Cherry.chetanpatel #Education/Technology

Crypto industry celebrates breakthrough moment, but 30% tax a concern. In a breakthrough moment for the crypto industry in India, Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that income from crypto trading would be taxed at 30%. Though her announcement doesn’t make crypto legal, it does give official recognition to these digital assets, bringing much-needed legitimacy to the sector. For years, there have been reports of an imminent ban on private cryptocurrencies in India but today’s announcement closed that chapter, crypto industry stakeholders, including founders, venture capitalists and policy experts, told. To be sure, several lawyers said the industry remains in a legal grey area, and that only a full-fledged cryptocurrency bill would give these assets full legal status. What is a virtual asset?  "Virtual assets" means any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptographi...

  What is cryptocurrency? Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service. Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. Cryptocurrency is a kind of digital currency that is intended to act as a medium of exchange. Cryptocurrency has become popular in the last decade, in particular, with Bitcoin becoming the most widely tracked alternative currency. Typically, cryptocurrency is electronic-only and does not have a physical form – that graphic at the top of the p...