Digital Currency Financial News

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, the Commerce Department and other key agencies to prepare reports on «the future of money» and the role cryptocurrencies will play.

Terra (LUNA) resumed its upward march this week as its price per token rebounded by more than 30% three days.

US president Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.

FBI is launching a unit for blockchain analysis and virtual asset seizure. The creation of the FBI's «virtual asset exploitation» unit comes after the Justice Department's largest-ever financial seizure earlier this month. It charged a married New York couple with allegedly laundering bitcoins now valued at over $4.5 billion that were stolen in the 2016 hack of the digital currency exchange Bitfinex. U.S. regulators under President Joe Biden have been ratcheting up their scrutiny of the crypto industry in the wake of a series of high-profile cyberattacks last year on the largest U.S. fuel pipeline network and the world's largest beef supplier. Ransomware groups often demand their fees in bitcoin.

The metaverse is more than just a passing fad, so it is important for you as an investor to not miss out on it. The metaverse is here to stay, and cryptos are the metaverse’s mediums of exchange. If you want to be a part of this universe, the way to start is by building your crypto assets or portfolio using CoinSwitch, India’s leading crypto trading platform with over 80+ crypto assets available on it. As an investor, before you purchase any cryptocurrency, though, it is important to understand why a certain metaverse is important and in what ways it contributes to the very real lives of its users.

Mumbai: Tough talk by senior Reserve Bank of India (RBI) officials on cryptocurrencies is making the Indian crypto community nervous. On Monday, RBI deputy governor T Rabi Sankar called for an outright ban on cryptocurrencies. Previously, RBI governor Shaktikanta Das had said in a monetary policy press conference that private cryptocurrencies were a threat to the macroeconomic and financial stability of the country, and investors should keep risks in mind as such assets have no underlying value whatsoever, «not even a tulip».

Sitharaman on Monday said discussions with regard to private cryptocurrencies and central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year. She had also announced the government will levy 30 per cent tax on gains made from any other private digital assets from April 1. «On crypto, I have said that we are in the process of consultation. Whatever decision the government is going to take, will be after the consultation,» she said.

Chris Kuiper, Head of Research at Fidelity Digital Assets, is convinced that Bitcoin (BTC) should be treated separately from other digital assets and believes it plays an exclusive role in investors’ portfolios. 

The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement.

digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed facility, a top government source said. Finance Minister Nirmala Sitharaman in her budget speech last week talked about launching a central bank-backed 'digital rupee' soon. A top government source, who wished not to be identified said, the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number. «The units issued in digital rupee would be included in the currency in circulation. It would not be very different from fiat currency. It would be more like an electronic form of fiat currency, so in a sense it would be a government-mandated electronic wallet,» the source said.

Mumbai: The industry body representing cryptocurrency exchanges has decided to reach out to relevant policymakers to brief them about complications arising out of the government’s move to levy a 1% TDS on all crypto transactions. The issue was discussed at the meeting of the Blockchain and Crypto Assets Council (BACC) on Saturday, where the overwhelming view was that this move would dent crypto trading volumes and drive small traders towards informal Person to Person (P2P) trading and decentralised exchanges (DEX).Crypto exchanges derive a large chunk of their revenues from traders who frequently trade and pay a small sum on every trade.

The armed forces of Myanmar, which have been in control of the government since forcibly detaining many elected leaders in 2021, is reportedly planning to release a digital currency to help the local economy.

Li Jiang, chief operating officer at Harmony, believes that a bridge connecting all existing blockchains is key to onboard the first 1 billion users on Web 3. 

Mumbai: Tax on cryptocurrencies or virtual digital assets announced on Tuesday is set to create more problems for investors and their tax experts on how to compute gains and taxation. Many tax experts seem to have raised questions about what would happen to the gains made by investors in the past year. That is, whether the announcement on tax will be retrospective. «The concerned amendments are prospective from April 1, 2022. This means that for such transactions till March 31, 2022, taxation should be applicable at normal income tax slab rates or capital gains tax rates (as the case may be) and not the flat 30% rate,» said Sudhir Kapadia, national leader-tax at EY India.

T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender.

Leading cryptocurrencies such as Bitcoin and Ethereum, as well as non-fungible tokens (NFT) will never become legal tender, Finance Secretary TV Somanathan said on February 2.

Budget has for the time being treated cryptos as ‘digital assets’ by proposing to tax the gains from crypto trading — though at a stiff rate of 30%, like lottery prize money. The central bank digital currency (CBDC) — the digital form of the fiat currency bills in your wallets — can quicken transactions and dramatically transform payments with instantaneous settlement. It would be faster and cheaper than other modes of payment like RTGS, IMPS or UPI. Cryptos, however, will not be treated as currency but may survive as assets. Not only would crypto profits be taxed at double the rate than short-term stock gains, 1% would be deducted as tax at source from the proceeds of sale of cryptocurrency.

fad across the world and India will next fiscal, beginning April 1, have its own version of the same which essentially would mirror the prevalent physical currency in digital form. The currency, called 'digital rupee', will be issued by the Reserve Bank in digital form and will be fungible with physical currency. The exact regulation governing this Central Bank Digital Currency (CBDC) is yet to be finalised.

Finance Minister Nirmala Sitharaman, while presenting the 2022-23 Union Budget on February 1, announced a 30 percent tax on income generated from the transfer of any digital asset.

Central Bank of Jordan (CBJ) has revealed that it is researching issuing a digital currency. The central bank digital currency (CBDC) would be linked to the Jordanian dinar and have legal standing.

RBI) will introduce its digital currency in the new financial year. Digital currency will lead to a more efficient and cheaper currency management system, the Finance Minister said during her budget speech in Parliament. «It is, therefore, proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022-2023,» she added.