Cryptocurrency is a ‘Digital Asset’ which exists outside the purview/ control of governments/ authorities, distributed across a network of computers, and is based on blockchain technology.

The Indian government brought cryptocurrencies within the Income tax net in the budget 2022, by imposing 30% tax on the profits made from the transfer of such assets, with the caveat that the Indian Finance Minister clarified that taxing such assets does not make them legitimate (legal) in India. Taxing cryptocurrency transactions was a sovereign power of the country.

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