Tag: Digital currency

Union Budget 2022: 30% tax to be paid on crypto in India, RBI will bring its own digital currency

Union Budget 2022: In her budget speech, the Union’s finance minister made a major announcement about digital currencies. A digital currency will be launched by the Reserve Bank of India (RBI) this year. It is expected to be released by the end of 2022 or early in 2023. The Central Bank Digital Currency is based on blockchain technology, among other technologies. India’s economy, therefore, stands to benefit greatly from the arrival of the Indian Digital Currency.

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The transfer of any digital asset will also be taxed at 30 percent, as Sitharaman explained during her budget speech. Nirmala Sitharaman points out that virtual digital assets have seen an increase in transactions. As a result, a special taxation system for virtual digital assets is required. I propose a 30 percent tax on all income generated from the transfer of a virtual digital asset. A deduction shall not be allowed for any expenditure or element while computing such income, except for the cost of acquisition for any loss arising from a transfer of virtual digital assets, which cannot be set off against any loss.”

The Finance Minister went on to say that with this budget India would lay the groundwork for the next 25 years. Growth is forecast at 9.2% for the next fiscal year. According to the latest estimates, the Indian economy has grown by 9.2% for the current year.

Unlike cryptocurrencies, digital currencies are more stable and regulated. Unlike digital currencies issued by governments, crypto-currencies and stable coins are decentralized.

According to an analysis by the Financial Action Task Force (FATF), a non-profit organization dedicated to preventing money laundering and terrorism financing, cryptocurrencies offer better privacy than mainstream digital payment methods. These services can be misused by terrorist organizations and criminals for the wrong reasons.

Decentralized cryptocurrencies make it difficult for central banks to control an economy’s money supply since they do not have their most crucial tools.

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Financial markets are about to be revolutionized by cryptocurrencies, says Slavi Kutchoukov

Since cryptocurrencies debuted on the financial markets a few years ago, they have seen rapid growth. In spite of the global pandemic that ravaged the economy, it has shown tremendous promise. The financial market is about to be revolutionized by cryptocurrencies, says Entrepreneur Slavi Kutchoukov.

As a result, digital assets held their value even during these trying times due to these being the fastest-growing types of investment instruments that are considered safe even against inflation and market volatility that can destabilize financial structures. Therefore, digital assets held their value despite these trying times due to the fact that these are the fastest-growing types of investment instruments that are considered safe against inflation and market volatility that can destabilize financial structures.

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When big names like Square, which is an American payments company, purchased Bitcoins worth $50 million, following them was Microstrategy, a public company in the US that converted $425 million of its cash reserves into Bitcoin, as they found it to be the best investment option.

Tesla, one of the world’s biggest names, became part of the movement, increasing the trust of people in this field. As a result, many big companies are now getting involved with digital currencies, the latest being PayPal, which recently announced its acceptance of digital currencies and now lists cryptocurrencies on its checkout step, showing how big it could grow in the future.

Many countries are gradually regulating the market by making digital currencies legal exchanges as big companies and private investors adapt to this new technology. USA, Japan, Germany, and a few other countries have already incorporated digital assets into their legal framework.

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German entrepreneur Slavi Kutchoukov, an established real estate businessman and a successful fashion entrepreneur in the UK and UAE, has also embraced the trend and introduced his own digital currency, known as Slavicoin, set to launch in the near future.

Digital currency is becoming the currency of the future, and Slavicoin will become the industry’s fastest-growing digital asset once it is launched,” noted Slavi Kutchoukov.

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