As the Union Budget 2022 was announced by Finance Minister Nirmala Sitharaman on Tuesday, it was proposed that the transfer of cryptocurrency or any virtual asset will now be taxed at 30 per cent. "No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition," Sitharaman said. She further said gifts received in the form of cryptocurrencies will also be taxed at the same rate. There was also no tax concessions for the salaried class.

While, several people were of the opinion that the taxation implies that crypto would now be 'legal' in India; on the other hand, many have voiced their opinion on the taxation.