Indian Crypto Firms May Knock On SC Doors On Taxation; Bitcoin Sees A Price Rise  


The Indian crypto industry is thinking of approaching the Supreme Court as it has little to no hope that the Indian government will change its stance on crypto taxes, Coindesk reported. The government had announced a 30 percent capital gains tax and a 1 percent deductible at source (TDS) tax on income from cryptocurrencies, NFTs, and other virtual digital assets. The crypto industry can challenge all taxes, which they consider too high, in the Supreme Court.

Meanwhile, Sportzchain, a blockchain-based fan engagement ecosystem, launched non-fungible tokens (NFTs) exclusive to Tamil Thalaivas, an Indian Pro-Kabaddi team. “These exclusive NFTs are now available on Sportzchain’s NFT page hosted on NgageN,” the company said in a press release. Speaking about the launch, Vinayak Yannam, Co-Founder and Chief Commercial Officer of Sportzchain, said: “We are looking forward to developing the sports NFT market in India. We are thrilled to be the first in the ecosystem to release the phygital collectibles of a Kabaddi team. Previously, fans had no means to purchase such memorabilia, especially ones that honor a team’s achievements. We are changing that.”

The Japan Crypto and Virtual Assets Exchange Association, a group of 31 exchanges, plans to release a ‘green list’ of 18 popular cryptocurrencies at the end of March. Previously, members had to go through the association’s screening process to list any coin, but those on the green list will no longer be subject to review.

In the cryptocurrency market, the price of Bitcoin (BTC) is up 3.64% in the last 24 hours, while trading at $42,834.69 at 16:30 IST. Its dominance in the crypto market is currently 42.04%, down 0.21% in the last 24 hours, according to Coinmarketcap.com.

In the last 24 hours, Ethereum (ETH) was trading at $3,018.05, up 3.73%, while Binance Coin (BNB) was up 2.86% in the same period and trading at $406.25. Solana (SOL) was up 1.06 percent at $91.46 and Cardano (ADA) was up 5.51 percent at $0.9468.

meme coins

Among meme coins, Dogecoin was up 3.11 percent and trading at $0.1241 as of 4:30 p.m. on Coinmarketcap.com. Its rival Shiba Inu rose 2.61% in the last 24 hours and was trading at $0.00002377. Dogelon Mars is up 1.98% and trading at $0.0000007272, while Samoyedcoin is down 0.20% in the last 24 hours and is trading at $0.01693.

overall scenario

The global crypto market capitalization was $1.93 trillion, posting a 3.06% increase in the last 24 hours, while the total crypto market volume was $108.64 billion, up 26.02%, according to Coinmarketcap.com. .
Teddy Doge (TEDDY) became the biggest gainer, posting a 359.05 percent gain. It was trading at $0.0006836 at 4:30 p.m., according to data from Coinmarketcap. In contrast, the xxxnifty (NSFW) witnessed the maximum loss, falling 98.62 percent. It was trading at $0.000002415, according to Coinmarketcap data.

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