Cryptocurrency News Live: RBI Announces Digital Rupee (Retail) Pilot
Cryptocurrency News Live (November 29): 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 November 29, Bitcoin price stood at $16,832.90, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $826.96 billion, registering a dip of 0.91 percent 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, 2022, VDAs attract taxation of 30 percent on gains. A TDS of 1 percent 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.
RBI To Launch e₹-R Pilot On December 1
Digital Rupee for retail, denoted by e₹-R, will be introduced as part of a pilot by the Reserve Bank of India (RBI) on December 1. This comes a month after the regulatory body launched the Digital Rupee for wholesale (e₹-W) in India on November 1. In a press release, the RBI announced that the e₹-R pilot will be rolled out in select locations among a "closed user group" that will comprise customers and merchants.
AIIMS-Delhi Hackers Demand Rs 200 Crore In Cryptocurrency
Hackers have allegedly demanded around Rs 200 cr in cryptocurrency from All India Institute of Medical Sciences (AIIMS), Delhi, as the institution's server has been unavailable for the sixth day in a row, reported news agency PTI. Due to the breach that was discovered on Wednesday morning, it is feared that the data of between 3 and 4 crore patients may have been compromised.
Crypto Firm BlockFi Files For Bankruptcy, BitFront Shuts Down As Market Suffers From FTX Collapse
Crypto finance firm BlockFi has filed for bankruptcy to help "stabilise its business," as investors are yet to recover from the fall of crypto exchange FTX. BlockFi and eight of its affiliates have filed for Chapter 11 bankruptcy Code in the US Bankruptcy Court for the District of New Jersey to provide the company with the "opportunity to consummate a comprehensive restructuring transaction that maximises value for all clients and other stakeholders".
Cryptocurrency Price Today: Fantom Becomes Top Gainer
Bitcoin (BTC) and Etherum (ETH) — two of the most valued crypto coins in the world — managed to remain stable within the $16,000 and $1,100 range on early Tuesday morning. Most cryptocurrencies landed in the greens, albeit with minor jumps, across the board. Popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP) — saw minor gains in the last 24 hours. The Fantom (FTM) token emerged to be the biggest gainer of the lot.
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