At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister 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. She also expressed confidence that the Budget…
Individual taxpayers were hopeful that the finance minister (FM) would provide some tax relief by changing the tax slabs or offering higher deduction under Section 80C, 80D, or Section 24. None of those hopes materialised. However, there was some relief for taxpayers who make a mistake in filing income-tax. Investors in cryptos will also breathe…
Crypto or digital currencies are the latest 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…
Meta Platforms Inc-backed Diem Association sold its assets to crypto-focused bank Silvergate Capital Corp, Diem said on Monday, ending the tech giant’s ambitious push to get its billions of users transacting in its own currency. Silvergate said in a separate statement that it had paid $182 million for Diem’s intellectual property and other assets. The…
Bitcoin is closing out a rough month, with January declines putting the digital coin on pace for its worst start to a year since the dawn of the 2018 “crypto winter.” The largest cryptocurrency by market value has notched only about a dozen up days this month, according to data compiled by Bloomberg, with the…
India’s finance minister on Tuesday said the central bank will introduce a digital currency in the next financial year using blockchain and other supporting technology. “Introduction of a central bank digital currency will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system,” Nirmala…
Digital Rupee is proposed to be introduced by RBI using blockchain technology starting from 2022-23, Finance Minister Nirmala Sitharaman said on Tuesday. In her Union Budget 2022-23 speech, she also said Rs 1 lakh crore financial assistance to states will be provided in 2022-23 to catalyse investments. The finance minister further said that in 2022-23,…
The past two months have seen a spectacular bear market in cryptocurrencies. This comes after a long bull run, which multiplied cryptocurrency market value, pulled in new investors, and led to serious investment houses setting up crypto indices and advising portfolio exposure to digital currencies. The value of cryptocurrencies.peaked early-mid November 2021. Since then, most…
The government will take a balanced view on the issue of regulation of cryptocurrencies as they have implications on the country’s financial stability, Principal Economic Adviser Sanjeev Sanyal said on Monday. Currently, there are no particular regulations or any ban on use of cryptocurrency in the country. The issue of cryptocurrency has not been covered…
A black diamond weighing a staggering 555.55 carats is going up for auction at Sotheby’s and living up to its name “The Enigma.” Bidding opens on Feb. 3 at 6 a.m. PST (1400 GMT) and closes on Feb. 9, Sotheby’s said, adding cryptocurrency will be accepted for payment of the diamond. Sotheby’s said it is…
