The Indian government has retained the power to define non-fungible tokens (NFTs) leaving the crypto industry in a huddle about the future of NFTs in the country. By amitoj
India Finance Minister Nirmala Sitharaman introduced the budget earlier this week. Indian Finance Minister Nirmala Sitharaman announced the nation's budget on Tuesday, revealing it will tax digital assets at a 30% rate. A different section, however, is raising more alarm within the crypto industry.in question defined Virtual Digital Assets, the phrase the government used in the budget to describe cryptocurrencies or NFTs.
The third, most lenient interpretation is that the government has labelled an NFT as a"virtual digital asset" but has retained the power to say this is not an NFT. In other words, the government has retained the power to exclude through a notification. Shehnaz Ahmed, Senior Resident Fellow and Lead at Vidhi Centre for Legal Policy explained how both cryptoassets and NFTs fall under the definition of"virtual digital asset" but that the government has treated NFTs separately from cryptocurrencies.
However, Babu believed only one interpretation is possible. Babu said"it is impossible" for the government to"specify" each NFT when"millions of NFTs are minted every day."A representative from another exchange that focuses on trading rather than NFTs, who requested anonymity Anirudh Rastogi, Managing Partner at Ikigai Law, who regularly advises several stakeholders on cryptocurrency-related policy issues believed"the interpretation that they will list out all NFTs is impractical."
Shivam Thakral, CEO, BuyUcoin was one such industry leader and said that the government has"broadened its spectrum" to account for"future advancements" they may want to stay away from.
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