Cryptocurrency
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Bitcoin value drops by 50% since November peak
Business | May 09, 2022, 03:38 PM ISTThe 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.
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Lok Sabha passes Finance Bill; completes budgetary exercise for FY23
Business | Mar 25, 2022, 05:53 PM ISTThe Finance Bill was approved by the Lower House after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and rejecting the amendments proposed by the opposition by voice vote.
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Crypto mining cost not to be allowed as deduction under IT Act
Business | Mar 21, 2022, 08:42 PM ISTThe 2022-23 Budget has brought in clarity concerning the levy of income tax on crypto assets. From April 1, a 30 per cent I-T plus cess and surcharges will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
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No plans to introduce cryptocurrency: Minister of State for Finance Pankaj Chaudhary
India | Mar 15, 2022, 05:08 PM IST"RBI does not issue a cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called Central Bank Digital Currency (CBDC)," said Minister of State for Finance Pankaj Chaudhary.
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Indian-American among 2 indicted by US court for role in cryptocurrency money laundering
Business | Mar 11, 2022, 08:29 AM ISTIn August 2020, Boyd and Mehtani traveled to Longview, Texas, where they attempted to exchange more than USD 4,50,000 for Bitcoin. They were temporarily detained and the money was seized.
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18% of super-rich Indians invested in cryptocurrencies, NFTs last year: Report
Business | Mar 01, 2022, 07:09 PM ISTIn its Wealth Report, Knight Frank stated that 18 percent of global UHNWIs now own cryptocurrencies or tokens, and 11 percent have invested in NFTs (non-fungible tokens).
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'Legal or illegal', Supreme Court asks Centre to make its stand clear on Bitcoins
Business | Feb 25, 2022, 01:41 PM ISTNotably, the The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court.
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Russia-Ukraine News: Bitcoin donations soar for Ukrainian army amid war with Russia
Business | Feb 25, 2022, 01:31 PM ISTPro-Ukraine groups and pro-crypto communities on social media platforms like Twitter and Facebook have also contributed.
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Banning cryptocurrency perhaps most advisable choice open to India: RBI Deputy Governor
Business | Feb 14, 2022, 10:03 PM ISTWe 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.
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Discussions underway with RBI on crypto, digital currency: FM Sitharaman
Business | Feb 14, 2022, 10:09 PM ISTSitharaman, 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.
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Cryptocurrencies not legal right now in India, says Union minister Bhagwat Karad
India | Feb 12, 2022, 07:17 PM ISTThe 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.
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What Nirmala Sitharaman said on taxing and banning cryptocurrency
Business | Feb 11, 2022, 01:23 PM ISTReplying 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".
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Cryptocurrencies are threat to macroeconomic and financial stability, warns RBI governor
Business | Feb 10, 2022, 05:10 PM ISTCautioning investors, the governor said such assets have no underlying whatsoever, not even a tulip.
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US reports largest-ever cryptocurrency seizure; couple arrested for laundering billions of dollars
World | Feb 09, 2022, 12:58 PM ISTIlya “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.
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India's digital currency to debut by early 2023: Government source
Business | Feb 06, 2022, 12:31 PM ISTA 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.
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Will Bitcoin, Ethereum, NFT become legal tender? Here's what Govt says
Business | Feb 02, 2022, 06:31 PM ISTBitcoin, 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.
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Cryptocurrency: India's own digital currency to come soon; how much tax it will attract | Key points
Business | Feb 01, 2022, 02:36 PM ISTBudget 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.
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India imposes 30% tax on income from cryptocurrency, digital assets; 1% TDS on buy/sale
Business | Feb 01, 2022, 01:54 PM ISTThe tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.
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Cryptocurrency has some financial stability issues: Principal Economic Advisor
Business | Feb 01, 2022, 07:58 AM ISTA 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".
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Budget 2022-23 to be tabled today: Here's what to expect
Business | Feb 01, 2022, 07:06 AM ISTWhile 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.