While India’s central bank has adopted a hostile stance towards cryptocurrency, the South Asian nation has recognized the potential for blockchain technology. 

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Fast facts

  • Use of blockchain technology is going to rise by about 46% in the next few years, India’s finance minister Nirmala Sitharaman said on Tuesday at an event
  • Subhash Chandra Garg, India’s former finance secretary, had told Forkast in an interview in August that the potential of blockchain technology has so far been overshadowed by the government’s opposition to the use of cryptocurrencies associated with the new technology.
  • India imposed a 30% flat tax on all crypto income beginning April 1 followed by a 1% tax deducted at source for all transactions above 10,000 Indian rupees (US$125) from July 1.

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