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Cryptocurrency is a type of money like fiat currency, but it only exists in digital form; there is no physical currency involved. In 2008, a person who went by the name Satoshi Nakamoto made bitcoin, the first cryptocurrency that was widely used. Since then, there have been tens of thousands of other cryptocurrencies, such as Ether, Solana, and others. The Complete Guide to Crypto Tax in India, 2023 The Union Budget for 2023 was great news for the middle class because it changed the tax slab and gave the middle-class tax breaks on their income. But since there have been no announcements about crypto, and the blockchain, the Web3 industry in India is worried about its uncertain future. In the last budget, Finance Minister Nirmala Sitharaman said that crypto would be taxed at a flat rate of 30%. This was not changed during this year’s session. What are Virtual Digital Assets which India’s finance minister refers to? Before we get into how the government taxes “virtual digital assets,” also called “crypto assets,” and what they are talking about, let’s take a quick look at what are these. Crypto assets, such as Bitcoin and Ethereum, are virtual digital assets that don’t have a central administrator and run themselves using blockchain technology.

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