Shock to those investing in cryptocurrencies, now they will not be able to buy like this

Coinbase comes under NPCI’s radar regarding UPI payments.

NPCI directly monitors UPI payments in India. After the statement of NPCI, banks stopped the transactions done through UPI on Coinbase.

Four days of moonlight is then a dark night. This was stated by the American company Coinbase (Crypto trading facility).coinbase), precisely because the company had only been in the Indian market for four days and was able to make UPI payments (UPI Payments) came on the radar of NPCI. So what is this whole matter, understand. The world’s largest crypto currency exchange Coinbase made its strong entry in India on 7 April. With this entry, the company said that it will allow its users to buy crypto currency through UPI. After this NPCI issued a statement and said that it is not aware of any crypto exchange using UPI.

This development assumes significance as crypto currency is not a legal tender in India and until crypto is officially legalized, regulatory bodies like NPCI will not allow crypto-related UPI payments. NPCI directly monitors UPI payments in India. After the statement of NPCI, banks stopped transactions through UPI on Coinbase.

30 percent tax on virtual digital assets

Let us inform that in this year’s budget, the government had announced the imposition of 30 percent tax on virtual digital assets. Not only this, 1 percent TDS will also have to be paid on every such transaction. That is, the government wants to discontinue trading of crypto and all other digital assets.

30 percent tax on virtual digital assets

Let us inform that in this year’s budget, the government had announced the imposition of 30 percent tax on virtual digital assets. Not only this, 1 percent TDS will also have to be paid on every such transaction. That is, the government wants to discontinue trading of crypto and all other digital assets.

Think of it this way, imposing 30 percent tax means that if someone has made a profit of Rs 1,000 from crypto, then he will have to pay 30 percent tax, surcharge and cess together with about Rs 420. Similarly, on earning Rs 10,000, Rs 4,200 will fly away.

Apart from this, the government is about to bring a cryptocurrency bill to monitor virtual assets in the country and is currently preparing documents for it for the sake of public opinion. According to a report by market research company Chainalysis, there are currently 15 million crypto investors in India and our country is the second fastest growing market for crypto currency.

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Pranav, Money9