Thursday, Aug 18, 2022
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Lok Sabha Passes Finance Bill On Crypto Taxes; Bitcoin Rises

Capital gains on crypto to be taxed at 30% from 1 April; Bitcoin rises 2.60 per cent in last 24 hours, Ethereum up 2.91 per cent.

The Lok Sabha has passed a bill on cryptocurrency taxes.

The government approved the Finance Bill 2022 in Lok Sabha on Friday, which proposed a 30% capital gains tax on crypto transactions.

From April 1, 2022, all crypto transactions will be subject to a 1% tax deducted at source (TDS), as well as taxes on crypto gifts, with no way to offset losses.

To a question about whether the government might consider banning crypto altogether, Minister of Finance Nirmala Sitharaman said: "There is no confusing signal. We have been very clear that consultations are going on as to whether we want to regulate it to some extent, or really very much, or totally ban it. " Until then, the government is taxing crypto as people are making money from it, she said.

Elsewhere, Israel Bank Leumi (LUMI) has announced that it will start to offer crypto trading through its digital platform, Pepper Invest. The company said in a press release on Friday that Bank Leumi is presenting this service in collaboration with the New York-based custody and trading platform, Paxos, and will be the first bank in Israel to offer crypto trading services to its clients.

According to the company, customers will be able to buy, hold, and sell Bitcoin (BTC) and Ethereum (ETH) initially in transactions starting at 50 shekels.

In the world of non-fungible tokens, prosecutors in the US have arrested two 20-year-old creators, Ethan Nguyen and Andre Llacuna, from California, on money laundering and fraud charges relating to the Frosties scam earlier this year. Both have been accused of stealing $1.1 million from the Frosties scam, according to various media reports.

 

Crypto Prices

In the cryptocurrency market, the price of Bitcoin was up by 2.60 per cent in the last 24 hours, while it was trading at $44,130.09 at 5:00 pm IST. Its dominance in the crypto market is currently at 41.88 per cent, up by 0.21 per cent in the last 24 hours, according to Coinmarketcap.com.

In the last 24 hours, Ethereum (ETH) was trading at $3,135.73, a rise of 2.91 per cent, while Binance Coin (BNB) rose 1.04 per cent over the same period and was trading at $414.14. Solana (SOL) rose 3.13 percent to $102.65, while Cardano (ADA) fell 0.61 percent to $1.12.

 

Meme Coins

Among meme coins, Dogecoin was down by 03.21 per cent and was trading at $0.135 at 5:00 pm on Coinmarketcap.com. Its rival, Shiba Inu, was down by 0.28 per cent and was trading at $0.00002482. Dogelon Mars was up 10.73% and trading at $0.0000008215, while Samoyedcoin was down 3.83% and trading at $0.01965.

 

Overall Scenario

The global crypto market cap was at $2.00 trillion, registering an increase of 2.09 percent in the last 24 hours, while the total crypto market volume was $107.02 billion, up by 2.11 percent, according to Coinmarketcap.com.

Web3 ALL Best ICO (WEB3ALLBI) was the biggest gainer, rising 134.08 percent.It was trading at $0.0744 at 5:30 pm, according to Coinmarketcap. In contrast, Genie Protocol (GNP) witnessed the maximum loss, falling 98.92 per cent. It was trading at $0.00108, according to Coinmarketcap.com

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