The taxation of virtual or digital assets, such as cryptocurrencies, varies by jurisdiction. In general, virtual assets that are classified as property, such as Bitcoin, are subject to capital gains tax when they are sold or exchanged. This means that if an individual purchases a virtual asset at a lower price and then sells it at a higher price, the difference in value is subject to capital gains tax. Income gained from the transfer of cryptocurrencies will be taxed at a rate of 30%. No deductions of expenses other than the cost of acquisition are allowed, and losses cannot be set off or carried forward in this regard.