Blockchain & crypto news from India
Re-emphasizing the stand of the government on the legality of crypto, Nirmala Sitharaman, the Finance Minister of India has once again cautioned cryptocurrency investors against investment in any such cryptocurrency.
In a recent speech given on March 2, 2022, RBI deputy governor, T Rabi Sankar, elaborated on the concept of cryptocurrencies, their nature, and arguments for and against a ban in India. Excerpts from the speech published on the RBI website. Why were cryptocurrencies created? “Some people felt that intermediation by banks is avoidable. Either…
In the annual report for the year 2021-22, the Reserve Bank of India has said it was proceeding to take the path of a “graded approach” towards the preliminary intro of the Central Bank Digital Currency. It said that the structure of the central digital coin requires to be in line with the goals of…
The crypto space like other derivatives markets is faced with volatility. Great development has been made as regard decentralized finance (Defi); crypto savvy individuals can earn passively. With massive trends on cross-chain transactions, liquidity mining, governance token, integration of traditional finance (TradFi) into Defi, among others, the crypto space shows more reason while banning isn’t…
On 1st February, while announcing the Budget 2022, Finance Minister Nirmala Sitharaman announced something unexpected. Sitharaman said income from the virtual or digital assets (cryptocurrency) will be taxed at @30%. In addition, @1% TDS (tax deducted at source) will also be levied by the government on these investments. The 30% taxation is retributive tax, harshly…
Uncertainties around cryptocurrencies in India won’t be fading away anytime soon. Known as the Crypto Bill, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, was not listed among the 23 bills in the tentative list of government legislative and financial business to be tabled during the Monsoon Session in the Lok Sabha of…
From today onwards, crypto firms in India must report all cryptocurrency transactions to the Indian government. Effective from today, the new disclosure rule states that any company dealing in cryptocurrency will have to reveal their complete crypto holdings to the government. All this has to be disclosed as a part of their financial statements. A…
While appealing to the Government of India not to ban cryptocurrency, the Internet and Mobile Association of India (IAMAI) has made a good case for regulating digital money. The Association has said that the suggested move will have several adverse effects. It will hit around 10 million Indian crypto customers and ultimately lead to a…