The recent year’s crackdown on the cryptocurrency sector in India has benefited international exchanges at the expense of domestic exchanges. According to the most recent sources, Binance, a cryptocurrency exchange, is growing its presence in the Indian market. This occurs as Indian cryptocurrency traders seek refuge on overseas exchanges to escape the onerous 1% TDS
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India’s cryptocurrency exchanges are launching a series of “longer-term investments” to combat this year’s slump in crypto values and a drop in activity as harsh taxes drive away day traders. Staking is used to earn income on cryptocurrency deposits, while dollar-cost-averaging algorithms are used to set aside funds to acquire crypto on specific dates rather
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In order to communicate with governments and authorities about the adoption of blockchain technology and Web 3.0 in India, stakeholders in the country’s blockchain industry have established a new forum with more than 40 influencers. The metaverse, non-fungible tokens (NFTs), central bank digital currencies (CBDCs), and other topics are among the Special Interest Groups (SIGs)
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Following the collapse of Terra’s UST and LUNA, RBI governor Shaktikanta Das noted in a local media interview that the central bank has been right to warn against cryptocurrencies. On Monday, Das told CNBC TV18 that if cryptocurrency had been regulated in India before the recent crisis involving the Terra ecosystem, investors would have questioned
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India CoinSwitch CEO Ashish Singhal claimed that the country needs to enact legislation on cryptocurrency to solve regulatory ambiguity, protect investors, and expand India’s crypto economy. Despite the fact that India’s central bank has campaigned for a ban on cryptocurrencies owing to concerns to financial stability, the cryptocurrency industry has interpreted the federal government’s proposal
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The India government is considering imposing a “reverse charge” on virtual digital asset investments made through foreign platforms. A reverse charge is a tax owed by the recipient of goods or services rather than the supplier. The burden of goods and services taxation (GST) will rest on an Indian investor who purchases services from a
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