Indian Budget Provision Allows Government to Define NFTs

Indian Budget Provision Allows Government to Define NFTs
The Indian government may be seeking to define just what is or is not a non-fungible token (NFT).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.The section in question defined Virtual Digital Assets, the phrase the government used in the budget to describe cryptocurrencies or NFTs. According to the budget, “for the purposes of this clause, (a) ‘non-fungible token’ means such digital asset as the Central Government may, by notification in the Official Gazette, specify.”This clause…