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Digital Currency and Cryptocurrencies 2023

January 20, 2023

Difference Between Digital Currency And Cryptocurrencies 2023

The 2023-2024 budget proposals state that digital assets such as

 cryptocurrency will be subject to a 30% tax.

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In her 2022-2023 budget speech, Finance Minister Nirmala Sitharaman said that digital assets such as cryptocurrencies and non-fungible tokens (NFTs) will be subject to a 30% tax on any income derived from their transfer. Most cryptocurrency and NFT investors were unsure about the future of their investments after the announcement, but most industry participants saw it favorably. Any type of taxation suggested that while cryptocurrencies would not be outlawed, they would not necessarily be legalized in the country. What action the government decides to take against cryptocurrencies in the country is still up in the air.

The finance minister has stated that the Reserve Bank of India (RBI) will soon begin implementing its digital currency. According to Sitharaman, the central bank digital currency, or CBDC, is the name of the digital money that the RBI has been working on for some time and will introduce in the upcoming fiscal year.

"The introduction of a digital currency issued by a central bank will greatly improve the digital economy. A more efficient and affordable currency management system will result from the use of digital currency,"

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Many individuals have been misled to believe that because CBDC was launched so soon after the digital asset taxation was announced, CBDC would or should be similarly taxed. But that is absolutely not the case. Digital assets such as cryptocurrencies or NFTs are not the same as digital currencies. Cryptocurrencies are essentially a store of value that is protected by cryptography, while digital currencies are electronic forms of money issued by the government. Although both digital cash and cryptocurrencies can be stored in digital wallets that individuals use, especially after the epidemic, they are not really interchangeable.
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The electronic equivalent of fiat currency, known as digital currencies, allows for frictionless exchanges between parties, such as sending money electronically from one person's bank account to another. Every online transaction involves digital currency; after you take money from a bank or ATM, that digital currency is changed into usable cash.

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Cryptocurrencies, often known as digital coins, are a type of encrypted store of value. These digital currencies were developed privately by individual owners using cutting-edge blockchain technology, and most nations still need to regulate them.

Now that digital currencies don't require encryption, users should secure their banking apps and digital wallets with strong passwords and biometric verification whenever possible to reduce the risk of theft and hacking. The same holds true for debit and credit cards, which are essential for these transactions using digital currency.

Users must have a bank account with funds in it in order to trade in cryptocurrencies, and this digital currency can be swapped via an online exchange to receive cryptocurrency of the corresponding value. Cryptocurrencies are safeguarded by powerful encryption.

In India, the RBI, a centralized organization that also regulates the usage of liquid cash and other conventional payment methods, is in charge of overseeing digital currency transactions. Cryptocurrencies operate under a decentralized structure not overseen by a single entity. However, a decentralized ledger that is open to everyone records every cryptographic transaction.

Because they are widely acknowledged on the worldwide market, digital currencies are stable and simpler to administer when it comes to transactions. Contrarily, the price of cryptocurrency fluctuates greatly, rising and dropping virtually daily.

Only the parties engaged in the transaction—the sender, the receiver, and the bank—have access to its information. The public can view the specifics of cryptocurrency transactions on the decentralized ledger.

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