{"id":24209,"date":"2023-03-12T21:44:01","date_gmt":"2023-03-12T16:14:01","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24209"},"modified":"2024-04-16T18:21:43","modified_gmt":"2024-04-16T12:51:43","slug":"virtual-digital-assets","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/virtual-digital-assets\/","title":{"rendered":"Is Digital Currency different from Virtual Digital Assets?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d08c42b5767\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d08c42b5767\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/virtual-digital-assets\/#How_are_Digital_Currency_different_from_Virtual_Digital_Assets\" title=\"How are Digital Currency different from Virtual Digital Assets?\">How are Digital Currency different from Virtual Digital Assets?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/virtual-digital-assets\/#Taxation_on_Digital_Currency_Virtual_Digital_Assets\" title=\"Taxation on Digital Currency &amp; Virtual Digital Assets\">Taxation on Digital Currency &amp; Virtual Digital Assets<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_are_Digital_Currency_different_from_Virtual_Digital_Assets\"><\/span><span style=\"color: #000080;\">How are Digital Currency different from Virtual Digital Assets?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22057\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Taxation-of-Virtual-Digital-Assets.png\" alt=\"Virtual-Digital-Assets\" width=\"800\" height=\"336\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Taxation-of-Virtual-Digital-Assets.png 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Taxation-of-Virtual-Digital-Assets-300x126.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/Taxation-of-Virtual-Digital-Assets-768x323.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<ul>\n<li>Even if it is a crypto, a currency is only a currency if it is issued by a central bank.<\/li>\n<li>Conversely, anything outside of that is referred to as cryptocurrency by everyone, although it is not a currency.<\/li>\n<li>These are known as Virtual Digital Assets.<\/li>\n<li>Indian Finance Minister explained that what the Reserve Bank of India\u00a0 will issue in the next financial year will be the digital currency. The above is referred to as the Digital Rupee.<\/li>\n<li>Non-fungible tokens, commonly known as NFTs, are cryptographic assets on a blockchain having unique identifying codes and metadata that distinguish them from one another. NFTs can be used to represent people&#8217;s identities, property rights, and other things.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-24208\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/TDS-on-Crpto.jpg\" alt=\"TDS on VDS\" width=\"1157\" height=\"185\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/TDS-on-Crpto.jpg 1157w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/TDS-on-Crpto-300x48.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/TDS-on-Crpto-1024x164.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/TDS-on-Crpto-768x123.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/TDS-on-Crpto-800x128.jpg 800w\" sizes=\"(max-width: 1157px) 100vw, 1157px\" \/><\/p>\n<ul>\n<li>This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and hence can be used as a means of exchange.<\/li>\n<li>Virtual currency is a kind of digital currency which is unregulated. It is not issued or controlled by a RBI. for instance of virtual currencies include Litecoin, Bitcoin &amp; XRP.<\/li>\n<li>Digital currencies are stored in and transacted via applications, designated software, &amp; networks in digital form<\/li>\n<li>The Digital currency is a form of currency that just present in digital form However on the other hand, crypto is a digital currency however in form of decentralized digital currency. It need cryptography and no central authority to Control &amp; manage its ledgers &amp; balances,<\/li>\n<li>The Financial Action Task Force guidelines are applicable to virtual currencies, which are almost always regarded as virtual assets. The development of virtual currencies over the past 10 years has increased the risk of abuse, corruption, and illegal activities, which is what prompted the Financial Action Task Force recommendations.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Taxation_on_Digital_Currency_Virtual_Digital_Assets\"><\/span><span style=\"color: #000080;\"><strong>Taxation on Digital Currency &amp; Virtual Digital Assets<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The new proposal would tax virtual digital asset transfers at a rate of 30% (without allowing for any deductions for expenses other than acquisition costs). A 30% tax is currently imposed on income derived from sources like lottery, betting, horse race, and other winnings.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23369\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/VDA-1.jpg\" alt=\"Digital Currency &amp; Virtual Digital Assets\" width=\"918\" height=\"1280\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/VDA-1.jpg 918w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/VDA-1-215x300.jpg 215w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/VDA-1-734x1024.jpg 734w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/VDA-1-768x1071.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/03\/VDA-1-800x1115.jpg 800w\" sizes=\"(max-width: 918px) 100vw, 918px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How are Digital Currency different from Virtual Digital Assets? Even if it is a crypto, a currency is only a currency if it is issued by a central bank. Conversely, anything outside of that is referred to as cryptocurrency by everyone, although it is not a currency. These are known as Virtual Digital Assets. Indian &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9891],"tags":[9893,10060],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24209"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=24209"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24209\/revisions"}],"predecessor-version":[{"id":24219,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24209\/revisions\/24219"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}