In the budget speech, Finance Minister Nirmala Sitharaman made a crucial statement. The Finance Minister said that the Reserve Bank of India (RBI) will issue a digital currency, the Digital Rupee, from 2022 to 2023 to stimulate the digital economy. This also paves the path for the introduction of regulated digital money in India. According to the Finance Minister, the central government's effective capital spending in 2022-23 is expected to be Rs 10.68 lakh crore or around 4.1 percent of GDP. According to the Finance Minister, the virtual currency will now be subject to a significant tax. The coin will be subject to a 30% tax, which must be paid even if the cryptocurrency is lost.
With the development of digital currency, a new secure investment option has been given as an alternative to dangerous digital currency investments such as bitcoin. The Reserve Bank will deploy digital money in the financial year 2022-23, according to the Finance Minister. 'Digital currency will be implemented utilizing blockchain and other technologies, and the RBI will issue it from 2022 to 2023,' stated the Finance Minister. The Finance Minister stated that bitcoin investments will be taxed at a rate of 30%.
Let us inform you that the use of cryptocurrencies in the country is currently unregulated and unrestricted. Various sectors, on the other hand, have called for strict regulation of these. In the most recent session of Parliament, the government stated its intention to introduce a measure on cryptocurrency.
On behalf of the Reserve Bank, there was talk of preparing a framework for the development of an official digital currency. However, it was not able to be introduced into Parliament due to a lack of agreement in the cabinet on the bill's draught. Given the consequences of cryptocurrencies on the country's financial stability, Chief Economic Adviser Sanjeev Sanyal said on Monday that the government would adopt a balanced approach to the subject of regulation.