While Pakistan desperately awaits a report scheduled for April 12 to finalize the legal status of cryptocurrencies and virtual assets, neighboring India has an entirely different fantasy.
For those who did not come across a relevant news report from India on 1 February, Indian Finance Minister Nirmala Sitharaman has announced a new tax regime for the country’s Rs. 400 billion cryptocurrency assets with a long-term aim to recognize virtual assets as a real store of value.
According to the draft regulation presented before the Bhāratīya Sansad — Parliament of India — the Reserve Bank of India (RBI) will introduce a central bank digital currency (CBDC) in the next financial year. Before this, rules for taxing the legal acquisition of cryptocurrencies at a flat 30 percent rate will be implemented.
Against the backdrop of India’s incredible shift from practically banning cryptocurrencies in November 2021 to devising a framework for a fully-blown adoption, what is going on in Pakistan?
Union Budget Decoded: What Has India Done?
In summary, India’s draft crypto regulation proposes the following:
The income from the sale of virtual assets will be taxed at a flat rate of 30 percent.
There will be no deduction for any expenses induced on virtual asset transactions, other than the cost of acquiring such an instrument.
Loss incurred from virtual assets cannot be set off against any other income of the taxpayer.
Loss arising from the digital asset cannot be carried forward to the next...
Read Full Story: https://propakistani.pk/2022/02/04/7-things-pakistan-can-learn-from-indias-new-stance-on-cryptocurrencies-and-make-billions/
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