India Budget 2023: Building Digital Public Infrastructure On The Cards

India crypto news: India’s finance minister Nirmala Sitaraman said the country aspires to build a unique world class digital public infrastructure. The minister also mentioned the usage of digital payments in implementing social welfare schemes. The country also plans to bring in modern technologies in agritech and other sectors. As a priority, the government is focusing on last mile delivery and innovation $ infrastructure.

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The government is also on the 5G development ecosystem. Also, the country’s financial sector regulators and organizations are to be encouraged to provide age-appropriate reading material. The budget presentation is yet to make any comment on the crypto market and the ecosystem in the country. In 2022, India rolled out one of the world’s harshest tax regime on trading of crypto assets. This led to transfer of operational and talent resources to other economies.

India’s Crypto Tax Regime

Currently, cryptocurrencies, in the bracket of Virtual Digital Assets (VDA), are subject to a 30% tax. The high tax on the assets can not be offset with losses made in trading other VDAs. Additionally, a 1% tax deductible at source (TDS) is levied on crypto trading of above Rs. 10,000, making it tough to sustain the volatility of crypto market. The economic survey of India 2023 report published recently highlighted the need for common crypto regulation. The government also acknowledged the role of crypto asset exchanges, wallet providers, and crypto conglomerates.

Also Read: Budget 2023 India: Top 5 Cryptocurrencies To Watch For 10x Growth

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.