Cryptocurrency News Live: RBI Believes Cryptocurrencies Should Be Prohibited, Nirmala Sitharaman Says
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
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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 July 18, Bitcoin price stood at $21,273.21, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $977.87 billion, registering a gain of 0.41 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.
RBI Is Of The View That Cryptocurrencies Should Be Prohibited: Nirmala Sitharaman
While addressing the parliament on Monday, Finance Minister Nirmala Sitharaman said that the Reserve Bank of India (RBI) believes that "cryptocurrencies should be prohibited." She also said that "cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage."
Coinbase Gets Crypto Asset Service Provider Approval In Italy
Coinbase has secured approval from regulators in Italy to provide ongoing crypto services to customers in the country, the cryptocurrency exchange said in a blog post.
Ethereum, Bitcoin Show Signs Of Recovery
The overall crypto market has shown strong signs of recovery over the weekend. Ethereum (ETH), the world’s second most valuable cryptocurrency, rose above the $1,400 mark on July 18 morning. Along with ETH, most other popular crypto coins also registered considerable gains, including the likes of Bitcoin (BTC), Litecoin (LTC), and Solana (SOL). As the final Ethereum Merge is set to take place in September, the Ethereum Classic (ETC) became the top gainer over the past 24 hours, along with other lesser-known altcoins.
Crypto Miners Must Share Emission, Energy Use Data: US Senators Urge Authorities
US Senator Elizabeth Warren (D-Massachusetts) and other Democrat leaders have asked the Environmental Protection Agency and Department of Energy in the US to crack down on crypto mining. They urged the authorities to ask crypto miners to provide data on emissions and energy use.
IAMAI Dissolves Blockchain And Crypto Assets Council Amid Regulatory Uncertainties
Amid the heightened uncertainties around cryptocurrencies, the Internet and Mobile Association of India (IAMAI) on Thursday announced to dissolve the Blockchain and Crypto Assets Council (BACC). The association created and nurtured BACC for four years.
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