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Wednesday, May 18, 2022

It may not sound logical, but cryptocurrency prices rose in response to the Union Budget’s imposition of a 30% tax on income earned from transfer of virtual digital assets (VDAs), and its decision to bring in a TDS mechanism to track such transactions. The Budget’s objective was to rein in speculation in cryptocurrency and non-fungible tokens (NFTs) and to protect investor interest. But the markets also saw it as a de facto legitimisation of these new age instruments.

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