Tax to help digital assets become mainstream investments, says Crypto Coach Ritu Shah
Ms. Ritu Shah is the author of the recent book “Cryptocurrencies: The When, Why and How of it.”
Mumbai, February 5: The 30% tax on income from the transfer of virtual digital assets such as cryptocurrency marks a new era for cryptocurrencies in India, according to Ritu Shah, a seasoned investment professional and author of a recently released book on cryptocurrencies.
“I am a strong proponent of cryptocurrencies and have been investing in cryptocurrencies, besides other asset classes. Finance minister Nirmala Sitharaman’s announcement to levy tax on profit from the transfer of virtual digital assets like cryptocurrency removes the ambiguity and uncertainty around their legal status in India. Nonetheless, cryptocurrencies have become very popular among investors, and there has been a phenomenal increase in transactions in recent times. As technology evolves, there’s no question that cryptocurrencies are here to stay. I expect cryptocurrencies to become a mainstream investment option with this announcement,” said Ms. Shah, who is popularly known as Crypto Coach for her in-depth knowledge of cryptocurrencies.
Ms Shah’s recent book, “Cryptocurrencies: The When, Why and How of it,” talks about the importance of cryptocurrencies and explains them in detail. The book analyses various tokens and projects’ different characteristics and shows ways to manage crypto investments. It captures the evolution of each crypto project and its distinct points. It shares tips to choose the right crypto for investment and trading and shows how investors can secure their financial future with cryptocurrencies. The book also discusses how Central Bank Digital Currency (CBDC) will take shape through various blockchain projects. Incidentally, the FM also proposed introducing Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23.
“Interactions with investors revealed that while everyone has heard about cryptocurrencies, they know very little about them and how they work. For example, few knew the difference between Bitcoin and Ethereum or Cardano and Vechain. There was little information available about cryptocurrencies, and this is what inspired me to write the book,” says Ms. Shah. She helms RS Advisories and Equispec Ventures LLP, adding the book has generated a lot of positive feedback and reviews.
“Cryptocurrencies: The When, Why and How of it” has been published by Notion Press and is available in paperback format on Amazon India and Amazon Global, Flipkart, notion press store and various other eCommerce platforms and book stores.