Page 5 - Digital Currency

Govt receives Rs 60.46 crore tax from TDS on virtual digital assets

The government on Tuesday said an amount of Rs 60.46 crore has been received in tax from entities for transactions in virtual digital assets (VDAs), including cryptocurrencies, since the introduction of TDS provisions in July. The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin. Also, to keep a tab on the money trail, a 1 per cent Tax Deducted at Source (TDS) under section 194S of I-T Act has been brought in on payments over Rs 10,000 towards virtual digital currencies from July 1. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said CBDT conducts outreach/ awareness programmes for deductors/taxpayers and also takes appropriate action, including search & seizure operations, surveys, enquiries etc, as required. "Post insertion of Section 194S in the Income-tax Act, 1961 through Finance Act, 2022, a total of 318 ...

Retail CBDC could revolutionise digital subscriptions using micropayments

Such payments could be an income source for platforms and content creators hesitant about subscription model

Fixed denominations vs token system: Why digital cash needs to feel real

If the payment market is cornered by a few powerful private-sector platforms, they may impose hidden charges and fees

India has to compete to gain from 'China Plus One' strategy: Eswar Prasad

Companies, investors around the world looking at India's policy trajectory, says the professor of trade policy at Cornell University

How world's oldest digital currency could solve climate change crisis

But what if there was an overlooked digital currency that could help to solve the climate crisis, rather than just doing less to exacerbate it?

Indian-origin investor takes legal action after losing $2 mn in FTX crash

An Indian-origin entrepreneur, who lost $2 million after FTX went kaput last month, is taking legal action against the cryptocurrency exchange's founder, according to a report

Exploring tech, legal provisions to keep e-Rupee transactions 'anonymous'

It will weigh its options as things evolve but will ensure the anonymity of transactions up to a certain limit, which is a basic feature of cash transactions

Digital currency like cash, no need for lack of privacy fears: RBI Guv

RBI has decided to enhance the mandates of United Payment Interface, expand the scope of BBPS and ensure privacy of people in the case of digital currency transactions, said Governor Shaktikanta Das

Transactions in CBDC pilots gather pace, all minor glitches fixed swiftly

Wholesale segment averages Rs 325 crore per day in November

CBDC versus the rest: Can RBI's digital currency replace physical cash?

The central bank digital currency is unlikely to replace cash and other digital mediums of transactions but could coexist with them

How two Pythagoras crypto hedge funds dodged the market collapse

Pythagoras Investment Management LLC has two funds that have been rare bright spots in a market that's been eviscerated by a number of scandals

Top Headlines: Tax benefits to SEZs, Parliament's winter session and more

Business Standard brings you the top headlines at this hour

Cryptocurrency exchange Bybit plans to cut 30% of workforce: CEO Ben Zhou

The layoffs are part of an ongoing reorganisation aimed at refocusing efforts, and reductions will be across the board

Retail CBDC a game-changer, should improve monetary transmission: SBI chief

Anonymity factor is critical for its acceptance, asserts Dinesh Khara

e-Rupee: RBI creates Rs 1.71 crore of digital currency for retail pilot

Aims to involve 50,000 merchants, customers in the next few days

Crypto coin that surged 3,100% in India cracks amid wider mkt meltdown

BlockAura's native token, called TBAC, has tumbled 90% to $3.03 from its all-time high of $32.30 in July, according to CoinGecko

Retail e-rupee pilot begins tomorrow: Here's what you can expect from it

The transactions using the retail CBDC can be both person-to-person as well as person-to-merchant, and payments can be made using QR codes shown at merchant locations

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

Retail CBDC pilot starts Dec 1, to be tested in 4 banks, 4 cities initially

RBI says digital rupee for retail segment will be in the form of a digital token that represents legal tender, to be issued in same denominations as paper currency and coins

After FTX chaos, Indian crypto exchanges try to calm nervous investors

Cryptocurrency news: On Friday, the crypto market cap was at $826 billion, Bitcoin was trading at $16,451 and Ethereum at $1,180