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After years of wavering on its stance, India has finally taken a step closer to adopting cryptocurrencies as the country seeks to keep up with the global move toward the digital assets. Aside from placing earnings from cryptocurrencies and non-fungible tokens NFTs in India's highest tax band, Sitharaman also said losses from their sale could not be offset against other income, delivering another disincentive to trading and investment in digital assets. No official data is available on the size of the Indian crypto market. Cash-dependent India now joins nations including China in pushing forward with digital versions of their currencies as they look to harness new technologies to make transactions more efficient. Still, the relatively high tax rate could prompt traders to move to platforms in other countries, which would reduce revenue for the Indian government, he added.
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Content:
- Accounting for crypto assets? Here’s what you need to know
- Bitcoin vs Ethereum: A comparison between the hottest cryptocurrencies today
- Crypto News, Jan. 31: Wonderland Users Deserved Better
- Crypto 101
- Bitcoin explained: all you need to know about the crypto frenzy
- End of the day for Meta's Diem cryptocurrency: What you need to know
- Bitcoin Era
- Bitcoin tumbles, but fans aren't abandoning the digital currency
- What To Know About Cryptocurrency and Scams
- Lessons Learned from the Rise and Fall of Bitcoin
Accounting for crypto assets? Here’s what you need to know
But first — subscribe to our newsletter. As you'll see in our news roundup below, Wonderland has turned into Blunderland. The DeFi protocol is shutting up shop after a series of unfortunate events — triggered by the revelation that its treasury head is a convicted credit card fraudster who co-founded QuadrigaCX.
Investors deserve better when their funds are at stake. CoinMarketCap News. Crypto News, Jan. Table of Contents. The biggest, best crypto news ever. Editor's Note: Harsh Lessons from Blunderland. By Connor Sephton. Also today Wonderland's co-founder, Daniele Sestagalli, admitted last week that he had known about Patryn's past for a month — and that he believed in second chances.
But by keeping this information under his hat, Wonderland's users were left in the dark — and had no way of knowing that the person running the till had spent 18 months in U. A supposedly decentralized finance protocol should have been upfront with users before Patryn was hired. Decentralization is meant to boost transparency and avoid a single point of failure.
This hasn't happened here. Other protocols need to learn harsh lessons from Wonderland. Prices have fallen by And in other news, Goldman Sachs is now telling its clients to buy gold if they want a hedge against inflation.
A DeFi protocol has announced it is shutting down after it emerged that a convict was serving as its treasury manager. Michael Patryn's role in Wonderland caused alarm — and to make matters worse, he was also the co-founder of doomed crypto exchange QuadrigaCX. Wonderland co-founder Daniele Sestagalli said the protocol cannot continue in its current form if users are divided. China faces delays to the mass adoption of the digital yuan because of COVID restrictions at the upcoming Winter Olympics, experts have warned.
International spectators have been barred from the Games, meaning few will get the chance to use the central bank digital currency. And to make matters worse, experts have pointed out that transaction volumes pale in comparison to private alternatives such as Alipay — not least because there are few incentives for consumers to make the switch. A cafe in Thailand has become a sanctuary for crypto traders — and has been kitted out with banks of screens showing the latest market prices.
The venue first opened in , and customer numbers are said to have doubled since its transformation into a hub for digital assets. Unfortunately, regulators in Thailand see things differently — and are planning to clamp down on crypto transactions.
Connor Sephton I cover the crazy world of crypto. Related Articles. See all articles. Join the thousands already learning crypto! Join our free newsletter for daily crypto updates!
Bitcoin vs Ethereum: A comparison between the hottest cryptocurrencies today
Investment strategists at JPMorgan Chase suggested that the value of bitcoin was vulnerable to momentum swings that could extend its slide. The chief investment officer of Guggenheim Partners, Scott Minerd, told CNBC recently that while he thinks bitcoin will ultimately be worth roughly 10 times the value at which it is currently trading, it could still see a drop of 50 percent in the shorter term. Minerd suggested that the flow of money into the cryptocurrency was too much, too fast, and that it would lead to a reckoning. Chris Kuiper, vice president of equity research at CFRA Research, argued that a number of technical market levers were driving the current slide, including the unwinding of certain futures contracts and a disruption in the electrical supply to a major bitcoin production hub in China. Visa and Mastercard are warming to the idea of supporting bitcoin on their payment systems.
