The adoption of cryptocurrencies in India has increased to the point of positioning the country as second in this market, according to a report by Chainalysis.

Data from this platform shows “Central, Southern and Oceanic Asia (CSAO) as one of the world’s leading cryptocurrency hubs. Meanwhile, India emerged as the second-largest digital asset market by transaction volume.”

Despite tough regulations applied to cryptocurrencies and high taxes on crypto profits of 30 % and a 1 % tax on all digital asset transactions, India is making headway in crypto adoption.

Likewise, the country is at the top of the rankings in “NFT protocols, lending protocols, centralized exchanges and use of decentralized exchanges.”

While on the one hand companies fight against rough taxes, transactions in digital currencies are increasing.

M.Pino

Source: es.investing

(Reference image source: Sergio Capuzzimati, Unsplash)

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La entrada Cryptocurrency adoption increases in India apareció primero en Bitfinance.

The payment of taxes for collectibles, such as stamps, sooner rather than later will reach non-fungible tokens (NFT), according to the advances in this regard by the US Department of the Treasury and the Internal Revenue Service (IRS).

The objective of the country’s tax authorities is to clarify an aspect that generates doubt and confusion among NFT holders and creators, as well as their tax obligations.

Both the IRS and the Treasury Department are considering opinions “suggesting that NFTs may be subject to less favorable treatment under capital gains tax rules. This could also have implications for retirement accounts held by NFTs.”

The IRS has indicated that while a clear and definitive regulation is established, NFTs will be considered as underlying assets. As an example, they indicate that the NFT of a jewel must pay a tax, “since the jewel must pay it”. However, doubts arise regarding the NFT of an apple, which in theory will not pay tax unless it is a “work of art”.

M.Pino

Source: cripto247

(Reference image source: Andrey Metelev, Unsplash)

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La entrada United States evaluates payment of taxes by NFT apareció primero en Bitfinance.

The inhabitants of the Argentine province of Mendoza will be able to pay municipal taxes with cryptocurrencies and stablecoins, according to the decision recently announced by the local Tax Administration.

With this initiative, the tax authorities of the province seek to facilitate the familiarization of the population with digital currencies and their use in daily life. Following the decision, locals will be able to use tether (USDT), USD coin (USDC), dai (DAI), among others, to pay municipal fees.

Tether, for example, is one of the stablecoins with the highest capitalization in the crypto market. This could provide greater confidence to the inhabitants of Mendoza when complying with their tax obligations.

After this decision was announced, there has been speculation that Buenos Aires may be the next to announce the adoption of cryptocurrencies in tax payments and other transactions in Argentina.

Taxpayers will undoubtedly find it easier to make their payments by being able to do so from their mobile phones or personal computers. This is a modernization process that the province of Mendoza has implemented and that they hope will spread to other parts of the country.

M.Pino

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Source: bit2me

La entrada Argentine province authorizes payment of taxes in cryptocurrencies apareció primero en Bitfinance.