India on Tuesday proposed launching a digital rupee by next year and a 30% tax on income from transfer of virtual digital assets such as cryptocurrencies and NFTs in one of the most remarkable tech and business-focused federal budgets presented by New Delhi.

To capture details of all crypto transactions, India also proposed a 1% tax deduction at source on payments made related to purchase of virtual assets, the nation’s finance minister Nirmala Sitharaman said Tuesday.

“No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of digital asset cannot be set off against any other income,” she said. “Gift of virtual digital asset is also proposed to be taxed at the hand of the recipient.”

The proposal comes at a time when the purchase of cryptocurrencies and NFTs are quickly making inroads in India despite regulatory uncertainty in the nation.