Crypto News, Jan. 31: Wonderland Users Deserved Better
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. And by the time we all thought we sort of knew what the deal was, the founder of Twitter put an autographed tweet up for sale as an NFT. Right, sorry. A one-of-a-kind trading card, however, is non-fungible. At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs. Some already have. NFTs can really be anything digital such as drawings, music, your brain downloaded and turned into an AI , but a lot of the current excitement is around using the tech to sell digital art.
Crypto 101
Other top cryptocurrencies are also down, including ether , the second-largest cryptocurrency. Along with price movement, here are five important things that happened in the cryptocurrency space last week. The hearing was called by committee leader Rep. Maxine Waters, D-Calif.
Bitcoin explained: all you need to know about the crypto frenzy
Today, however, only a fraction of the TV-watching world could explain the difference between a bitcoin and an Amazon gift card, or between a non-fungible token and a Chuck E. Cheese token. Here are some of the basics to help bring you up to speed. Do not interpret any of this as an endorsement of cryptocurrencies, which are not particularly useful today as currencies nor reliable as investments. To understand cryptocurrency, it helps to consider that bitcoin rose from the ashes of the global financial crisis of Anyone could exchange bitcoins with anyone else at any time for any reason.
End of the day for Meta's Diem cryptocurrency: What you need to know
We are excited to be partnering with Unified MMA, as they are boldly embracing the future of money and understand that athletes as well as employees will soon be requesting innovative benefits, like the Bitcoin Savings Plan by Bitcoin Well. Bitcoin Well has identified a significant crossover between our target audience and the existing Unified MMA audience. We are pleased to have exposure to future customers through this event, including viewers watching worldwide on UFC Fight Pass, the largest MMA viewing platform in the world. As leaders of the longest-running, founder-led Bitcoin ATM company in Canada, management of Bitcoin Well brings deep operational capabilities that span the entire value chain along with access to proprietary, cutting-edge software development that supports further expansion. Bitcoin Well is on a mission to shift the relationship that society has with money by offering an ecosystem of products and services that make Bitcoin accessible and understood. This ecosystem includes non-custodial financial offerings both in-person and online ; technology development, including SaaS and internal technology developments through Ghostlab, the technology arm of the business; and educational resources designed with the needs of both the customers, and the industry, in mind.
Bitcoin Era
This op-ed was originally published by The New York Times. Bitcoin, the original cryptocurrency, has been on a wild ride since its creation in Then it fell to half that value in just a few weeks. Are cryptocurrencies the wave of the future and should you be using and investing in them?
Bitcoin tumbles, but fans aren't abandoning the digital currency
Bitcoin gives full control to users instead of financial institutions. Over the years, Bitcoin has inspired thousands of new types of cryptocurrency that have built on its technology. It has also become popular as an asset class due to gains in its value. Here's a closer look at how Bitcoin works and how to decide if you should invest in it. Released by its author under the pseudonym Satoshi Nakamoto, the paper described a digital currency that would enable peer-to-peer payments without relying on financial institutions.
What To Know About Cryptocurrency and Scams
David Gura. This illustration photograph taken on July 19 in Istanbul shows a physical banknote and coin imitations of the Bitcoin cryptocurrency. Regulators such as Securities and Exchange Commission Chairman Gary Gensler are promising tougher action for cryptocurrencies. For many people, cryptocurrencies like Bitcoin are part of an exciting and lucrative new financial frontier. But for the country's top market watchdog, Gary Gensler, they seem "like the Wild West" — and he's promising a crackdown. The market for cryptocurrencies has ballooned.
Lessons Learned from the Rise and Fall of Bitcoin
Bitcoin is a type of digital currency that emerged after the financial crisis. It allows people to bypass banks and traditional payment methods. It has become the most prominent among thousands of so-called cryptocurrencies.
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