India on Tuesday announced plans to launch a digital currency by next year and tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender in the world’s second-largest internet market. Bloomberg reports that income from the transfer of any virtual assets will be taxed at 30%, the nation’s finance minister Nirmala Sitharaman said Tuesday. To capture details of all such crypto transactions, she also proposed a 1% tax deduction at source on payments made related to purchasing of virtual assets.
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