Group representing Indian crypto exchanges to be dismantled: Report
India’s only lobby for blockchain and crypto exchanges will be dismantled, a media report said on Friday citing a source in a group representing the broader mobile technology sector.
The Blockchain and Crypto Assets Council (BACC) speaks for an industry that already has sales pressure. Bitcoin, the largest cryptocurrency by market value, was traded at $ 20,798.02 on Friday. In the Budget 2022, the Indian government had introduced a tax of 30 percent on revenues from the sale of cryptocurrencies. In addition, a withholding tax of 1 percent (TDS) has also come into force from 1 July 2022.
The Internet and Mobile Association of India (IAMAI) dismantles BACC after disagreements and allegations that crypto exchanges did not follow an internal code of conduct, according to a report by moneycontrol.com.
“The BACC group has been very undisciplined in following the demands and demands of the authorities that were decided during the meetings with public bodies. The only commitment that was dealt with in time was to cut back on TV and digital advertising that promotes crypto investments. IAMAI will not be involved in the crypto body or discussions going forward, “the report said, quoting a person aware of the matter.
Reserve Bank of India (RBI) Governor Shaktikanta Das said on June 30 that cryptocurrencies are a “clear danger”. He added that anything that gains value based on ideas, without any underlying, is just speculation under a sophisticated name.
Since March 2022, global crypto markets have crashed by over 80 percent, measured in market value. High inflation, tighter central bank policies, the war in Ukraine and new tax rules are some of the factors. Bitcoin alone has swept away nearly $ 500 billion of investors’ wealth since March.
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