Cryptocurrency News Live: RBI To Launch Digital Rupee Today
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
The Reserve Bank of India (RBI) is all set to launch the first pilot of the Digital Rupee for the wholesale segment (e₹-W) on Tuesday, November 1. As per the RBI statement issued on Monday, the e₹-W use case for this pilot is the settlement of secondary market transactions in government securities. With the e₹-W pilot, India will join several other countries, including neighbouring Pakistan and China in bringing out its own digital currency — which will be issued by the RBI — in order to tap into the fast growing cryptocurrency space.
Bitcoin (BTC) and Ethereum (ETH), the two most valued cryptocurrencies, managed to remain stable within the $20,000 and $1,500 ranges, respectively. Dogecoin (DOGE) continued to cash in on Elon Musk’s Twitter takeover and became one of the highest-gaining coins in the last 24 hours. The Chain (XCN) token became the top gainer over the last 24 hours, with a gain of over 26 per cent. Toncoin (TON), on the other hand, emerged to be the biggest loser with a dip of over 8 per cent on early Tuesday morning.
Investing in cryptocurrency proved costly for a businessman based in South Delhi, who lost Rs 17 lakh to a Dubai-based fraudster, who was using the bank account of an Aligarh-based man to commit the fraud, police said. The South Delhi Cyber Police arrested the Aligarh resident, who shared his banking access with the fraudster on a commission basis in this regard. A senior police official said that the accused was identified as Sarik Naseem. The police said that they have frozen Rs 3,84,897 from the bank account of the accused.
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 November 1, Bitcoin price stood at $20,502.90, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.02 trillion, registering a gain of 0.65 per cent in the last 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 per cent on gains. A TDS of 1 per cent is 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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