India Ranks Second Globally in Crypto Transaction Volume
According to Chainanalysis’ report, #India claims the world’s second-largest #crypto market, driven by adoption, despite high taxes. #CryptoAdoption #Chainanalysis #DeFi #CryptoTax #P2PTrading
India
15% of Adult Indians Hold Cryptocurrency or Bitcoin
An estimated 115 million people in India are bitcoin investors. By 2030, it is projected that India’s crypto market would have a $241 million market valuation. Crypto users are perplexed by the government’s strict regulations. The results of a survey report titled “Into the Cryptoverse, India” were released by the cryptocurrency exchange KuCoin. The analysis examines the growth of the cryptocurrency and blockchain sectors in India. Data from KuCoin, a worldwide cryptocurrency exchange, claims that despite the government’s anti-crypto stance, India has an estimated 115 million (which adds up to 15% of the country’s adults), cryptocurrency investors, with a “sentiment
India’s Central Bank Seeks to Ban Cryptocurrencies in India
he Government of India wants to ban cryptocurrencies in the country. FM Sitharaman told the parliament that the RBI was concerned about the effects of crypto in the country. Earlier this year, India imposed 30% tax on crypto transactions and profits. The turmoil of cryptocurrency has been rising in India after its government said the central bank of India demanded cryptocurrencies to be forbidden in the country. On Monday, India’s finance minister Nirmala Sitharaman told the parliament that the Reserve Bank of India has suggested “framing the legislation” on the crypto sector and was looking to “prohibit” cryptocurrencies. The statement
Amazon India Shares Metaverse Foray Teaser
Amazon India tweeted a teaser of a possible partnership with Decentraland and OnePlus. The tweet signifies that the company is going to enter the virtual land world. India is currently ranked one for the most number of crypto owners. The official Twitter page of Amazon India just revealed a teaser tweet in regards to their potential collaboration with Decentraland, an Ethereum-powered virtual reality platform. The tweet that was captioned “something new is on the horizon” with hashtags of metaverse, Decentraland, and OnePlus only shows that Amazon India is going to leap into the virtual land world. The company has yet
11 Crypto Exchanges Fined $13M by India for Tax Evasion
11 crypto exchanges have been subject to tax evasion. A total of 81.54 crore rupees ($10.77M) was detected, 95.86 crore rupees ($12.6M) with penalties included. Wazirx, Coindcx, and Coinswitch Kuber are the top three exchanges with the highest amounts evaded. The government of India unveiled that the country’s tax authority had investigated 11 cryptocurrency exchanges regarding tax evasion. As of today, the government has retrieved a total of 95.86 crore rupees or $12.6 million. Last Monday in Lok Sabha, the lower house of parliament, the Indian government gave some answers to questions regarding the taxation of cryptocurrency exchanges. “Whether it
Coinbase To Give Away $1M for Upcoming India Pitch Day
Coinbase is giving away $1 million to promising Indian Web 3.0 startups. The giveaway will happen during India Pitch Day on April 8. Meanwhile, Coinbase stock (COIN) is down 60% from its 52-week high. Publicly traded crypto company Coinbase announced its upcoming Pitch Day, which will be held in Bangalore, India on April 8. For the event, Coinbase has partnered with startup accelerator group Buidlers Tribe. Together, the partners will give up to $1 million in funding to promising Web 3.0 startups via Coinbase Ventures. Interested applicants can visit here for more details. Panelists will compose of some leading executives
India on the Hunt, Targets 700 Crypto Investors for Tax
India recently applied a 30% crypto tax on high-value crypto transactions. Most Indians believe this to be too high for tax. Many have failed to file their crypto holdings in their tax returns. India’s Income Tax Department has flagged around 700 crypto investors. It seems these crypto investors are failing to pay taxes on high-value crypto transactions. To highlight, this hunt is in regard to India’s decision to put a tax on crypto transactions. In detail, India recently took a positive step towards recognizing the legal use of cryptocurrencies within its borders. However, the citizens of India are not happy
India Arrests 4 People Alleged of Crypto Scam From 2017
Four individuals have been arrested over a $5.36 million crypto fraud and murder. The crypto fraud happened in 2017 in which people were tricked to purchase ethers. Prior to the latest ambush, the Indian police have arrested 7 people related to the case. The Indian police have arrested four individuals who are allegedly associated with a cryptocurrency scam dating from 2017. According to an article by The Times of India, these people were identified as Nishid Wasnik and his wife Pragati, alongside their aides Gajanan Mungune and Sandesh Lanjewar. These people were connected to a company named Ether Trade Asia.
Crypto Exchange CoinDCX Now India’s First Crypto Unicorn
Crypto exchange CoinDCX is now India’s first crypto unicorn, valued at $1.1 billion. Coinbase Ventures, Block.one, and Polychain Capital joined the funding round. CoinDXC will use the funds to expand and enhance its communication channels. Indian cryptocurrency exchange CoinDCX has now become the first crypto-based unicorn in the country. Specifically, the exchange is now valued at least $1.1 billion. The recent milestone is due to a successful series-C funding round led by B Capital Group, an investment firm co-founded by Eduardo Saverin, who also happens to be the Co-Founder of Facebook. Other notable entities also joined the funding round, including
Bitcoin and Altcoins Not Banned in India, RBI Says
India is not banning cryptocurrencies RBI provides clarification regarding its RBI’s 2018 order Bitcoin and other cryptocurrencies are not banned in the country of India. This announcement was made clear by the Reserve Bank of India (RBI) recently. Specifically, the RBI states the financial institution must not use the RBI’s 2018 order to halt crypto bank transactions. As a result, the crypto community in the country rejoices as they welcome this piece of great news. RBI explains: “It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies
