto stamps linked to NFTs  

May 10, 2024
Next Post
DEAL: Nigeria’s AltSchool raises $1 million in pre-seed funding to scale operation across Africa

DEAL: Nigeria’s AltSchool raises $1 million in pre-seed funding to scale operation across Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Nigeria Immigration Service receives tech tools from Dutch Government to boost migration control 
  • Most expensive African countries to rent a home in 2025 
  • Jigawa Govt approves N19.6 billion for construction of 560 housing units 

Follow us on social media:

Recent News

Nigeria Immigration Service receives tech tools from Dutch Government to boost migration control 

Nigeria Immigration Service receives tech tools from Dutch Government to boost migration control 

June 24, 2025
Lagos emerges the world’s fastest-growing tech city in 2025 

Most expensive African countries to rent a home in 2025 

June 24, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics