GST Council mulling 28% tax on Bitcoin, other cryptocurrencies
Business | May 10, 2022, 01:11 PM ISTBitcoin, the world's largest cryptocurrency by market value, has fallen by 50 per cent since its peak in November last year.
Bitcoin, the world's largest cryptocurrency by market value, has fallen by 50 per cent since its peak in November last year.
The slide in the value of digital assets comes as stock markets around the world also dropped in recent days. On Monday, some Asian markets headed lower again with Japan's benchmark Nikkei index down by around 2 percent.
Accusing the Congress of playing politics on the alleged bitcoin scam issue, Chief Minister Basavaraj Bommai had last year asked the opposition party to give documents, if any, to investigating agencies.
Notably, the The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court.
Pro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.
India is a nation with the biggest Crypto investments, majorly millennials from Tier-2 and Tier-3 cities. More than 100 million people have already invested in cryptocurrencies. Here we come with the top crypto companies that has witnessed a tremendous growth
PM Modi's Twitter handle was briefly hacked on Sunday, and a tweet claiming that India has "officially adopted bitcoin as legal tender" was put out from it.
The RBI has for long maintained its strong views against cryptocurrencies, saying they pose serious threats to macroeconomic and financial stability.
Bitcoin, the largest cryptocurrency by market value, was down 18 percent at $46,571.84 according to data from CoinDesk. It temporarily dipped to $42,000 before bouncing back. Ether, the second-largest cryptocurrency, was down close to 16 percent, the report said.
Amidst the tremendous price swings in the crypto market, the central government is set to introduce a bill to regulate crypto assets and cryptocurrencies in India in the ongoing Winter Session of Parliament.
Nirmala Sitharaman had on Monday said that the government has no proposal to recognise Bitcoin as a currency in the country.
Home Minister Aargha Jnanendra also alleged that the ruling Congress at that time did not even file a lawsuit against the culprit.
India has the highest number of cryptocurrency holders in the world at 10.07 crore, according to broker discovery and comparison platform BrokerChooser.
Cryptocurrencies are basically digital assets. It is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Raghuram Rajan said that cryptos may pose the same problem as unregulated chit funds which take money from people and go bust.
Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the crypto currencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
Amit Shah had assured Karnataka Chief Minister that the party will take care of these leaders and see to it that they are tamed and warned.
Bitcoin and ethereum -- the two most popular forms of cryptocurrency -- both reached new record highs Tuesday morning, with the price of bitcoin rising above $68,000 for the first time and ethereum topping $4,800.
Over the past few years, retail and institutional investors are willing to invest in cryptocurrency for both - long-term and short-term - profits. However, investing in the crypto market comes with its own share of risks and challenges.
Bitcoin prices surged above $61,000 on Friday after slipping to its lowest level in over a week
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