The government is not planning to introduce any cryptocurrency, Minister of State for Finance, Pankaj Chaudhary, informed the Rajya Sabha on Tuesday. Currently, cryptocurrencies are unregulated in India, he said in a written reply.
"RBI (Reserve Bank of India) does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by the RBI in terms of the provisions of the RBI Act, 1994. A digital version of traditional paper currency is called "Central Bank Digital Currency (CBDC)," Chaudhary said in a statement. The statements clarify that while a CBDC is in the works, the government is not introducing any cryptocurrency.
In Bahrain, however, the Central Bank of Bahrain has awarded crypto exchange Binance a licence that allows it to operate in the country, providing services including crypto trading, custody, and portfolio management services to Bahraini customers, Coindesk reported.
In what comes as a jolt to the crypto community across the world, Singapore’s Finance Minister announced on Friday that the country would be introducing taxes on non-fungible token (NFT) trading, according to various media reports.
Lawrence Wong, Singapore’s Finance Minister, announced in Parliament that NFT trading would be taxed under existing income tax standards. The minister clarified that the tax regulations will apply to those who get an income from NFT trading, but not to those who earn capital gains from NFTs.
In the cryptocurrency market, the price of Bitcoin (BTC) was down by 0.74 per cent in the last 24 hours, while it was trading at $38,656.73 at 5:30 pm IST. Its dominance in the crypto market is currently at 42.7 per cent, up by 0.13 per cent in the last 24 hours, according to Coinmarketcap.com.
In the last 24 hours, Ethereum (ETH) was trading at $2,533.87, with a fall of 1.13 per cent, while Binance Coin (BNB) fell 0.96 per cent over the same period and was trading at $366.15. Solana (SOL) was down by 1.29 per cent to $79.99 and Cardano (ADA) was down by 1.34 per cent to $0.7904.
Meme Coins
Among meme coins, Dogecoin was down by 3.08 per cent and was trading at $0.112 at 5:30 pm on Coinmarketcap.com. Rival Shiba Inu was down by 2.20 per cent in the last 24 hours and was trading at $0.00002149. Dogelon Mars was down by 2.58 per cent and was trading at $0.0000006658, while Samoyedcoin was trading at $0.01707, recording a fall of 0.94 per cent in the last 24 hours.
Overall Scenario
The global crypto market cap was at $1.72 trillion, registering a decrease of 0.74 percent in the last 24 hours, while the total crypto market volume was $73.67 billion, up by 1.01 percent.
