Bitcoin trading above Rs 17 lakh

Most cryptocurrencies traded in the red early on June 28 as the global crypto market-cap rose 2.33 percent to $925.77 billion over the last 24 hours. The total crypto market volume increased 4.07 percent to $54.99 billion during the period. The total volume in DeFi stood at $5.81 billion, 10.57 percent of the total crypto market's 24-hour volume. The volume of all stable coins was $49.24 billion, 89.55 per cent of the crypto market's 24-hour volume. Bitcoin hovered over Rs 17 lakh, with a dominance of 42.53 percent. This was a 0.08 percent increase over the day, data from CoinMarketCap shows. Read full here

TDS on cryptocurrency transfers from July 1

Come July 1 and your cryptocurrency sale transactions will attract tax deducted at source (TDS) of 1 percent. This will be applicable to all virtual digital asset (VDA) transfers – cryptocurrencies, non-fungible tokens (NFTs), and so on – worth over Rs 10,000. With the TDS on transfer of cryptocurrencies is set to come into force from July 1. The responsibility of withholding this tax will be on the buyer, crypto exchanges and brokers, depending on the type of transaction, CBDT has clarified. We help you understand a little more about VDA and TDS applicability. Read details here

Amid crypto crisis, crypto-fixed-deposit-equivalent is on the cards, says Mudrex CEO Edul Patel

As the cryptocurrency market continues to trade below the $1-trillion mark, crypto investment firm Mudrex plans to launch the fixed deposit (FD) equivalent of crypto, which aims to generate up to 14 percent fixed returns, this year, Co-founder and Chief Executive Officer Edul Patel said, adding that he expects the market to remain largely unchanged at least for the next six to nine months. The product is in the pilot stage and should be unveiled in the next couple of months. Experts say products like FD have the potential to establish themselves quickly, complement crypto trading, and diversify the overall crypto investment strategy. Take a look

As crypto currencies plunge, crime doesn't pay anymore

Crypto currencies have been having a meltdown in the past few months with the value of the most popular bitcoin on a free fall. This seems to have had an unexpected effect on thefts or hacks involving crypto currencies. Data from the Bank for International Settlement (BIS) shows that instances of theft dropped to 6 during the second quarter of this year from 16 instances in the first three months. The BIS, in its annual report, notes that crypto crimes have increased manifold in recent years which coincides with increased interoperability between blockchains. Read more here

Chef Vikas Khanna on the launch of India’s first ‘phygital’ book

Michelin Star awarded Chef Vikas Khanna launched his 38th book Sacred Foods of India as an NFT (non-fungible token) in collaboration with the country’s first ‘phygital’ platform Akshaya.io on Thursday in Dubai. It is India’s first ‘phygital’ book which will enable fans to own original NFT along with the physical copy. Sacred Foods of India is a limited edition book with recipes of prasad and food served at various holy places around the country. The first phygital unit of the sandalwood book was bought by Sanjeh Raja from ICCA (International Centre of Culinary) at $50,000 (over Rs 39.12 lakh today). Read more here