🚨 BREAKING: 🇮🇳 Indian Parliament’s Home Affairs Committee calls for crypto regulation instead of a ban!

In its 254th Report on Cybercrime, it flags serious risks from scams & laundering, but recommends regulating crypto as digital assets under FEMA.

A full breakdown 🧵👇
1⃣ The report notes that crypto is misused across multiple crimes:

🔸 Cryptojacking (devices hijacked to mine coins)

🔸 Ponzi apps & trading scams

🔸 Ransomware paid in Bitcoin

🔸 Dark Web use for drugs, arms, child exploitation

🔸 Human trafficking & fake job scams using crypto

BREAKING: 🇮🇳 India may finally rethink its Crypto rules:

CBDT has asked crypto platforms for feedback on taxes, regulation, and offshore migration.

Here’s what’s on the table 🧵👇
1/ The Central Board of Direct Taxes (CBDT) has asked:

• Do we need a comprehensive VDA law?

• Who should regulate crypto: SEBI, RBI, MeitY, or FIU-IND?

• Is 1% TDS on every trade too high?

• Should loss set-off be allowed?

BREAKING: 🇮🇳 Supreme Court of India registers criminal petition against WazirX over Rs 2000 crore hack.

Here’s what you need to know: 🧵
1⃣ The Case: Over 50 victims of the July 2024 WazirX hack (Rs 2000 Cr) have filed a criminal writ petition in the Supreme Court, accusing WazirX, co-founder Nischal Shetty, Binance, and Liminal Custody of gross negligence and mismanagement of Rs 4500 Cr in crypto funds. 💰

BREAKING: 🇮🇳The Income Tax Appellate Tribunal (ITAT) ruled that #Bitcoin qualifies as a capital asset.

🧵 A breakdown of the ruling 👇 1⃣ Case Background:
🔹 Raunaq Prakash Jain bought Bitcoin worth $6,478 (₹5.05 lakh) in 2015-16 and sold it for $78,8063.84 (₹6.69 crore) in 2020-21.
🔹 He declared the profits as long-term capital gains and claimed a deduction under Section 54F for buying a house.

1/ We are back with another weekly thread. Here is a recap of what happened in the #crypto world 🌎 this past week. 2/ #CFTC targets unregistered future exchanges, charges Digitex for running an unregistered futures exchange & manipulating the price of its $DGTX token.

1/  One of the major criticisms of #bitcoin is that it harms the environment. But what if we tell you that #bitcoin mining could actually be done in ways that "save" the environment⁉️ Surprised❓ Follow the thread below to understand more 👇 2/ It is estimated that the bitcoin network consumes around 80-120 Terawatt Hours of Electrical Energy annually👀 This is comparable to the power consumption of small countries like Sweden & Ukraine, & is equivalent to 0.075% of global electricity production❗

A thread 🧵on what is happening with Vauld exchange :

1/ Yet another crypto lending platform Vauld has halted withdrawals, deposits & trading on its platform ❌. Let us try to take a deeper look into what is happening with this exchange 👍 2/ Vauld was incorporated in 2018 & is a platform which encourages long-term investing by offering SIP options, interest on crypto holdings upto 12.68%, etc to it's users 💰 It has over 275 coins listed on its platform 👌

Weekly update thread :

Bear markets 🥶are the best time to focus on gaining more knowledge in the crypto space 💯 To help the community 👥, we make weekly updates, covering major news & events happening in the cryptoverse ✅ 1/ Institutions continue to buy the dip❗️

-El Salvador 🇸🇻 purchased 80 more bitcoins for $1.5 million at an average price of $19,000 per BTC😅

-Microstrategy purchased an additional 480 bitcoin worth approx $10 million at an average price of $20,817 each🔥

1/ Ever since new crypto tax rules📜 became applicable, trade volume on Indian🇮🇳 exchanges continues to tumble 🔻

Wazirx - $195M➡️$4.5M - 98% 🔻
Coindcx - $32M➡️$2.1M - 93% 🔻
Zebpay - $19M➡️$1.1M - 94% 🔻
Bitbns - $24M➡️$19.8M - 17% 🔻 (Somehow not affected that much) 2/ Add to this the ongoing crypto winter 🥶 & users' loss of interest in crypto in general & it won't be different to understand why exchanges are having a tough time generating revenues like before 🙈

What is #Bitcoin Dominance :

Bitcoin dominance measures the performance of #Bitcoin relative to all other assets in the crypto market.

It shows us how much percentage of the total money in the crypto market is invested in BTC at any given point in time. (1/5) When bitcoin dominance goes ⬆️, it means that people are investing more in bitcoin as compared to alts. This means either of the 2 :

1. BTC is going up faster than alts.
2. BTC is going down slower than alts. (2/5)

Inflation is soaring high all across the globe 🌎, leading to constant interest rate hikes & market crashes.🔻 In this thread we explain everything about inflation & how it impacts our economy❗️ 1/1 What is inflation?

A steady & sustainable increase in the prices of all goods & services in the economy is called inflation 💹

For example, a samosa 🤤 that cost Rs 5 in 2015 would cost Rs 15 in 2022.