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India, the world’s second-largest economy, is on the verge of fully embracing and legalizing cryptocurrency, according to Yahoo Finance, cryptosrus.com and other news outlets.
The news comes as Indian Finance Minister Nirmala Sitharaman declared a 30% tax on any revenue derived from the transfer of virtual digital assets, which is a first for the country.
The moves would effectively legalize cryptocurrencies in a nation that has lurched at times harshly against the sector.
The digital rupee, meanwhile, would most likely be released in the 2022-2023 time range, according to Sitharaman.
Sitharaman actually spoke positively cryptography in a speech, and noted the growth occurring in adoption:
“There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.”
He said India needed to evolve its stance, since crypto is now “too big to be ignored.”
As far as the equally significant news regarding a digital rupee, analysts were quick to comment.
Sumit Gupta, CEO of CoinDCX ,said the news was “forward-looking and inspirational,” and added that legalizing and taxing crypto transfers is a “step in the right direction.”
Another analyst said that “launching a blockchain-powered digital rupee is “phenomenal” as it will “pave the way for crypto adoption.”