Cryptocurrency in 2022: What it was, what it is, and what to expect in 2023

Cryptocurrency: Business Standard talked to various crypto firms in India about how 2023 will be for the industry. Here's what they said

The year 2022 was turbulent for cryptocurrency. Tightening monetary policy and geopolitical pressures led to a major sell-off in the industry. Following hawkish commentary from the Reserve Bank of India (RBI), the Indian government imposed a flat 30 per cent tax and an additional 1 per cent tax deducted at source (TDS) on the transfer of crypto tokens in this year's Budget.

In addition to this, the RBI launched its own digital currency, Central Bank Digital Currency (CBDC) in 2022.

Just as the market was beginning to stabilise in the second half of FY23, the collapse of FTX exacerbated the