Central Government Consider Introducing GST In Cryptocurrencies; Crypto Market Falls

According to GST officials who told PTI news; Government may classify cryptocurrencies under GST but as of now no regulation or rate of GST has been fixed.

Outlook Money Team

Updated on: 21 March 2022 9:52 am

Terra LUNA Cryptocurrency

The Indian government is considering classifying cryptocurrencies under the goods and services tax (GST) law to ensure the transactions get taxed. At present only services provided by crypto exchanges come under the law. GST officers told PTI that cryptocurrencies are similar to casinos, gambling, betting and all of these have a 28 per cent GST rate. Even gold transactions attract 3 per cent GST, they said. Only after the classification is done will the GST rate on cryptocurrencies be decided.

Meanwhile, C2X, a blockchain-based gaming platform built on the Terra (LUNA) Blockchain, has raised $25 million in a private token sale.

The global crypto market cap decreased by 2.43 per cent to $1.84 trillion at 8.51 am. The global crypto volume too reduced by 3.85 per cent to $80.2 billion, as per Coinmarketcap data.

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Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $40,772.45, lower by 2.58 per cent in the last 24 hours.

“Bitcoin fell slightly after a bullish end last week, the market leader continues to hold support above $40,500, with the next expected resistance zone around $42,500,” says Gaurav Dahake, CEO and founder, Bitbns.

Hello #C2X Explorers!

We're proud to announce the closing of our $25M funding round led by @FTX_Official @jump_ and @animocabrands.

We selected these partners based on their history in leading ventures in their industries.

Full Press Release: https://t.co/SHlcEwlV2a pic.twitter.com/XCd8eLPAHl
— C2X (@C2X_WORLD) March 18, 2022

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also lower by 2.83 per cent at $2,842.92.

Among other major coins, Cardano (ADA) was down by 2.33 per cent at $0.8692, Algorand (ALGO) by 3.69 per cent at $0.7387, Binance Coin (BNB) by 2.14 per cent at $388.55, Solana (SOL) fell 3.73 per cent at $87.50 and Polkadot (DOT) was also trading lower by 2.8 per cent at $18.64.

Today’s top gainer was PolkaCipher (CPHR), which was up by 280.35 per cent at $0.01328. The top loser was Spook Inu (SINU), which was down by 99.99 per cent at $0.0000000002447.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 2.66 per cent at $0.1189. Its volume to market cap ratio stands at 0.02667, while rival Shiba Inu (SHIB) lost 5.33 per cent to trade at $0.00002253.

Dogelon Mars (ELON) was trading with a loss of 5.42 per cent at $0.0000006988. Floki Inu (FLOKI) was also down by 5.67 per cent at $0.00002829, while Samoyed Coin (SAMO) lost 2.91 per cent at $0.01682.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 3.09 per cent at $19,940.20. Terra (LUNA) was, however, up by 1.97 per cent at $93.27. On the other hand, Avalanche (AVAX) lost 4.44 per cent to $84.60, Uniswap (UNI) was down 3.84 per cent at $9.23, and Aave (AAVE) lost 4.51 per cent to $148.37.

Latest Update

C2X’s private token sale was fully subscribed by various investors like FTX Ventures, Jump Crypto and Animoca Brands (maker of sandbox metaverse). “Blockchain technology provides a transparent and secure platform for users to buy, sell and store assets, and applying this concept to video games was the logical next step,” said Paul Kim, director of MetaMagnet (parent company of C2X), in a press statement.