Cryptocurrency still remains a mysterious topic for many curious investors in India. Although crypto is slowly being recognized by investors and regulators alike, and countries and big brands are adopting it as an official tender, there are still a large number of people who want to invest in crypto but still want to invest in crypto. And couldn’t track the growth closely. News in the region that will help them focus on price action, major sell-offs, and announcements of new blockchain-based developments.
This live news blog will help you with that. Follow this live blog to keep up with the latest happenings in the crypto world, from big market drops to notable announcements.
While there are many cryptocurrencies to explore, Bitcoin (BTC) is the most popular as it is the oldest and most valuable crypto coin in the world. According to data from CoinMarketCap on Aug. 5, the price of Bitcoin was $23,129.04. At the time of writing, the global crypto market cap was $1.08 trillion, growing 0.53 percent over the past 24 hours.
While cryptocurrency is not regulated in India, cryptocurrencies are grouped under Virtual Digital Assets (VDA). Under the new tax regime, which came into effect on April 1 of this year, VDAs will be subject to a profit tax rate of 30 percent. A TDS of 1% is then charged.
Disclaimer: Crypto products and NFTs are unregulated and can be extremely risky. There is no regulatory recourse for losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek professional advice before investing and to carefully read the offering document(s) together with relevant key literature on the subject. Cryptocurrency market predictions are speculative and any investment made is at the expense and risk of the readers.