India to introduce CBDC, tax cryptos; Google parent Alphabet reports record sales, announces stock split

India will introduce a Central Bank Digital Currency (CBDC) to “give a big boost to the digital economy,” Finance Minister Nirmala Sitharaman said in her speech yesterday outlining the government’s budget proposals for the coming fiscal year that starts April 1. India will also tax crypto transactions at the rate of 30 percent, she said. And Google’s parent Alphabet reported record revenues for 2021, as ads and cloud sales surged. Notes: India to introduce CBDC, tax virtual digital assets at 30 percent India will introduce a Central Bank Digital Currency (CBDC) to “give a big boost to a digital economy,” Finance Minister Nirmala Sitharaman said in her speech yesterday outlining the government’s budget proposals for the coming fiscal year that starts April 1. “Digital currency will also lead to a more efficient and cheaper currency management system. It is, therefore, proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23,” Sitharaman said. The finance minister also noted that “there has been a phenomenal increase in transactions in virtual digital assets and the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.” Therefore, the government will tax virtual digital assets (read cryptos, NFTs), at the rate of 30 percent. In a push to accelerate the energy transition and climate action in the country, the government will release a policy on battery swapping and standards for interoperability of electric vehicles infrastructure, the minister announced. The government will also broadly encourage everyone to use public transport, while in parallel developing multi-modal transport options. Over time, cities will be developed as centres of sustainable living, the minister said. “The union budget has magnified the digital India vision and importance of technology in all focus areas,” Rajesh Gopinathan, CEO and MD of Tata Consultancy Services, India’s biggest technology company, said in a statement. This budget provides many opportunities for growth for the technology industry, he added. You can find our full budget coverage on forbesindia.com Forbes India Budget 2022 coverage https://www.forbesindia.com/budget-2022/2013/1 Alphabet reports record revenue as Google’s ad and cloud sales surge Google’s parent company Alphabet reported record annual revenue for 2021, as businesses around the world stepped up their online and digital investments. They bought more ads online and spent more money on Google Cloud as well. Revenue for 2021 was $257.6 billion, a 41 percent jump over 2020, Alphabet said in an investor release. For its fiscal fourth quarter of 2021, which ended Dec. 31, Alphabet said revenue was $75.3 billion, up 32 percent from the year earlier. “Q4 saw ongoing strong growth in our advertising business, which helped millions of businesses thrive and find new customers, a quarterly sales record for our Pixel phones despite supply constraints, and our Cloud business continuing to grow strongly,” Alphabet and Google CEO Sundar Pichai said in the release. The company also announced a 20-for-1 stock split that will take effect in July. Theme music courtesy Free Music & Sounds https://soundcloud.com/freemusicandsounds