cryptocurrency

The proposed move to levy goods and services tax (GST) on cryptocurrencies is set to be delayed as consensus on the modalities has eluded officials from the centre and state governments. As a result, the 50th meeting of the Goods and Services Tax Council, which is expected later this year, is unlikely to finalise the move. Consensus has eluded the officials because of the “complexities” involved in indirect taxation of cryptocurrencies. Officials say they will need "..

The Indian government has recently made an announcement that cryptocurrencies will now be included in the Prevention of Money Laundering Act (PMLA). This means that the exchange of virtual digital assets with fiat currencies, the exchange between one or more forms of virtual digital assets, and the transfer of digital assets will now be covered under money laundering laws. As a result, any financial wrongdoing involving cryptocurrency assets can now be investigated by the Enforcement Directorate..

Author of this article: Adv. Ravish Bhatt Connect with Mr. Bhatt on Linkedin: Click Here 1. What Is Cryptocurrency? Investopedia defines Cryptocurrency as: - "A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of crypto..

The crypto industry's tax distress in India may get worse as the government looks to expand indirect taxes on the space in the coming days. The GST is said to be in addition to the 30% income tax on earnings from virtual digital asset (VDA) transactions that the government announced during the Union Budget in February this year. 1% TDS will also apply on crypto transfers from July 1, 2022. The levy of 28% GST is another Shocker for the Crypto Currency coterie. The matter is up for c..

The Finance Bill, 2022, proposes to define VDA by way of inserting clause (47A) to Section 2 of Income Tax Act, 1961 (IT Act). The definition starts with the term 'means' which makes it clear that it is exhaustive in nature and the intention of the legislature is to freeze the scope of the term. Further, it is clear from the definition that the scope of VDA does not include Indian currency or foreign currency. Cryptocurrency has not yet been given legal sanction in India though it has be..

Time is still the best answer And this saying once again turned out to be true as The Finance Bill, 2022 brings clarity on much talked about "Crypto - Crypto and Crypto" A lot of speculation was made by Gyani, Agyani and by each and every one about the crypto, some said crypto will be taxed at this rate some said at that etc. but only our madam Honourable Finance Minister Nirmala Sitharaman and her team knew what was in their minds. But on the 1st of Feb, 2022 when the fi..

Crypto currencies are something that most of us have heard of from time to time through various venues. Such information has filled our social media feeds. Crypto has made a few people wealthy, and it has inspired others to pursue their dreams of establishing a niche. So, what's all the fuss about it, and why has it become so important that it was even featured in our Union Budget for 2022? This is not a guide to the crypto world, where to invest, or how to invest, rather, it is about how..

Introduction The government is set to introduce "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" in the winter session of Parliament beginning 29 November. The main Objective of the bill is "to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India." What will the Bill prohibit? The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 "shall prohibit ..

Cryptocurrency in India has recently taken the path of robust growth amid the lack of regulations. However, things would soon be changing as the government and the RBI has recently hinted about floating a strong regulatory control on cryptocurrency to avoid money laundering and terror financing. This was also stated by Prime Minister Narendra Modi in a virtual address, held on 18 November,2021, at Sydney Dialogue while urging all the democratic nations to come together and ensure it does not ..

The term "cryptocurrency" must have come up at least once in a conversation with your classmates, coworkers, or lecturers these days, but do you truly know what it means and where it came from? Fear not, since the financial club is here to provide you with an in-depth look at this concept. Let's go back in time and speak about the genesis of money. They employed the barter system in the caveman era in which products and services were exchanged for each other, but many of us are ..

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology - a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. Types of Cryptocu..

Cryptocurrency is a medium of exchange that is digital, encrypted and decentralized. Unlike the currencies used worldwide, there is no central authority that manages and maintains the value of a cryptocurrency. While in the initial stages the point of focus was only on the mining aspect of the cryptocurrencies, over the past few years there has been a sudden surge with regard to the trading of the same. Cryptocurrency market in India is an unregulated market. With the rampant rise in the popu..

In India gossips on Crypto market is trending for a while now and this will not get old atleast for a decade. This is one of the fastest-growing market in the world today. The Indian Stock Market size as on July, 2021 is around $3 Trillion whereas comparatively the total Cryptocurrency Market size is above $2 Trillion. Hence, this article shall briefly discuss about cryptocurrencies and its impact in India. WHAT IS CRYPTOCURRENCY? Being a digital product, it definitely is not like the virt..

Scope of Today's discussion vis-à-vis BITCOIN Brief Intro of - what it is, it's working mechanism, etc; Recent developments both nationally & globally; Cyber attack & sustainability issues; Recognition & regulatory framework across globe & in India; Taxation of gains from Bitcoin; Other issues relating to Cryptocurrency.   What's Bitcoin? On Visiting www.bitcoin.org the first thing that is displayed is: "Bitcoin is an i..

What is Cryptocurrency? A cryptocurrency is a type of currency which uses digital files as money. Usually, the files are created using the same ways as cryptography (the science of hiding information). Cryptocurrencies use 'decentralized control', which means that they aren't controlled by one person or government. How does it Work? Cryptocurrency is a form of payment that can be exchanged online for goods and services. Cryptocurrencies work using a technology called blockch..

RBI/2021-22/45 DOR. AML.REC 18 /14.01.001/2021-22 May 31, 2021 All Commercial and Co-operative Banks / Payments Banks/ Small Finance Banks / NBFCs / Payment System Providers Madam / Dear Sir,   Customer Due Diligence for transactions in Virtual Currencies (VC) It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.B..

Today, with the rise of cryptocurrencies and their underlying technology, we stand at the helm of a digital revolution. Cryptocurrencies like Dogecoin, Bitcoin, Ethereum, and Mon-roe are the digital currency used to buy online goods and services, just like tokens or casino chips. Cryptocurrencies operate using a technology called blockchain. There are more than 6,700 different cryptocurrencies traded publicly, according to CoinMarketCap.com, a market research website. These currencies are unique..

Introduction I won't say History and other Blaw Blaw Blaw think. Foe that there are so many Videos are there we can know.In this article I will say my opinion about why we shouldn't invest in Crypto currency. What is Cryptocurrency? As the nomenclature indicates that Cryptocurrency is also one type of currency. So now the question is this currency is legally tenable in India?   What is meant by Currency? 'In layman language, Currency means which can be legally trad..

Cryptocurrency is a new form of digital money. It has the potential to operate in mainstream similar to paper currency of any country with no geographical boundaries. Cryptocurrencies rely on blockchain technology, which gets away from the intermediaries in a financial transaction like banks. It is a de-centralized technology where every computer in the transaction confirms the transactions. With globalization setting its feet in every developmental aspect of economic growth and financial ind..

So much movement in bitcoin prices and so many dollars of assets involved, everyone was taken aback by the crypto crash that took place on Wednesday. So, let us comprehend this crash and the reasons behind this cryptocurrency mania. But let us first go back in the History and see how the crypto market faced a bullish rise - In India before 2021, unlike Stocks and Mutual Funds, Bitcoins and other Crypto Assets were not considered as conventional methods of wealth building. But, in 2021, thi..