The 30% rate on income from digital-asset investments was the focus of attention when India’s government announced a plan to tax cryptocurrency in February. However, the industry is warning of a potentially disruptive liquidity constraint as a result of a different tax.
The history of Crypto-currencies can be traced back to (another) tumultuous time during the 2008 financial crisis when the trust in financial participants, such as banks and government institutions, was sharply waning. Hence, the introduction of bitcoin as a currency that had trust as its very foundation, because of how it functions, took place.
PM urges to stop misleading ads on cryptocurrency as it is important for the youth, claiming because of over-promise and non-transparent advertising. The meeting concluded with a comprehensive and consultative process between the RBI and the Home Ministries. RBI governor, Shaktikanta Das cautioned investors against cryptocurrencies. The Supreme Court has lifted the ban on the trading of cryptocurrencies imposed by the central bank, the RBI continues to have concerns. Finally, the result of the meeting has reached a consensus that the steps taken in the field of cryptocurrency and issues related will be looked at proactively on a priority basis.
The Non-Fungible Tokens (“NFT”) is a contemporary product that owes its creation to blockchain technology. To fully comprehend NFT, one must first comprehend the distinction between fungible and non-fungible assets.
Bitcoin is a currency that is not tied to a government or bank and allows the clients to spend the money anonymously. No single organization controls the bitcoin network. It is analogous to an online version of cash. Many products and services can be bought by it. The Bitcoin network controls the bitcoin. The Bitcoin network comprises the common man who uses bitcoin, and anybody can become a part of it.
