[ if you thought 30 tax on crypto gains was bad well indian investors will no
like hearing this not like hearing what one of the most influential members of the country's parliament thinks about where india should go with crypto welcome to the daily forecast april 6 2022 i'm angie lao editor-in-chief of forecast covering all things blockchain while the indian government still hasn't legalized cryptocurrency it has imposed a raft of taxes on it and now in an.
exclusive interview with forecast sushi modi former deputy chief minister of
bahar and member of the ruling party bjp says the government needs to take things a whole lot further we're going to take a look at that story plus a whole lo more coming up let's get you up to speed from asia to the world join thousands of nft traders who already start their day on crypto slam but first let's kick off with a big takeover deal in asia today south korea pivoting its crypto ambitions looking to grow beyond innovating just at home the south korean internet giant cacao has bought a major stake in the japanese crypto exchange sakura exchange bitcoin or seb.
cacao pakoma which is cacao group's japanese subsidiary that specializes in digital comics has acquired the majority of the exchange's shares including all of what was owned by s ebc holdings asaka-based sebc is one of 30 digital asset exchanges
registered under japan's financial services agency now in a statement cacao coma said the companies will build an economy using crypto assets and blockchain technology and aggressively expand into the web 3 domain detailed numbers regarding the takeover have not been revealed but cacao group announced today that it's beyond korea plan involves japan as key to a pivot to gain 30 of its revenue from overseas by 2025. more to come no doubt from asia meanwhile more sanctions from the u.s in.
response to the crisis in ukraine the u.s treasury department has sanctioned what it called the world's largest and most prominent dark net market based in russia along
with a cryptocurrency exchange associated with ransomware activities hydra market offered illicit ransomware and hacking software while the related crypto exchange gerantex handled around 6 million us dollars worth of illicit transactions for the russian ransomware gang kantia according to authorities german police also
confirmed that they have shut down hydro services in the countr and seized 543 bitcoins worth around 25 million us dollars now the treasury's move reinforces its recent efforts to cut russia from channels that couldpotentially be used to evade sanctions.
it said that around 86 of the illicit bitcoin received via russian crypto exchanges in 2019 came from hydra you can find those stories and more at forecast.news over in india a forecast exclusive to share with you now as india struggles to determine its crypto future with 30 tax levied on transactions while the legal status of cryptocurrencies remain unclear we got a very candid exclusive interview with one of the senior
members of parliament susheel modi part of the ruling bjp party who was clear about one thing to make life hell for crypto investors forecasts pradeep da murkerjee with her exclusive interview sushil kumar modi a member of india's upper house of parliament and a member of the ruling bhartiya janata party told forecast that india should impose a higher tax on cryptocurrency gains he proposes as much as 50 capital gains tax on cryptocurrencies and digital assets the 70 year old member ofparliament had earlier proposed for india to raise the tax on crypto incometo more than 30 percent which is the.
flat rate that kicked in with the new crypto law last week the new law also does not allow investors to offset crypto losses with gains made elsewhere and it will deduct a one percent tax at source on every transaction starting july 1st modi said all these
moves are geared towards nipping the indian cryptocurrency industry in the bud the government has not said in so man words the crypto is like a gambling it is like a
lottery it is like a casino it is like a horse racing and on the on in all these thing the taxes are very high in addition to the existing capital gains tax on crypto modi wants
the government to impose a 28 goods and services tax or gst on the entire value of crypto transaction similar to the existing gst imposed on gambling services currently an 18 gst is levied on services provided by crypto exchanges as they are categorized as
financial services however despite all these taxes the indian government has been clear.
that taxation does not mean legalization and modi agrees so government of india should not be in a hurry they should take their own time and they should come out
with a consultation paper and one thing is very clear like el salvador or like ukraine government of india is not going to legalize it will not be thick as a is a legal tender is a fiat currency the indian government's view on the asset class and the industry has
prompted a flight of investors mostly its talented and young to crypto friendly countries but modi is not concerned at all government want to make health life hell of those people who are investing in cryptos that is the bottom line that.
is the main thrust of the entire taxi for forecast i am pradeep mukherjee kolkata india metaverse is the buzzword today zelicah launched its metaverse over the weekend while shiba inu will be selling over a hundred thousand land plots on its metaverse and johan kalpu vp chief marketing officer of crypto slam joins us right now to discuss that and a whole lot more what's going on in this space johan it's it's the metaverse it's exploding the real estate is infinite yeah yeah thanks for having me angie it definitely is infinite when we can create things that are digital uh there needs to be a supply cap
and i think some projects aredefinitely thinking about that but like you said it's digital so they can be infinite land plots infinite amount of supply so it's really critical that projects announce the the uh the limited supply of the land plots well let's talk about zilka's mnative coin zill quadrupled in valueahead of the launch of metopolis it's metaverse which they describe as aservice platform.
what do you make of their offering yeah i think it's great so what what they're doing is uh they are putting providing the protocol and the infrastructure for people to come and here's a metaverse just give us the ideas and here's a platform for it and i think there's definitely a market for that and definitely a use case for that as we see many communities find home in the digital world we're also hearing details about shib the metaverse the vr project developed by the team behind the popular meme coin johan they're selling a hundred thousand land plots in four phases but interestingly the sales will be priced in eth and not in native shiba inu tokens that's kind of intriguing yeah i guess the deal is or the potential i think for them is to create a long tail effect of people adopting their metaverse and that would eventually have some uh need for owning
shiv i would suspect so whether it's an in-game part of it but bringing people into bringing eath holders into it i think is the is the big win here because adoption is probably what they need the most these uh meme coins are definitely uh sticking,.
with the m word and going from straight from meme to metaverse right so it seems like a natural fit legacy banks trying to decipher this new alternate reality city
describes the metaverse as the next generation of the internet and that gaming would be a key use case for the next few years at least they also said it would be worth as much as 13 trillion by 2030. i mean cryptoslam is in the market pretty much from you know the inception what's your view on on the growth that the space has experienced uh to date and where it's going you think it's going to be 13 trillion by 2030
well that's a huge number and what it tells me is that it's human behavior is moving digital i look at some of the kids today who are playing minecraft and roblox and spending a lot of time on their building what they're doing is they're they're starting in a metaverse and it's just a matter of putting that on the infrastructure rails that
support uh decentralized open metaverses and also having that economy there where you can trade in-game items digitally and things that you can own and transfer them to different stacks or different environments it's really a a natural way for for projects to sort of monetize their their project but also create creativity as well creativity is just going off the off the you know the chain it's just actually on the chain but off the chain in terms of the amount of creativity that's coming out from people and um i i have no doubt that we'll see a huge increase in the in the in the dollars that go here i just don't know i
wouldn't be able to comment on the 13 trillion number but if an expert like city is saying that i certainly would agree with them i think you just created a meme for yourself uh on chain growth is off the chain i love it i think that's absolutely off the hook okay it's we're gonna you're to own this memeand it might be an east or shiba inu it might be an nft who knows this is that space yo johan thanks for joining today thanks sanji it was a pleasure again and that's the daily forecast we bring you what you need to know about the
world of blockchain and crypto and so much more from our vantage point right here in asia for more visit forecast.news i'm editor-in-chief angie lau until the n ext t ime
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