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60,000 Indians urge government to cut cryptocurrency tax to avoid ‘devastating impact’

Many Indians have signed a petition for the government to introduce reasonable tax policies for cryptocurrencies. This week, India’s Finance Minister Nirmala Sitharaman proposed taxing cryptocurrency income by 30%.

Indians Sign Petition Calling Government to Reconsider Cryptocurrency Tax Proposal

A petition has been started on Change.org for the Indian government to “introduce reasonable tax policies for cryptocurrencies”.

Finance Minister Nirmala Sitharaman said during her 2022-23 budget speech earlier this week that crypto income will be taxed at 30% and no deduction will be allowed except for the cost of acquisition.

Aditya Singh, who runs the “Crypto India” YouTube channel, started the petition asking India’s Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to make changes to the tax proposal. To date, more than 58,000 people have signed the petition.

The petition begins by noting that there are between 15 and 20 million cryptocurrency investors in India, as well as several hundred thousand young Indians who are part of the industry. Furthermore, Indian investors hold around $6 billion worth of crypto assets. The petition adds:

The crypto industry also contributes significantly to the country in the form of employment, bringing FDI investments, GST payments and income tax revenue to the government.

The petition asks Prime Minister Modi and Finance Minister Sitharaman to consider five requests.

The first request is that the cryptocurrency industry not be treated like the betting and gambling industries. The second is to adjust the current proposed rate of 30% to the rate applicable to equity transactions.

Furthermore, the proposed 1% tax deducted at source (TDS) should be reduced to 0.05% and “compensation and pass-through of losses should be allowed as cryptocurrency markets are in their early and highly volatile stages” . The acquisition cost must also be defined “to include exchange rates, blockchain network fees, interest payments, royalty payments on NFTs, etc.”

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CoinBase users can receive tax refunds from the United States in Crypto as part of the TurboTax Agreement

The exchange said that users could send the funds to their coinbase accounts at FIAT or automatically convert them to encryption with no negotiation fees.

The Turdax Tax Presentation Platform is in the permission of UU declarers. They obtain their repayments directly into encryption as part of an agreement with Crypto Exchange CoinBase.

In a blog posting on Thursday, CoinBase announced to users who sent their tax returns using Turbotax, would have the option to receive returns on cryptoniences such as Bitcoin (BTC) and other platform compatible. The exchange said that users could send the funds to their coinbase accounts at FIAT or automatically convert them to encryption with no negotiation fees.

A New York team report said the CoinBase offer applies to state and federal income taxes. The encryption exchange already associated with the cointracker tax calculation platform to complete the forms for users to declare gains and capital losses in their returns.

The deadline for US residents UU. Crypto Tax Conformity Company Taxx announced in January that a network of US cryptographic companies was launched. UU intended to provide data from tax reports to users.

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Michael Saylor Interviews Jack Dorsey on Bitcoin Principles, MicroStrategy Buys Another 660 BTC

MicroStrategy CEO Michael Saylor recently held a live talk with Jack Dorsey, CEO of Block Inc., in which the two executives discussed the principles behind Bitcoin and what their prospects are for the near future.

The session was part of an annual conference, World 2022, which focuses on how organizations can leverage MicroStrategy’s business intelligence services for business analysis. The discussion also delved deeper into the fundamental principles behind Bitcoin and how it helped spawn an entirely new financial system that goes against the centralized principles of what currently exists.

“Many of us probably started Bitcoin out of curiosity, and that has led us further and further down the road [about] how the world works and what are some of the best solutions to the problems we all face and we are all seeing. .” Dorsey shared.

According to Dorsey, he is “extremely passionate” about Bitcoin as a cryptocurrency that runs alongside the Internet, which was founded on the back of the open source movement in the early 1990s.

“There’s a way to build for the Internet, build for the world, that’s credible, that’s open, that includes anyone who wants to participate. We don’t normally see that in the corporate world that we tend to live in.” said the CEO of Block Inc.

Dorsey believes Bitcoin opens up the possibility of an open and inclusive financial system designed to be top-down, as opposed to the current financial sphere of influence, whether it is multiple governments running central banks or what he calls “corporate”. financial systems”.

Dorsey continued to investigate how this fundamental difference that Bitcoin brings to the fore enacts ways to “build for the world” that invites all its participants to actively contribute to its growth and development.

“It gave me a lot of lessons and reminders of why the Internet is so important and what we can do to make sure that people who come across this technology trust it. That if they have an idea that will make it better, make it more accessible, make it more secure and protect it even more, you can contribute.” Dorsey shared.

