How ‘Crypto Winter’ has frozen transactions across the world and in India, too
— Customers, Interest, Shocks, Pressure, Current market meltdown, Economy continue, Witnessing, Singapore, Industry, One percent tax deduction — 1 min read
Recently, Singapore-based Vauld, a crypto trading and lending platform stopped its customers from withdrawing their funds amid capital issues. The one percent tax deduction at source (TDS) on virtual digital assets and cryptos for transactions over Rs 10,000 has seen trading volumes across major Indian exchanges decline by as much as 70%. Facebook’s parent Meta has announced it will shut down its digital wallet for cryptocurrency, Novi, on September 1, 2022. Facebook's parent Meta announced it would shut down Novi digital wallet on Sept 1, 2020. The price of cryptocurrencies such as Bitcoin was as high as $67,000 in early 2022, according to the price had risen from $6,000 to $60,000. Source