Trading volume in Indian cryptocurrency exchanges dropped by as much as 63% since July 1, when a 1% tax deducted at source (TDS) was imposed. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Daily trading volume at cryptocurrency exchange WazirX fell more than 63% on July 1 to US$5.36…
India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?
High taxes amid a bear market are tempering the enthusiasm for NFTs among Indians. But industry participants expect the country’s unique cultural and demographic characteristics to provide a long-term fillip to the industry.
Still recovering from the Terra-LUNA debacle that wiped off billions of dollars in investor wealth, people sold off cryptocurrencies amid a market slump over expectations that the Fed will act faster to tame inflation.
Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.
India’s chief economic adviser V. Anantha Nageswaran compared cryptocurrencies to the “world of Caribbean pirates” in the absence of regulation where “winners take it all” from somebody else, local media reported. Fast facts See related article: Coinbase blames India’s central bank for exit Cryptocurrencies fail to satisfy basic requirements such as having store value, widespread…
A typo error on the Income Tax Department’s website mistakenly altered a 1% tax-deducted-at-source (TDS) figure to 0.1%, and has since been rectified, the Income Tax Department said on Wednesday. Fast facts See related article: India’s crypto tax will incur losses for government, says WazirX CEO “Some media reports have come to the notice of…
Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.
India’s leading banks have asked the National Payments Corporation of India (NPCI) to issue a formal directive that explains the curbs on money transfers using the Unified Payments Interface (UPI) for trading in virtual digital assets. See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Indian banks had…