The currency is likely to have stable value, limiting appeal as an asset. It may be safer than holding cash, but tech, connectivity will pose issues, if meant for wide use by households.
The countries largest crypto bourse Binance-owned WazirX has seen daily sign-ups on its platform jump almost 30% since 1 February. At rival CoinSwitch, the daily increase was 35%.
Clearing the air on the legality of private digital currencies in the market, T.V. Somanathan noted that only 'digital rupee' of the Reserve Bank will be a legal tender in India.
Modi govt Tuesday largely ended the uncertainty over the future of cryptocurrencies in India with its Budget proposal to tax income from transfer of virtual digital assets at 30%.
Revenue Secretary Tarun Bajaj said Wednesday that govt will charge 30% tax plus cess and surcharges from 1 April on cryptocurrency transactions as it treats winnings from horse races.
India’s initial policy response was to ban cryptoassets. Now it appears to be moving towards regulating them. But there is no clarity on the contours of the proposed law.
Founded by Pham Huong, GFS Blockchain is a crypto knowledge-sharing community, famous on social media & networking sites, that gives people the chance to understand the blockchain market.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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