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India Bats for Global Crypto Regulation Framework

Published on April 20, 2022
Current Context: Honourable Finance Minister Nirmala Sitharaman registered India’s stand on cryptocurrency at the International Monetary Fund.
India Bats for Global Crypto Regulation Framework
  • A cryptocurrency refers to a currency that works on a decentralized system without having the need for a central regulator. It is therefore prone to be misused for terror financing, money laundering etc, using Dark Net.
  • The Government of India has levied a tax of 30 % upon cryptocurrency under the head digital transaction tax, in the budget 2022.
  • Registering India’s stand, the FM sought a Global Crypto Regulation Framework. The nature of this framework is yet to be finalized.
  • El-Salvador was the first country to adopt crypto as the legal tender. Cryptocurrency is valued at more than 250 bn as per CoinCDX research 2021.

Question:

Q.1 What is the amount of tax imposed on cryptocurrency, as per budget 2022?
a. 12.5%
b. 13%
c. 13.5%
d. 30%
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