India’s very own official 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…
Bitcoin hit its highest in two weeks on Saturday, extending the previous session’s strong gains as cryptocurrencies basked in a recovery in risk appetite and a rally in stock markets. The world’s largest cryptocurrency hit $41,983, taking gains from Thursday’s lows to nearly 16%, and marking a 27% rise from the year’s low of $32,950.72…
Paytm loss widens 45% to Rs 778 cr in Q3, revenue rises 89% Fintech major Paytm saw its revenue increase 89 per cent to Rs 1,456 crore in the December quarter (Q3) on a year on year basis, whereas net loss widened 45 per cent to Rs 778 crore. However, the company said that its…
Fintech SaaS firm Clear (earlier Cleartax) announced the launch of crypto tax and portfolio management platform for enterprises and individual users, in response to the Budget proposal to levy a flat 30 per cent tax on digital assets. As the owner of India’s largest SaaS platform for e-filing and financial services, Clear would be partnering…
Thai power producer Gulf Energy Development Pcl expects to finalise a joint venture (JV) with the world’s biggest cryptocurrency exchange, Binance, in the second quarter this year, a senior executive told Reuters in an interview. “Once we conclude talks with Binance on business model and shareholder agreements, a JV will be formed, which will apply…
Cryptocurrency will never be a legal tender, Finance Secretary T V Somanathan said on Thursday clearing the air on the legality of private digital currencies in the market. The 2022-23 Budget has given a clarity on taxation of virtual digital assets and proposed to impose a 30 per cent tax on gains made on such…
Hackers have stolen cryptocurrency worth over $326 million from blockchain bridge Wormhole. Wormhole is a platform that allows users to transfer cryptocurrency across different blockchains. The company confirmed in a series of Tweets that 1,20,000 wETH was stolen from the platform and the network was down for maintenance as they looked into a potential exploit….
The imposition of 30 per cent tax on proceeds of digital assets, as announced in the Union Budget 2022-23, will lead to huge tax collections as the turnover of the top 10 crypto exchanges in the country is around Rs 1 trillion, said JB Mohapatra, Chairman, Central Board of Direct Taxes (CBDT). Talking to ANI,…
Cryptocurrency platform Wormhole said on Thursday that “all funds are safe” after hackers stole more than $320 million from its site in the fourth-largest crypto heist on record. Wormhole which allows the transfer of information from one crypto network to another, said on Twitter on Wednesday that it was “exploited” for 120,000 units of a…
After serious concerns were raised on cryptocurrencies and their misuse for money laundering and hawala-based transactions by terror groups and criminals, a new report has claimed that money laundering through the buying and selling of non-fungible tokens (NFTs) is becoming a growing sector. According to a report by Blockchain data platform Chainalysis, they found a…
