Lagatar24 Desk
Mumbai, Nov.18: The cryptocurrency market has lost ground in the last 24 hours, with trade volume dropping 6.43 % to 128.94 billion dollars. Bitcoin is currently trading at $60,414, up 2.68 % on the day, maintaining its market domination of 43.04 %. Ethereum, which is currently trading at $4.320, has also increased by 5.14 %. Polkadot (43.12 dollars) has also increased by nearly 9%.
DeFi is currently worth around $15.56 billion USD, accounting for nearly 12.07 % of the total crypto market volume (24-hour basis). The stable coin volume, which is about 96.09 billion dollars, accounts for 74.52 % of the total 24-hour volume in the crypto market.
India has made tremendous progress in the area of cryptocurrency legislation, with reports suggesting that the government may approve and regulate the usage of cryptocurrencies as an asset class similar to gold, stocks, bonds, and other financial instruments. However, they may not be allowed to be used as a transactional currency. It’s also possible that SEBI would be given over the job of regulating this new asset class.
In line with this approach, the government of India is considering taxing of cryptocurrency trading. According to reports, cryptocurrencies would be subject to a 1% GST on all crypto exchanges, which will be collected at the point of sale. The bill’s specifics are being finalised, and it will be considered for introduction in the parliament’s winter session in the next 2-3 weeks.
