Marrakech, Morocco: The G20 finance ministers and central bank governors (FMCBG) agreed to “ambitious efforts” for substantially reforming and strengthening multilateral development banks (MDBs), including increasing their lending capacity. They also adopted a road map for the regulation of crypto assets, marking significant progress on India’s G20 agenda. “…The G20 finance track saw key achievements … Read more
The crypto industry has great expectations from the upcoming Union Budget of 2023. The Industry is hoping that FM Nirmala Sitraman will bring a number of changes, specifically how Virtual Digital Assets (VDAs) are classified and taxed. The 2 major demands are: 1. The 1% tax deducted at source (TDS) on sale transactions of Crypto … Read more
The crypto dilemma stems from concerns about the unregulated currency having a destabilising effect on the country. | Photo Credit: Getty Images/iStockphoto The story so far: The Investor Education and Protection Fund (IEPF) will launch an outreach programme soon to create awareness of cryptocurrencies and online gaming. The need for the outreach is based on … Read more
To address potential financial stability risks and protect investors, it is important to arrive at a common approach to crypto assets, the Financial Stability Report released by RBI said on Thursday. In this context, various options are being considered internationally, it said. One option is to apply the same-risk-same-regulatory-outcome principle and subject them to the … Read more
When the crypto market is euphoric, every trader looks like a genius. When the tide is out, the naked swimmers are exposed. Like any other asset class, the industry requires a solid strategy to navigate a bearish crypto market. Factors that can constitute strong strategy during crypto winter: 1. Risk Management: It is the first … Read more
RBI Governor Shaktikanta Das has lashed out at crypto assets once again. In an interview with ET Now, Das reiterated his concerns over the crypto assets. The RBI chief said, “cryptos may lead to dollarization of the developing countries like India as the prices of crypto tokens are mostly denominated in dollars.” He said that … Read more
Budget 2022-23 is a comprehensive and transparent budget, reflecting confidence in economic recovery. Set against the backdrop of the third wave of Covid, it is a rightly balanced budget. It balances the need to revive the economy against the prevalent fiscal constraints, primarily by focusing on the quality of spending. Its skilful navigation of fiscal … Read more
In my view, in the history of mankind, cryptos are the fastest asset creators, creating $2-$3 trillion in the 10 years since Bitcoin was launched in 2009. Today, it is one of the most talked about asset classes — or should I say a puzzle. To utilise this asset and to enjoy its benefits as … Read more
Crypto exchanges are lobbying for definition of different types of crypto assets while the government looks to table the Cryptocurrency Bill in the Parliament this budget session, said people with direct knowledge of the matter. The government’s current plan includes creating a broad framework around crypto assets that would give them a legal credence in … Read more