Taxation on crypto income in India

India said it would tax crypto assets while announcing its plan to issue a digital currency.

Indian Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that any income from the transfer of digital assets will be taxed at a rate of 30 percent.

Sitharaman said that there has been a great increase in the use of digital assets. "The size of these transfers made it necessary to implement a special tax regime."

Announcing that India's central digital currency will also be available as of the fiscal year that starts in April, Sitharaman stated that the Reserve Bank of India is working on a gradual implementation strategy.

While the People's Bank of China is starting trials in certain cities, the US Federal Reserve and the Bank of England are working to adapt digital central currencies to their respective economies.

Bitcoin is at a critical resistance level

While Bitcoin has reached the level of $38,500 with a steady rise in the last few days, the 20-day moving average of the cryptocurrency crossed the trend line.

Although Bitcoin has gradually recovered from the levels of $32,000 in mid-January to $38,500, technical indicators indicate that the cryptocurrency is facing strong resistance.

The trend line, which started with Bitcoin's decline from $69,000, intersected with the 20-day moving average of Bitcoin at $39,000. Analysts, on the other hand, state that Bitcoin, the cryptocurrency with the largest market capitalization, consolidated at these levels.