India to Impose 30% Tax on Income from cryptocurrencies, creating own digital Rupee.

Business

India will levy a 30% tax on earnings from cryptocurrencies and other digital assets, said Finance Minister Nirmala Sitharaman when presenting the 2019 budget.

Aside from taxing earnings from cryptocurrencies and non-fungible tokens (NFTs) at the highest rate in India, Sitharaman also stated that losses from their sale could not be adjusted against other income, providing yet another deterrent to trading and investing in digital assets.

According to industry estimates, India has 15 million to 20 million crypto investors, with total crypto assets of roughly 400 billion rupees ($5.37 billion). There is no official statistics on the size of the Indian crypto market.

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