According to various media reports, the central government may impose a 28 per cent goods and services tax (GST) on cryptocurrency transactions if the proposal goes through in their next GST Council meeting.
Amid the global crash in cryptocurrency prices, Terra (LUNA) took the worst hit, losing 51 per cent. The global crypto market, meanwhile, recovered slightly. Catch cryptocurrency prices and other news updates on cryptocurrencies here:
The global crypto market cap increased by 0.31 per cent to $1.43 trillion at 8.50 am. However, the global crypto volume was down by 14.64 per cent to $156.47 billion, as per Coinmarketcap data.
1/ Over the past several days, market volatility across crypto assets has been significant.
The market turmoil is also reflected by the past week’s uncertain macro conditions across legacy asset classes.
— LFG | Luna Foundation Guard (@LFG_org) May 9, 2022
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $31,326.37, up by 0.78 per cent in the last 24 hours. Ethereum (ETH) was also trading higher by 1.83 per cent at $2,366.90.
Among other major coins, Cardano (ADA) was down by 0.8 per cent at $0.6276, Algorand (ALGO) was trading with a loss of 3.66 per cent at $0.5825, Binance Coin (BNB) was up by 3.29 per cent at $320.32, Solana (SOL) was trading with a gain of 3.89 per cent at $67.63, and Polkadot (DOT) was gained 3.28 per cent at $11.40.
Today’s top gainer was SafeFloki (SFK), which was up by 569.75 per cent at $0.0000000001245. The top loser was NeorderDAO (N3DR), which was down by 98.79 per cent at $0.0005162.
— Outlook Business & Money (@outlookbusiness) May 11, 2022
Meme Coin And DeFi Prices
Dogecoin (DOGE) was up by 1.45 per cent at $0.1103. Its volume to market cap ratio stands at 0.1015. Rival Shiba Inu (SHIB) was also up by 9.47 per cent at $0.00001634.
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Dogelon Mars (ELON) gained 3.46 per cent to trade at $0.0000006907 and Floki Inu (FLOKI) was up 1.45 per cent at $0.00001113. Samoyed Coin (SAMO) was, however, down by 4.27 cent at $0.009688.
In the DeFi segment, YFI (yearn.finance) was up by 4.04 per cent at $13,860.57. Terra (LUNA) crashed by a massive 51.55 per cent at $14.73. Avalanche (AVAX) gained 3.13 per cent at $44.67, Uniswap (UNI) was up by 0.46 per cent to trade at $6.17, and Aave (AAVE) was up by 2.53 per cent to trade at $107.43.
Various cryptocurrency ancillary services like crypto mining, blockchain verification and others which could be now taxed under GST. If the proposal goes through, then profits on cryptocurrencies will attract capital gains tax, tax deducted at source (TDS) will be applicable at the time of buying cryptos and GST will be charged on crypto services. The date of the next GST meeting is yet to be finalised, reported Economic Times.
Meanwhile, SBI Motor Japan, a subsidiary of SBI Africa Co Ltd, will start accepting Bitcoin (BTC) and Ripple (XRP) crypto payments on its e-commerce used car website.
SBI Motor Japan deals in used cars and has its key export areas in Tanzania, Zambia, Kenya, the Bahamas, the Cayman Islands, the Caribbean, and Ireland. With this additional payment mechanism using crypto, they aim to simplify cross border payments. “In anticipation of the growing demand for remittances using crypto assets, we plan to increase the number of currencies that can be used for settlement in the future,” said SBI Motor Japan in a statement, reported Forbes India.