Ministry of Finance of India: A digital currency using blockchain technology will soon be launched

MarketWatch reported on February 2 that India's Ministry of Finance announced on Tuesday that the Indian government will soon launch a digital rupee using blockchain technology with the country's central bank, a move that could put India far ahead of other countries in digital currency progress.

India's finance minister, Nirmala Sitharaman, unveiled plans to launch a digital currency when parliament presented the 2022 federal budget on Tuesday. She also announced that a 30 percent tax would be levied on income from the transfer of virtual assets.

Hitaraman said: "I propose to stipulate that income from the transfer of virtual digital assets is taxed at a rate of 30%. No expenses or subsidies may be deducted in the calculation of such income, except for the cost of purchase. ”