The interview and conference coincide with MicroStrategy’s most recent purchase of 660 Bitcoins for approximately $25 million, with the company further boosting its balance sheet with $3.87 billion in BTC, acquired at an average price of $30,200. per unit. This, in particular, despite the downward trend in the company’s own common stock, $MSTR. The business intelligence firm’s enterprise software business has already benefited from its control over Bitcoin, with around $750 million made in price margins since it began integrating Bitcoin onto its balance sheet.

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What can Crypto do for the world?

When Bitcoin was first launched in 2009, no one knew the dramatic impact cryptocurrencies would have on our world. Today, blockchain technology is used everywhere, pioneering a technological revolution across the world.

The decentralized nature of cryptocurrencies has awakened people to the potential of their powers. With no banks or intermediaries of any kind, cryptocurrencies allow people to send payments, make investments and buy certain goods and services without limits. In addition, NFT, DAO and DeFi allow self-management of property rights, operations and financial services, respectively.

In addition to technological applications, people have discovered that cryptocurrencies can be used to do good, both for the planet and for humanity as a whole. In a project called “Cardano Forest”, Veritree, a restoration group that uses blockchain to track and verify restoration projects, has planted over 1 million trees in different parts of Madagascar, Indonesia, Nepal, Kenya, Senegal and Haiti. The operation was funded by Cardano’s philanthropic holders, with some donations reaching tens of thousands of ADA tokens.

Blockchain is perfect for project tracking and verification because of its immutable and transparent nature: transparency makes publicly stored data verifiable and immutability makes that data tamper-proof. These aspects also make blockchain ideal for managing digital asset ownership, enabling efficient issuance and trading of stocks and bonds on-chain.

Bob Eco Ltd, an environmentally-focused electric vehicle company offering electric two- and three-wheel vehicles in developing countries. Bob Eco is a pioneer in the digital asset space raising funds through something he calls “ICOWA” or “ICO with Assets”. ICOs, or Initial Coin Offerings, are fundraising events during which cryptocurrency projects sell utility tokens to early investors to raise capital. In an ICOWA, digital asset tokens are sold, not utility tokens.

Bob makes a difference by supplying electric motorcycles and electric tricycles in Africa. Bob Eco offers there on a self-rental basis, which are custom built to transport passengers and deliver food, packages and products.

Bob’s also offers a real-time exchange service that allows Bob’s riders to change their motorcycle batteries for free; this saves passengers about $4.40 in fuel a day, making them nearly four times as much as traditional gas-powered motorcycle taxis. Bob motorcycles are the world’s first mass-market electric vehicles that cost less to own, maintain and operate than a fuel-powered vehicle.

As African fuel-powered motorcycle taxis emit around 5 tonnes of carbon dioxide (CO2) every year, Africa’s 100 million motorcycle taxis emit 500 million tonnes of CO2 emissions every year. Bob’s goal is to see all motorcycle taxis go electric in the next 10 years, helping passengers and the world.

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American Express Sees Cryptocurrency As An Asset Class – Says Not A Short-Term Commercial Threat

American Express (Amex) views cryptocurrency as an asset class, according to CEO Steve Squeri. He added that at this time, the company does not see cryptocurrency as an immediate or medium-term threat to its business.

American Express CEO Discusses Crypto Strategy

American Express (Amex) President and CEO Steve Squeri answered some questions about cryptocurrencies during the company’s fourth-quarter earnings call on Tuesday.

Squeri said, “When it comes to cryptocurrencies, we look at cryptocurrencies… We think across the spectrum of digital currencies. We think about cryptocurrencies. We think about stablecoins. We think of central bank digital currency [CBDC].” The CEO continued:

At this particular time, we see cryptocurrency more as an asset class.

Regarding the use of cryptocurrencies as a currency for payments, he said, “it’s kind of hard to use that way.”

The American Express executive further noted, “And when it comes to blockchain, we have investments in blockchain companies… We constantly look at blockchain and ask ‘are there use cases for us?'”

Commenting on stablecoins and non-fungible tokens (NFTs), Squeri said, “As far as stablecoins and NFTs and things like that, obviously we are partnering with the NBA and Top Shot. And we will look for ways to get involved.”

However, the CEO revealed, “We are probably not going to offer a cryptographic card.”

He also opined:

We keep an eye on the cryptocurrency if it becomes more stable. But at the moment, I don't see this as an immediate or medium-term threat to our business.