GST Council to consider levying 28% GST on crypto: Report
As per a CNBC-TV18 report, the Goods and Service Tax (GST) Council is likely to consider levying 28% GST on cryptocurrencies. The government’s view is to bring crypto taxation at par with lotteries, casinos, racecourses, and betting. The council has nominated a law committee to take up the proposal to levy 28% GST on all services and activities related to crypto soon.
Crypto prices today: Bitcoin falls 3.3%, ETH down 4%
Bitcoin is currently trading at $33,673.7, a 3.3% decline over the previous day. Ethereum is down 4.1% over the last 24 hours to $2,460.2. Solana fell 5% to $74.5, while Cardano is trading lower by 6.35% at $0.70. Avalanche (AVAX) fell 6.6% to $50.82. The global crypto market cap stands at $1.54 trillion, a 3.43% decline over the previous day.
Experts say that panic over inflation and fears of a potential recession are reasons behind the ongoing crypto market crash.
Google forms Web3 team to tap the market’s potential
Google’s cloud unit is forming a team to build services for developers running Web3 and blockchain applications. The tech giant is trying to capitalize on the surging popularity of crypto and related projects. It wants to offer back-end services to developers interested in composing their own Web3 software as the company battles for market share in cloud infrastructure.
Instagram to support NFTs from Ethereum, Polygon, Solana
Meta’s Instagram is planning non-fungible token (NFT) integrations for Ethereum, Polygon, Solana, and Flow. The pilot project will feature a small group of NFT experts based in the US. Instagram intends to support widely used crypto wallets such as MetaMask. Users will be able to prove NFT ownership using their crypto wallets, showcase NFTs on their profiles, and tag the creators who made them.
$1B worth crypto “bridge” hacks spur secure alternative offers
High-profile hacks on crypto “bridges” are creating opportunities for exchanges and other businesses to offer more secure alternatives. Bridges allow users to swap digital tokens across blockchains. Over the past few months, hackers have siphoned more than $1 billion from popular crypto bridges like Wormhole and Ronin.
Now, crypto exchanges FTX and Coinbase are deepening their capabilities to provide bridge-like services on various blockchains. Users invested in Bitcoin or Ethereum can easily participate in other networks’ financial or gaming apps.