Virtual Currencies

Amidst turmoil in crypto currencies market, India is working with the Financial Stability Board (FSB) so that a consensus on a roadmap for regulating virtual assets could be agreed at during India's G-20 presidency itself, Economic Affairs Secretary Ajay Seth said on Thursday. India as assumed G-20 presidency for 2023. The G20 is a premier forum for international economic cooperation that plays an important role in global economic governance. In an interview to PTI, Seth said that an IMF paper on crypto assets was discussed among emerging economies on January 15 and 16 in Delhi. "We had a one-and-a-half day workshop. Thereafter, they are drafting a paper for a seminar, which will be conducted on the sidelines of G20 Finance Ministers and Central Bank Governors meeting in Bengaluru that is scheduled on February 23," he said. That seminar is intended at arriving at a policy consensus on crypto assets, he said. At the same time, he said, "We are also working with the FSB and the idea

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Other digital tokens also increased, with Ether jumping 7%, Solana up more than 9% and DeFi favorite Aave also up around 7%

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Around Rs 100 billion worth of transaction is taking place on average per month on these exchanges in the country

Based on the holding period, you have to pay short-term or long-term capital gains tax

Before you bet on them, brace yourself for high volatility and beware of hackers

Digital currencies are not created by any authority, Gandhi said

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