February 1, Finance Minister Nirmala Sitharaman announced the Union Budget 2022-2023 today. The Budget has major announcements or signals on the government’s stance on cryptocurrencies that have been gaining popularity but continue to operate in a grey area. In rupee terms, Bitcoin has risen 1.85 % to trade at Rs 30,39,615. And Ethereum rose 4.2 % to Rs 2,13,849.6.
The global crypto market cap rose 4.66 % over the past 24 hours. The Crypto market rose $1.75 trillion, while the trading volumes were up 15.08 % to $63.86 billion.
With the rise in bitcoin and Ethereum, other digital currencies also hit today’s market. Like Cardano rose 0.9 percent to Rs 82.99 and Avalanche 4.43 percent to Rs 5,534.6 in the past 24 hours, reported as per sources. Some currencies have experienced a downfall too in the same period.
Let’s see what Union Budget-2022 has for Crypto World –
According to Budget 2022, any income from the transaction of digital assets is subject to taxation. It shall be taxed at the rate of 30%. There shall not be any deduction in any expenditure or allowance while computing income generated from the transaction of digital assets. However, the exception is maintained for the cost of acquisition.
