Page 7 - Cryptocurrency

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 ...

Top Headlines: Ex-FTX CEO arrested, CPI inflation eases in Nov, and more

Business Standard brings you the top headlines at this hour

FTX collapse: US asks companies to disclose involvement with crypto firms

In wake of the collapse of crypto exchange FTX, the US Securities and Exchange Commission has directed publicly-traded companies to tell about their involvement with struggling cryptocurrency firms

FTX CEO secretly gave $27 mn to crypto news site The Block, its CEO

Bankman-Fried also loaned McCaffery $16 million, some of which helped him purchase property in the Bahamas, where FTX is headquartered, according to Axios

Former FTX CEO Bankman-Fried says will testify to Congress over its fall

The former CEO of the failed cryptocurrency exchange FTX said in a tweet Friday that he is willing to testify to Congress next week, but that he will be limited in what he can say and that he won't be as helpful as he'd like to be. The tweet came in response to a tweet from House Financial Services Committee Chair Maxine Waters, who on Monday requested that Bankman-Fried attend next week's hearings over the collapse of FTX. Waters said in a series of tweets to Bankman-Fried that based on multiple media interviews since FTX collapsed that it was clear to us that the information you have thus far is sufficient for testimony. FTX failed last month in what was essentially a cryptocurrency version of a bank run, when customers tried to withdraw their assets all at once because of growing doubts about the financial strength of the company and its affiliated trading arm, Alameda Research. Since its collapse, FTX's new management has called the cryptocurrency exchange's management a comple

Crypto wrap: Market stable even as FTX fallout claims one more victim

The total market cap has improved marginally from $855 billion last Friday to $859 billion on December 9

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

Former FTX CEO Sam Bankman-Fried to testify before US House committee

The U.S. House Financial Services Committee plans to hold a hearing in December to investigate the collapse of FTX and expects to hear from the companies and individuals involved in it

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

Saw many threats from crypto; CBDC was the way forward: RBI DG Sankar

Implementing NPCI volume-cap right now may have caused friction in UPI

After FTX collapse, pressure for tougher crypto rules to protect meltdown

Policymakers have for years highlighted the need for effective rules on the crypto industry, pointing to risks to consumers after a string of big market crashes and corporate failures

Crypto wrap: Positive commentary from Jerome Powell keeps market stable

In the last 7 days, Bitcoin (BTC) rose over 3 per cent and was trading at $16,970 on Friday. Ethereum (ETH) was up nearly 9 per cent and was trading at $1,280

Telegram's next step is to let users securely trade, store cryptos: CEO

He said that this can fix the wrongs caused by the excessive centralisation, "which let down hundreds of thousands of cryptocurrency users"

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

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

WannaCry to SamSam: 5 biggest ransomware attacks you need to know about

Ransomware attacks have been taking place for a long time, but their frequency has increased in the last few years

The 5 Best New Cryptos to Diversify Your Portfolio in 2023 and Beyond

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Cryptocurrency lender BlockFi goes bankrupt in aftermath of FTX downfall

BlockFi said in a statement that it will use the Chapter 11 process to "focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities"

Blocked 700 crypto accounts between April-Sep over irregularities: WazirX

The crypto exchange received 828 requests from law enforcement agencies, of which 764 were Indian and 64 were foreign

Binance launches website for proof-of-reserves system for Bitcoin reserves

The company currently has a 101 per cent reserve ratio. This indicates that it has enough BTCs available to cover every user's balance, reports TechCrunch