PayPal, Facebook’s Diem and Novi and Tax on Income in India Through Bitcoin Trading in News.
Decentralized finance is proving to be the hottest innovation on the front. The acceptance rate of the best cryptocurrencies to invest in 2021 is increasing fast worldwide. You can credit regular developments and innovations in this domain of finance.
This week’s crypto news edition is for those who want to leverage the potential of this form of finance to grow their wealth. Reading this week’s edition will help them figure out the best cryptocurrencies to invest in 2021.
This Week’s Crypto News Edition In Detail:
PayPal Joins The Crypto Bandwagon:
PayPal has now finally entered the cryptocurrency market. The largest digital payment gateway service provider in the world has actually announced a featured user needed to hold and pay for online shopping using cryptocurrencies on the platform.
This will come to become reality by 2021. Given below is the list of cryptocurrencies that the platform will accept to help users make payments:
- Bitcoin Cash
Paxos, the blockchain technology partner of PayPal, has helped the digital payments giant join the crypto market.
This could possibly inspire people more to work hard and figure out the best cryptocurrency to invest in 2021.
Facebook Hopes To Launch Diem in 2021:
Facebook, the largest social media platform in the world plans on launching its own cryptocurrency and a decentralized cryptocurrency wallet in 2021.
The cryptocurrency and wallet Facebook plans on launching next year are Diem (Cryptocurrency) and Novi (Wallet), said Mr. David Marcus, the head chief of Facebook Financial.
Consortium named the Diem Association runs it. According to Mr. Davird Marcus, Diem will be able to earn the benefit of the doubt from regulators. It has already faced huge criticism from regulators worldwide.
In case you want to invest in Diem, you are advised to play the waiting game and take your final decision wisely. This will help you determine the best cryptocurrency to invest in 2021.
Indian Crypto Investors May Have To Pay Tax On income From Bitcoin:
Yes! You are reading absolutely right. The Income Tax Department of India is now likely to demand income tax from investors making money with an increase in the price of Bitcoin, says the Economic Times, a reputed Indian business newspaper.
If the Coindesk report is to believe, the tax department of India had gathered information related to the Bitcoin trades carried out using banking channels before the Reserve Bank of India imposed a ban on it in 2018.
However, The Supreme Court of India has now lifted the ban imposed on Cryptocurrency trading in India this year. India’s income tax department is now expected to monitor the cryptocurrency earnings of investors registered with exchanges known for fulfilling PAN Card, KYC, and AML process of user registration, says Mr. Sumit Gupta, CEO, CoinDCX.
Tax authorities may also keep their eyes on investors’ Bitcoin income through capital gains, long-term holding period, short-term holding period.
In case you are looking for the best cryptocurrency to invest in 2021, you are advised to play the waiting game and study this domain of finance first. This will help you make the right decision and move in the right direction from the investment point-of-view.
Looking for more cryptocurrency related news? Keep coming back to our website every day. We will keep you updated about everything happening in the domain of decentralized finance. The knowledge and news that you will gain will help you find the best cryptocurrency to invest in 2021.