Cryptocurrency News Live: RBI Has Started Work For Phased Implementation Of CBDC, Pankaj Chaudhary 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 19, Bitcoin price stood at $21,797.31, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.02 trillion, registering a gain of 4.55 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 Has Started Work For Phased Implementation Of CBDC: Pankaj Chaudhary
In a written reply in the Rajya Sabha today, Minister of State for Finance Pankaj Chaudhary said that the Reserve Bank of India (RBI) has started work for phased implementation of the Central Bank Digital Currency (CBDC), whose introduction was first announced in Union Budget 2022-23.
Chaudhary went on to clarify that no proposal to exempt cryptocurrency from taxes is under consideration. He added that the RBI is regularly cautioning users and traders about the potential economic, financial, and security-related risks associated with cryptocurrencies.
Gemini Lays Off Over 65 More Employees In Second Round: Report
After terminating nearly 10 percent of staff some time back owing to "turbulent market conditions", crypto exchange Gemini has laid off more employees in the second round of layoffs.
Crypto Winter May Last Another 250 Days If Market Cycle Repeats: Grayscale Research
In its research titled “Bear Markets in Perspective,” Grayscale noted that the crypto market operates just like traditional economic and financial markets, and hence has “cycles that ebb and flow.” Grayscale said that on average, crypto market cycles last for around four years, or approximately 1,275 days. “While methods vary for identifying crypto market cycles, we can quantitatively define a cycle by when the Realised Price moves below the Market Price (the current trading price of an asset), using Bitcoin prices as a proxy,” Grayscale said in its report.
Cryptocurrency Price Today: Ethereum Crosses $1,500
The global crypto market cap has managed to regain the $1-trillion mark after a weeks-long meltdown, dipping to nearly $800 billion earlier this month. Bitcoin (BTC), the world’s oldest and most valued crypto, managed to float above the $22,000 mark on early Tuesday morning but dipped slightly at the time of writing. Ethereum (ETH) price rose above the $1,500 mark, while other popular altcoins, including the likes of Solana (SOL) and Ripple (XRP), saw considerable gains across the board.
Binance Faces EUR 3.3-Million Fine Over Illegal Operations In The Netherlands
Binance, the largest crypto exchange in the world in terms of daily trading volume, has been fined by DNB, the central bank of the Netherlands, for offering crypto services in the country while not being registered with the authority. Binance now faces a fine of EUR 3.3 million. The DNB announced on Monday that the administrative fine was imposed earlier in April, following a public warning back in August 2021.
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