IN PICS | India's First CBDC, FTX Collapse, Luna Meltdown: All Crypto Events That Defined 2022

2022 has been a particularly eventful year for the crypto sector. Here is a quick look at some of the major crypto events that made headlines in 2022.

2022 has be2022 has been a particularly eventful year for the crypto sector. Here is a quick look at at some of the major crypto events that made headlines in 2022.en a prticularly eventful year for the crypto sector. Here is a quick look at some of the major crypto events that made headlines in 2022.

India Announced Crypto Tax: At the Union Budget 2022-23, Finance Minister Nirmala Sitharaman proposed a taxation policy on virtual digital assets (VDAs). It meant that all the gains from the sale of VDAs would face a tax of 30 percent. The stringent taxation structure came into effect on April 1, 2022. (Image: Getty)

LUNA Crash: In May, the LUNA cryptocurrency lost nearly all of its value as its interlinked stablecoin TerraUSD (UST) lost its US dollar peg. This resulted in a nearly 97 percent dip in LUNA price below its all-time peak of $118, as seen in April, 2022. (Image: Getty)

Ethereum Merge: Ethereum Merge, the most-awaited crypto event in 2022, took place on September 15, as confirmed by Ethereum co-founder Vitalik Buterin on Twitter. Among other things, this was done to bring a 99 percent reduction in energy consumption on the Ethereum network, marking a valuable step forward toward a green blockchain. (Image: Getty)

Digital Rupee Launched: India in late November and early December launched two pilots for its own CBDC — Digital Rupee. As per RBI Governor Shaktikanta Das, Digital Rupee was introduced to help ease logistics, by eliminating the cost of printing notes and other such elements. Das said that the Digital Rupee would eliminate banks as intermediaries in digital transactions, as it was seen in the case of the UPI mode of payment. (Image: Getty)

FTX Meltdown: FTX crypto exchange was founded by Sam Bankman-Fried in 2019. Speculation about the financial health of FTX which started over a November weekend amplified into $6 billion of withdrawals in just 72 hours. It filed for bankruptcy in November 2022 and Sam Bankman-Fried was arrested by the Royal Bahamas Police on December 12, 2022. (Image: Getty)