India to introduce digital rupee by 2023

Sitharaman announced that the income from transferring any virtual digital assets will be taxed at a rate of 30%

Indian Finance Minister Nirmala Sitharaman announced on Tuesday the Reserve Bank of India (RBI) will start issuing a digital rupee starting later this year, Qazet.az reports citing Teletrader.

She also noted that the launch of the digital rupee will be carried out using blockchain and various other technologies.

"Introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheap currency management system," Sitharaman stated in presenting the new 2022-2023 Union Budget.

In addition to that, Sitharaman announced that the income from transferring any virtual digital assets will be taxed at a rate of 30%, with a tax deducted at source (TDS) of 1% on any payments made for the transfer, above a certain monetary threshold.