India's Finance Minister Nirmala Sitharaman on Tuesday said the country will impose a 30% tax on income from cryptocurrencies and non-fungible tokens, Reuters reported. This would put digital assets in the highest tax brand. Furthermore, losses from a sale could not be offset against other income, which would further discourage crypto trading, Reuters noted, citing Sitharaman's presentation. Recall in November when the Indian government released a string of bills to ensure regulation for digital asset trading, in addition to banning the use of cryptos as a means of payment. While the regulatory roadmap for digital assets has so far been choppy, a "thirty percent tax on income from virtual digital assets, while high, is a positive step as it legitimises crypto and hints at an optimistic sentiment towards further acceptance of crypto and NFTs," ZebPay Chief Executive Avinash Shekhar told Reuters. Additionally, the finance minister said the central bank will launch a digital
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