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Union Budget 2022: 30% tax to be paid on crypto in India, RBI will bring its own digital currency

Union Budget 2022: In her budget speech, the Union’s finance minister made a major announcement about digital currencies. A digital currency will be launched by the Reserve Bank of India (RBI) this year. It is expected to be released by the end of 2022 or early in 2023. The Central Bank Digital Currency is based on blockchain technology, among other technologies. India’s economy, therefore, stands to benefit greatly from the arrival of the Indian Digital Currency.

The transfer of any digital asset will also be taxed at 30 percent, as Sitharaman explained during her budget speech. Nirmala Sitharaman points out that virtual digital assets have seen an increase in transactions. As a result, a special taxation system for virtual digital assets is required. I propose a 30 percent tax on all income generated from the transfer of a virtual digital asset. A deduction shall not be allowed for any expenditure or element while computing such income, except for the cost of acquisition for any loss arising from a transfer of virtual digital assets, which cannot be set off against any loss.”

The Finance Minister went on to say that with this budget India would lay the groundwork for the next 25 years. Growth is forecast at 9.2% for the next fiscal year. According to the latest estimates, the Indian economy has grown by 9.2% for the current year.

Unlike cryptocurrencies, digital currencies are more stable and regulated. Unlike digital currencies issued by governments, crypto-currencies and stable coins are decentralized.

According to an analysis by the Financial Action Task Force (FATF), a non-profit organization dedicated to preventing money laundering and terrorism financing, cryptocurrencies offer better privacy than mainstream digital payment methods. These services can be misused by terrorist organizations and criminals for the wrong reasons.

Decentralized cryptocurrencies make it difficult for central banks to control an economy’s money supply since they do not have their most crucial tools.

RBI allows offline digital payments: Now you can transfer money without internet, know limit and method

Offline Digital Payment: Today, the internet has become essential to everyone. The Internet is everything today. Mobile phones, computers, laptops, etc. are all useless without them. Transferring money over the Internet is possible. Even if you don’t have an internet connection, you can transfer money. An initiative to promote digital payments has been launched by the RBI. This project prepares to make digital payments without internet access.

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RBI allows offline digital payments

The Reserve Bank of India recently announced that online payments up to Rs 200 would no longer require internet access. Now anyone can send money without the need for the internet. The project will be interesting to see how it progresses.

Throughout this project, payments must be made face-to-face. Several organizations have collaborated with the RBI to promote small transactions in offline mode. Testing took place between September 2020 and July 2021. A pilot scheme related to it was approved by the Reserve Bank on 6 August.

Money transfer without internet

The RBI is working on a project that will enable money transfers without internet. Internet or telecommunications connectivity will not be required for offline payments. Those who make offline digital payments must follow the new RBI guidelines. This applies to both authorized payment system operators (PSO) and payment system participants (PSP). This method can only be used to transfer a maximum of Rs 2000 at a time, according to RBI guidelines. After the limit has been reached, it can be increased online.

In rural areas, there will be greater adoption of digital technologies

The new project is designed to enhance rural payments through the use of digital technology. Rural residents are more likely to lack smartphones. Besides this, there are a number of other areas with network problems. In such an environment, digital payments are very difficult. This new project encourages digital transactions in rural areas in such a scenario.

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Novi integration will help WhatsApp users to transfer globally payment

WhatsApp may also launch peer-to-peer payment in other countries. According to XDA Developers, the latest WhatsApp 2.21.23.10 beta version includes code Novi integration, which enables global payments.

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As the Novi service is currently available only in the US and Guatemala, it is believed that WhatsApp is working on adding payment options for US users as well.

Currently, WhatsApp only offers its payment service in India and Brazil. Users in India can transfer money directly to their bank account using a service called Unified Payment Interface (UPI).

Meta’s digital wallet is called Novi

The new finding is in accordance with the WABetaInfo report that discussed the integration of the Novi service. For those who don’t know what Novi is, tell them that it is a digital wallet. The wallet belongs to Meta. Facebook recently changed its name to Meta. As you can see, this is the digital wallet of Facebook itself, which is slated to be integrated into WhatsApp.

Novi allows users in different countries to send and receive money from each other. There is no additional charge for this. Pax Dollar is a digital coin based on the US Dollar, which users must use to transfer money.

Novi states that in order to send and receive money from it, the user must first update his documents and get them verified. As part of the identity verification process, a video selfie may also be required.

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