Economic Affairs Secretary Ajay Seth said the government is ready with its consultation paper on cryptocurrencies. He was speaking to reporters on the sidelines of an event on Monday, Reuters reported. He added that inflation in India is expected to moderate in the coming months.
Seth said a global consensus on cryptocurrencies was needed and that India would study the legislation in place in other countries before choosing its own.
The government had announced in the annual budget that gains from cryptocurrency investments would be taxed at 30%, but the proposal has yet to receive legal status.
In other news, Sportzchain, a Blockchain-based fan engagement ecosystem has launched the non-fungible phygital token (NFT) of Tamil Thalaivas, a pro kabaddi team, whose captain Surjeet Singh was auctioned off within 24 hours. following registration. Praveen Ramasamy, an avid fan of Tamil Thalaivas digital collectibles, was present on the occasion.
According to the press release, the memorabilia consists of the shirt of the day signed by Surjeet Singh and a plaque commemorating his achievement of becoming the first cover defender in Kabaddi League history to score 300 tackle points. It also has a QR code representing the smart code which can be used to access NFT property details validation.
Vinayak Yannam, Co-Founder and CBO, Sportzchain, says, “Being the first to launch a physical memento in the sports segment, we had to make it memorable. So we decided to give this moment a personal touch and deliver it personally to the buyer. Meeting Praveen was a great experience. We had so much to say as we are both NFT and sports fans. He shared his view on the NFT collections and the expectations of the Tamil Thalaivas team in the upcoming season. As we prepare to launch NFT collections from more sports partners, we are becoming more curious and excited to connect with like-minded fans and enthusiasts.
The price of Bitcoin in the cryptocurrency market has increased by 5.13% in the past 24 hours, and it was trading at $30,622.56 as of 5:00 PM IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.01%, up 0.13% in the last 24 hours.
Over the past 24 hours, Ethereum (ETH) was trading at $1,895.89, up 5.74%, while Binance Coin (BNB) was up 4.65% over the same time frame and traded at $316.04. Solana (SOL) rose 6.10% to $46.06, while Cardano (ADA) rose 11.23% to $0.5204.
Dogecoin was trading at $0.08503 on Coinmarketcap.com as of 4:45 PM IST, up 4.21%. Its rival, Shiba Inu, was up 9.83% and trading at $0.00001184. Samoyedcoin rose 5.56% and traded at $0.005417, while Dogelon Mars rose 5.82% and traded at $0.0000004734.
According to Coinmarketcap.com, the global crypto market capitalization was $1.27 trillion, an increase of 4.62% in the past 24 hours, while the total crypto market volume was 68. $86 billion, an increase of 38.25%.
Cloudname (CNAME) was the biggest gainer, gaining 1,393.78%. It was trading at $0.00887 as of 4:40 PM IST, according to Coinmarketcap. In contrast, FUTUREXCRYPTO (FXC) recorded the maximum loss and fell 71.96%. It was trading at $0.4182.