An Eclipse of Virtual Digital Currency in India: An Updated Review With Union Budget 2022-23

Abstract

Digital money is a type of electronic tender that can be produced, saved and swapped. Cryptocurrencies are attracting to both expert and casual investors because to their high returns and diversification capabilities. Quick developments and expanded applications are the primary elements that have led cryptocurrency as an emerging asset for investment portfolios. Being a subset of digital currency, cryptocurrency customs crypto-graphical technology to drive a consensus on a certain value. The recent union budget (2022-23) was one of the most awaited budget for crypto investors. Their eyes were keenly looking for the favorable laws and regulation for investing in crypto. But, government did not show any positive golden step for promoting crypto even its regulations hung the neck of Indian as well as international investors with the high flat taxation i.e. 30% and 1% TDS. Government focused on digital rupee (₹) and start promoting it to be launched by 2023 backed by CBDC. Such steps of government of India depicting crypto currencies as unreliable source of investing. Indian government still believes crypto as a dormant volcano, which may explode any day, and no one is responsible for such explosion (impact of failure of crypto).