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The finance minister has announced that will begin taxing profits in crypto. This virtual asset will attract 30 percent tax. For some industry watchers, it has raised hope for cryptocurrencies. While some believe that taxing crypto is still uncertain about the legal status of crypto. However, after the annual budget, investors see it as the first step of government towards legitimizing cryptocurrencies. They are positive about the acceptance of digital assets in India
India’s budget 2022 has left the Crypto investors are in a tailspin! It raises a big question – is cryptocurrency legal or not?
Although the legal status of cryptocurrencies in India is far from clear, some of the leading banks have opened channels for cryptocurrencies. Kotal Bank is the first major bank to open its doors to the crypto community. The other leading banks are in a fix as multiple cryptocurrency exchanges have reached out to them to allow their account holders to use their accounts to buy crypto-asset following the recent announcement in the budget for taxing the digital assets.
