Russia-Ukraine News: Bitcoin donations soar for Ukrainian army amid war with Russia
Business | February 25, 2022 13:31 ISTPro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.
Pro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.
We have seen that crypto-technology is underpinned by a philosophy to evade government controls. Cryptocurrencies have specifically been developed to bypass the regulated financial system. These should be reason enough to treat them with caution, RBI Deputy Governor T Rabi Sankar said.
Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year. She had also announced the government will levy 30 per cent tax on gains made from any other private digital assets from April 1.
The Reserve Bank of India and the Union government have not given any sort of recognition to cryptocurrencies and, therefore, they are not legal in the country right now, the Union minister of state for finance, who had come here to attend a function, told reporters.
Replying to the general discussion on Union Budget, the minister said, "I am not going to legalize it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input".
Cautioning investors, the governor said such assets have no underlying whatsoever, not even a tulip.
Ilya “Dutch” Lichtenstein (34) and his wife Heather Morgan (31) were arrested in Manhattan. Both have been accused of relying on various sophisticated techniques to launder stolen cryptocurrency.
A top government source, who wished not to be identified said, the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number.
Bitcoin, Ethereum, or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by the government, Finance Secretary said.
Budget 2022: With this, India will join certain countries that have their own central bank digital currency (CBDC) that refers to the virtual form of a fiat currency. She also said Rs 1 lakh crore financial assistance to states will be provided in 2022-23 to catalyse investments.
The tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.
A consensus had emerged at the meeting for "progressive and forward-looking" steps while ensuring that an unregulated crypto market does not become an avenue of "money laundering and terror financing".
While Indian corporates are expecting some key announcements which will enable them to reset their growth agenda, individual taxpayers are expecting some more disposable income in their hands to invest and consume more.
Delhi Police traced fraudulently transfer of those cryptocurrencies of current value Rs 4.5 crore to three different foreign accounts, including one to Palestinian militant organisation Hamas.
As per the Grant Thornton Bharat survey, nearly 79 per cent of the respondents feel that Budget FY23 should focus on regulating cryptocurrencies and NFTs.
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
Amid coronavirus- triggered pandemic, the year 2021 also witnessed public issues by internet companies such as Paytm, Zomato, Nykaa, Policybazaar, among others. Besides IPOs, Tata Sons acquiring Air India, a bill seeking to ban all private cryptocurrencies were among the top business news that created a buzz in 2021.
As per the cryptocurrencies pose immediate risks of frauds, to anti-money-laundering efforts, and fight aginst terror financing.
Currently, there is no regulation or any ban on the use of cryptocurrencies in India.
This is for the second time in the last three weeks that Modi called for working together on the need to regulate cryptocurrencies. In his virtual address at the Sydney Dialogue on November 18, Modi urged democratic nations to work together to ensure that the cryptocurrency does not end up in the wrong hands.
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