Cryptocurrency News Live: Bitcoin, Ethereum Remain Steady
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Nepal’s central bank, the Nepal Rastra Bank (NRB), is preparing to launch its own central bank digital currency (CBDC) soon. Following a study that noted that the introduction of a CBDC is indeed a feasible project, the NRB said it is ready with revisions to the Nepal Rastra Bank Act, 2002, that would allow it to issue a digital variant of its fiat currency, the Nepalese rupee. CBDCs are state-issued digital currencies that are meant to function just like any regular fiat currency would, but will exist on a blockchain, just like cryptocurrencies do.
Cryptocurrencies are slowly gaining recognition around the world. Along with that, more and more crypto ATMs are also getting set up around the world. As per data from Coin ATM Radar, first reported by Bitcoin.com, in the first week of August 2022, the total number of crypto ATMs installed across the globe surpassed 39,000 in total. For those unaware, a crypto ATM allows users to buy or sell cryptocurrencies in exchange for real-world cash. Interestingly, the data showed presence of two crypto ATMs in India as well, both located in Delhi-NCR.
Bitcoin (BTC) and Ethereum (ETH), the world’s two most-valued cryptocurrencies managed to remain steady over the weekend, not showing much change in price as BTC saw a 24-hour gain of 1.34 percent while ETH registered a 24-hour gain of 1.62 percent. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) managed to land in the greens as well. Among lesser-known cryptocurrencies, the Oasis Network (ROSE) token turned out to be the biggest gainer over the last 24 hours, while Decred (DCR) turned out to be the biggest loser on Monday despite being the top gainer late last week.
India-based crypto platform WazirX has courted massive controversy, first after Enforcement Directorate (ED) raids on its parent company Zanmai Lab and then world's largest crypto exchange Finance completely disowning the Nischal Shetty-run platform. Changpeng Zhao, founder and CEO of Binance, said in a tweet thread late on Friday that the company "does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders".
Background
Cryptocurrency still remains a mystical subject for many keen investors in India. While cryptos are slowly gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender, there are still a sizeable number of people who wish to invest in crypto, but aren't able to closely track breaking and developing news in the sector, which will help them take note of price movements, major sell-offs, and announcements of new blockchain-based developments.
This live news blog is here to help. From major market losses to noteworthy declarations, follow this live blog to stay updated with all the latest happenings in the world of crypto.
While there are many cryptocurrencies to explore, Bitcoin (BTC) is the most popular as it is the world's oldest and most valued crypto coin. As of August 8, Bitcoin price stood at $23,308.63, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.10 trillion, registering a gain of 1.52 percent in the past 24 hours.
While cryptocurrency is unregulated in India, cryptocurrencies are clubbed under virtual digital assets (VDAs). Under the new tax regime that went into effect on April 1 this year, VDAs attract taxation of 30 percent on gains. A TDS of 1 percent will be applied on top of that.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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