Finance nerds, assemble! This week came with the announcement of the Union Budget 2022. Finance Minister Nirmala Sitharaman revealed the budget allotments for the upcoming year and not all of it was good news. In fact, the news was pretty bad as a 30% tax was set on crypto. But on the other hand, a new digital currency is about to be introduced by the Reserve Bank of India (RBI). The digital currency which is dubbed the digital rupee is already the talk of the town.
For now, we know that blockchain technology will be used for the currency. We also know that transactions using cryptocurrencies like the buying and selling of NFTs that’s all the rage currently will be taxed. And while it is not known what the digital currency will be called, netizens sure have a tonne of great ideas.
When a Twitter user asked what it should be named, Indians reacted with ideas that range from bonkers to pretty good.
What would you name India’s upcoming digital currency?
— Shiv Aroor (@ShivAroor) February 1, 2022
Here are the best options out there:
Crypya (कृपया) 😁
— Damani 87.58 🇮🇳 (@bdhaps) February 1, 2022
— Alpha Defense™ 🇮🇳 (@alpha_defense) February 1, 2022
— Mitali Saran (@mitalisaran) February 1, 2022
— K Pop (@Kumasarkk) February 1, 2022
— Theosophist (@TheosophistIND) February 1, 2022
There are some reasonable opinions as well.
Keep it simple,
eRupiya for Indian Digital Currency
CryptoRupiya for Indian Cryptocurrency,
Almost every indian language has different name for Indian Currency (Rupiya, Rupaya, Rupaye, etc.), so We should also standardise Name of Indian Currency to Rupiya and Paisa.
— JAY G. (@thejayg210) February 1, 2022
Investors and owners of digital assets have voiced their concerns about the 30% tax deductions mostly in the form of painfully hilarious memes. Check out the best reactions here:
Government Imposes 30% Tax On Digital Assets; Crypto Investors Cope With Hilarious Memes
In case you missed it, read all about the upcoming digital rupee here:
Budget 2022: How Is RBI’s Digital Rupee Different From Cryptocurrency? Here’s Everything You Need To Know
Cover image: Twitter