Nirmala Sitharaman News

Sandeep Nailwal co-founded Polygon in 2017.

Russia and Ukraine were involved in talks while the US President Joe Biden signed an executive order on cryptocurrency, which hinted towards positive movement over the new-age technology. Barring the dollar-pegged stablecoins, all of the top digital tokens were trading higher on Thursday. Terra zoomed 6 per cent, followed by a 4 per cent rise in Bitcoin and XRP each. Solana, Ethereum, Cardano added 2 per cent each.

US president to sign executive order for a 'Digital Dollar', says White House

Barring meme coin Shiba Inu, all of the top digital tokens were trading higher. Terra zoomed 14 per cent, followed by Ethereum, which rose 3 per cent. Bitcoin added 2 per cent. The global cryptocurrency market cap jumped to $1.77 trillion, adding almost 3 per cent in the last 24 hours. Total cryptocurrency trading volume tumbled more than 8 per cent to $78.95 billion.

What Is the Difference Between Cryptocurrency And CBDC

Cryptocurrencies traded in the green early on March 9. The global cryptocurrency market cap stood at $1.76 trillion, a 2.54 percent increase over the last day. The total crypto market volume over the last 24 hours is $78.92 billion, a 7.85 percent decrease.

CBDC) to be rolled out this year, the Finance Minister Nirmala Sitharaman said. In the union budget 2022, tabled on February 1, Sitharaman had announced that India will launch its own CBDC, backed by the Reserve Bank of India. While speaking at the India Global Forum 2022 in Bengaluru, Sitharaman said, «The government had a lot of consultation with the RBI over the digital currency. We expect the currency to come out from the apex banker this year itself.»

The government will state its position on cryptocurrencies after completing the ongoing consultation process, finance minister Nirmala Sitharaman said.

cryptocurrency market, in line with global equity markets, witnessed steep falls on Thursday. The mushrooming tensions between Russia and Ukraine have dampened the sentiments once again. The largest cryptocurrency and other altcoins declined into red territory after Russian president Vladimir Putin ordered military operation in eastern Ukraine. Putin made the announcement in a televised speech at the same time as the UN Security Council was urging him to give peace a chance. Barring Terra all of top digital tokens were trading lower. Avalanche plunged more than 7 per cent, whereas Bitcoin, Ethereum, Cardano, and Dogecoin tumbled between 4 and 5 per cent.

Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank’s views about cryptocurrencies might have delayed the government’s proposed legislation on crypto assets.

Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it. "RBI's view is quite known on crypto. I think it is the one of the views that has actually delayed a bill on that subject but we will engage in a fair debate on that subject and will look at all sides of the debate," Patra said, speaking at an event organised by the Pune International Centre.

RBI's views on cryptocurrencies may have delayed the proposed legislation on crypto assets

Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a tax proposal that would bring the relatively unregulated digital asset space under the purview of tax authorities.

All of the top digital tokens were trading higher in early trade on Tuesday, led by NFTs and DeFi tokens. Solana and Avalanche rose 11 per cent each. The global crypto market cap jumped as much as 5 per cent to hit the $1.95 trillion mark. Furthermore, the total crypto market volume rallied about 16 per cent to $72.23 billion.

India should ban cryptocurrencies as they are related to Ponzi schemes or worse and they pose a threat to financial and macroeconomic stability, a deputy governor at the Reserve Bank of India (RBI) said.

T. Rabi Sankar from the Reserve Bank of India compared cryptocurrency to ponzi schemes and said that banning them, not regulating them, would be the “most advisable choice” for the Indian government.

As soon as Finance Minister Nirmala Sitharaman announced a 30 percent tax on digital assets in her Budget speech on February 1, the crypto industry unleashed a campaign, dubbing the move as an indirect recognition of the instrument by the government.

Government and RBI on same page on various issues including cryptocurrency, the finance minister said

budget proposal to impose a tax deducted at source, or TDS, on virtual digital asset transactions, saying it will be difficult to comply with. The industry also urged the government to reconsider the decision to levy a tax of 30% on current market value when crypto assets are gifted or given to employees as part of their remuneration, saying the tax is levied without waiting for the receiver to sell it and book any profit. These issues figured when representatives of leading domestic crypto exchanges met with finance ministry officials on Friday to discuss budget proposals, people familiar with the deliberations told ET.

cryptocurrency space over the past week. Almost all the sectors witnessed modest gains, with Web3 being the top performer. The crypto market seems to be gearing up for a move. It could be a good time for DCA in sectors rather than investing in individual coins.Regulations in Russia In an exciting turn of events, Russia could just have given a massive boost to the cryptocurrency ecosystem. After much back and forth, the Russian government and its central bank have decided to regulate and recognize cryptocurrencies.

India's Finance Minister Nirmala Sitharaman came out guns blazing to clarify that cryptocurrency taxation is a «sovereign right» and «corrective action».