The government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions. Currently, 18 per cent Goods and Services Tax (GST) is levied only on service provided by crypto exchanges and is categorised as financial services. GST officers are…
Australia’s competition watchdog filed a lawsuit against Facebook owner Meta Platforms on Friday, alleging the social media giant failed to prevent scammers using its platform to promote fake ads featuring well-known people. The advertisements, which endorsed investment in cryptocurrency or money-making schemes, could have misled Facebook users into believing they were promoted by famous Australians,…
There is no plan to introduce cryptocurrency by the government, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday. Currently, cryptocurrencies are unregulated in India, he said in a written reply. “RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of…
The Coronavirus pandemic introduced a new stream of awareness to various sources of income, one of which was stock trading. Stock trading is the act of buying and selling on the stock market. Following the advent of easy-to-use online trading platforms like sofi investment platform, more people have access to stocks than ever before –…
The Enforcement Directorate is investigating seven cases in which cryptocurrency has been used for money laundering and has so far attached proceeds of crime worth Rs 135 crore, Parliament was informed on Monday. Law enforcement agencies have flagged usage of cryptocurrency by cybercriminals and cases investigated by the ED under the Prevention of money laundering…
Two persons, including an Indian-American, have been indicted by a US court for their roles in a cryptocurrency money laundering scheme, the Department of Justice said. Lois Boyd, and Manik Mehtani — both from Virginia — face up to 20 years in federal prison. According to the indictment, Boyd and Mehtani are alleged to have…
Bitcoin dropped back below $40,000, erasing almost all the gains sparked by optimism about US President Joe Biden’s executive order to put more focus on the crypto sector. The largest cryptocurrency declined as much as 7.2 per cent to $38,894 on Thursday, falling for the first time in three days. Most of the top cryptocurrencies…
India’s dithering on whether to embrace digital assets is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, according to the co-founder of the country’s most famous crypto startup. “The brain drain is absolutely crazy,” Sandeep Nailwal, whose Polygon operates the biggest so-called Layer 2 protocol for the Ethereum…
Bitcoin surged on Wednesday after President Joe Biden signed an executive order that requires U.S. government agencies to assess benefits and risks of creating a central bank digital dollar and other cryptocurrency issues. The executive order potentially expands the adoption of virtual currencies in the U.S. financial system. Biden’s order will require the Treasury Department,…
Bitcoin jumped above $42,000 intra day amid a sharp rally in digital tokens, spurred by optimism about a US overhaul of crypto oversight that Treasury Secretary Janet Yellen called “historic.” US President Joe Biden signed an executive order on Wednesday requiring the government to assess the risks and benefits of creating a central bank digital…
