Journey of Cryptocurrency in India In View of Financial Budget 2022-23

TL;DR

This paper discusses the implications of India's 2022-23 budget, which imposes a 30% tax on cryptocurrency income, exploring its impact on the market and future prospects in India.

Contribution

It provides an analysis of India's cryptocurrency landscape in light of recent tax policies and discusses potential future developments and challenges.

Findings

High tax rate may hinder cryptocurrency growth in India

Potential for RBI to launch its own digital currency

Diverse opinions on cryptocurrency's future in India

Abstract

Recently, Indian Finance minister Nirmala Sitharaman announced in Union budget 2022-23 that Indian government will put 30% tax (the highest tax slab in India) on income generated from cryptocurrencies. Big financial institutions, experts and academicians have different opinions in this regard. They claim that it would be the end of cryptocurrency market in India or it would be possible that RBI (Reserve Bank of India) may launch its own crypto or digital currency. So in this context, in this article, the journey and future aspects of cryptocurrency in India are discussed and we hope that it will be a reference for further research and discussion in this area.