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…
A police constable accused of kidnapping a local cryptocurrency trader and demanding Bitcoin ransom worth $40 million has been arrested along with seven accomplices, authorities said Wednesday. Dilip Khandare had learned that a fellow resident of Pune owned a lucrative Bitcoin wallet and hatched a plan to kidnap him. He and his co-conspirators allegedly kidnapped…
Does the Budget address the distress caused by the pandemic? Not really. Businesses were expecting a third “booster” shot by way of reduction in direct taxes and that didn’t happen. I guess they have to rely on vaccine companies for booster shots and not the finance minister. Will this Budget help the economy and create…
The Indian government said it doesn’t treat trading in crypto assets as illegal, a day after it announced taxing such transactions just the same as winnings from gambling. “They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T V Somanathan said in an interview to Bloomberg Television. “We…
Cryptocurrencies like Bitcoin or Ethereum will never become a legal tender, Finance Secretary T V Somanathan told ANI adding only the digital rupee issued by the Reserve Bank of India (RBI) would be the legal tender. Speaking to ANI, Finance Secretary said, “Digital rupee will be backed by RBI which will never default. Money will…
Sitharaman said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. Budget bets big on public infra: Subsidy bill falls as Covid concern eases While presenting the Union Budget on Tuesday, Finance Minister Nirmala Sitharaman stressed the “overall sharp…
India took a step closer to adopting cryptocurrencies after years of wavering on its stance, as the country seeks to keep up with the global move toward the digital assets. Bitcoin gained. The Reserve Bank of India will launch its digital currency in the year starting April 1, Finance Minister Nirmala Sitharaman said in her…
The Budget’s move to tax gains made on crypto transactions by investors at 30 per cent has come as a respite for the country’s crypto start-ups. This is because there had been fears that the government could ban virtual assets, which is now out of the equation, said founders of start-ups dealing in virtual assets….
Until now, millions of investors in digital/virtual assets (cryptocurrencies and non-fungible tokens, or NFTs) in the country worried they could be hauled up by the tax department for filing their income-tax returns vis-à-vis this asset class incorrectly. Now, finally, Finance Minister (FM) Nirmala Sitharaman has provided clarity on how they are to be taxed. The…
