- Tunisia votes with Saied set for re-election
- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
- Austrian rapper channels anti-racist rage in Romani hip-hop songs
- Ohtani magic powers Dodgers over Padres in MLB playoff thriller
- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says 'very violent' Israeli strikes hit south Beirut
- Guardians maul Tigers, miracle Mets rally in MLB series openers
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Madrid beat Villarreal but Carvajal suffers knee injury
- Madrid beat Villarreal to move level with Liga leaders Barcelona
- Monaco take top spot in Ligue 1 with win at Rennes
- French rugby player on rape charge whistled but 'serene' on return
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Toddler among 3 dead in migrant Channel crossings
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Kovacic stars as Man City sink Fulham to get title bid back on track
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Thousands march for Palestinians ahead of Oct 7 anniversary
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Toddler crushed to death in migrant Channel crossing
- Liverpool suffer Alisson injury blow
India to launch state-backed 'digital rupee', tax crypto
India will introduce a state-backed "digital rupee" and impose a 30 percent tax on profits from virtual currencies, the government announced Tuesday.
The plans are a blow to one of the world's fastest-growing cryptocurrency markets, which has remained unregulated despite burgeoning local trading platforms and glitzy celebrity endorsements.
They make India the latest major emerging economy to rein in the sector, after China went even further in outlawing all cryptocurrency transactions last September.
"There has been a phenomenal increase in transactions in virtual digital assets," finance minister Nirmala Sitharaman told parliament, adding that the growth necessitated a proper tax framework.
Profits made trading cryptocurrencies and other digital assets will be taxed at 30 percent, while any losses from digital transactions will not be granted offsets against other income.
A one-percent tax will be deducted at the source for all digital asset transactions above an as-yet-unspecified threshold.
Sitharaman also said the central bank would introduce a "digital rupee", based on blockchain technology, by the end of March 2023.
"Introduction of central bank digital currency will give a big boost to (the) digital economy. Digital currency will also lead to a more efficient and cheaper currency management system," she said.
Cryptocurrencies have been under scrutiny by Indian regulators since first entering the local market nearly a decade ago, with a surge in fraudulent transactions leading to a central bank ban in 2018.
India's Supreme Court lifted the ban two years later and the market has surged since, growing by nearly 650 percent in the year to June 2021 -- second only to Vietnam, according to research by Chainalysis.
Prime Minister Narendra Modi last year warned that Bitcoin presented a risk to younger generations and could "spoil our youth" if it ended up "in the wrong hands".
The government soon proposed banning "all private cryptocurrencies", but ultimately held back.
Tuesday's budget also included plans to ramp up infrastructure spending to support the economy's post-pandemic bounceback as officials grapple with rising inflation and unemployment.
Spending will be directed to roads, railways, defence, housing and energy, as the government eyes important state polls in the coming weeks.
O.Karlsson--AMWN