India imposes 30% tax on proceeds of digital assets
Finance Minister Nirmala Sitharaman announced a 30% tax on any income from the transfer of digital assets. No deductions and exemptions will be allowed. The gifts of cryptos and other virtual assets will be taxed in the hands of the recipient. The government will also impose a 1% tax deducted at source (TDS) on the payments made for the transfer of digital assets.
The Reserve Bank of India (RBI) will launch Digital Rupee in the next financial year (FY23) using blockchain and other supporting technology.
Crypto prices today: Bitcoin rises 3.6%, ETH surges 8.5%
Bitcoin is currently trading at $38,527, a 3.62% increase over the previous day. Ethereum surged 8.45% over the last 24 hours to $2,744. Solana has rallied 17.2% to $105.96, while Cardano has increased by 3.4% to $1.06. Polygon (MATIC) has jumped 5.8% to $1.65. The global crypto market cap stands at $1.76 trillion, a 5% jump over the previous day.
‘Cryptoization’ poses risks for emerging markets: IMF Counsellor
Tobias Adrian, a senior official at the International Monetary Fund (IMF), has warned that cryptos pose “acute risks” to the stability of the global financial system. He used the term “cryptoisation” to describe the process of existing established currencies being replaced by digital assets. The official said that “capital flow management measures will need to be fine-tuned”.
Crypto going mainstream raises need for ‘child safeguards’: UNICEF
The United Nations International Children’s Emergency Fund (UNICEF) stated that the mainstreaming of digital currencies creates a need for new safeguards designed to protect children. It also noted that cryptocurrencies can harm children directly by facilitating “unregulated transactions that underpin child trafficking, sexual exploitation, and the defrauding, extortion of children.”
Hackers move $383M worth of Bitcoin from 2016 Bitfinex hack
Large amounts of Bitcoin stolen from the crypto exchange Bitfinex six years ago were moved by hackers early on Tuesday. According to Twitter account Whale Alert, bad actors transferred 10,000 Bitcoins worth ~$383 million to an unknown wallet. The number of Bitcoin transferred amounted to 8% of the total 119,756 BTC drained from Bitfinex in 2016.
SOL surges 17% after Coinbase lists 2 Solana ecosystem tokens
Solana’s SOL jumped 17% in the past 24 hours after Coinbase listed two other tokens of the Solana ecosystem. On Monday, Coinbase said it would list ORCA and FIDA, tokens of Solana-based decentralized exchanges Orca and Bonfida, respectively. The move marked the first time non-Ethereum assets were listed on the crypto exchange.