[National Payment of India owns UPI-based payments]

As per my understanding, every country has a payment processing system (both within the country and globally). One of the biggest examples is the SWIFT payment system.

For example in India, National Payment of India owns UPI-based payments which came into existence a few years back and inforced UPI-based transactions which at the moment is a great success in a country where cash based economy still exists as they are instant and do not require any transaction fee.

An example:

If you did not have a penny or you were short of cash UPI was a rescuer as you can add a decimal and pay to the merchant or friend without paying a single penny as a fee, as it is a free service provided by the government.

In the same manner in other countries, there is VISA, MasterCard, or something else but every transaction takes a few days and you need to pay the transaction fee for within and abroad transactions.

As my belief is on Bitcoin and I know it was meant to be a payment processor as incepted still I do not know why it is not listed on that list. Which made me also question other blockchains that are known for instant payment and less fee.

The below showed image is not mine and I do not hod



The sole purpose was to defeat the financial institution and now Bitcoin has become a commodity. Credit and source can be found in the image bottom.

[National Payment of India owns UPI based payment]

As per my understanding, every country has a payment processing subsidy. For example in India, National Payment of India owns UPI based payment. In the same manner in other countries, there is VISA, MasterCard, or something else.

Still, we do not see Bitcoin or any other Blockchain on this list. What do you think or what might be the reason those cheap transaction-based blockchains are not on it?



Credit and source can be found on the image shared. Thanks.

 

[What does the law on TDS on VDA, crypto say?]

It is time to create a new email addres and start using exchanges that are anonymous. From 1st of July the government will be collecting 1% TDS on both local and international exchanges that are operating in Indian.

What does the law on TDS on VDA, crypto say?
As per the new law, the purchaser of a virtual digital assets (VDA) is required to deduct 1% of the amount paid to the seller ( resident Indian) as income tax deducted at source (TDS). The tax is required to be deducted at the time of credit of amount or at the time of payment to the resident individual, whichever is earlier. The tax will be deducted only if the amount paid exceeds the specified limit, stated CBDT.

Source

[HINGLISH REPLY ACCEPTED]

I was suprised when I saw Bitcoin falling so fast from yesterday's price point till now. June 12th the price was holding around at 29k, i assumed it will go up or go down a little bit.

Some what similar to June 6th and then May 30th. It has been been hovering around the range of 28k to 30k for quiet some time now. Suddenly it went below 25k on a single day and that becomes a trigger for someone like me who saw Bitcoin usd value at around 3k to 4k between 2018 to 2019 in the month of April. In reality that was the golden time to grab 1 Bitcoin.

This situation isn't alarming for me but, i did some checks within the forum and found out that, this situation might have arised because of the LUNA issue or it might have been because of the global inflation situation.

What do you guys think can be the issue? Let's have a discussion here!

HINGLISH REPLY ACCEPTED

Recently at a webinar organised by the IMF our deputy governor for the RBI stated

We (RBI) believe that CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies.

He is basically referring to Bitcoin, Ethereum and other cryptocurrency which they have termed as private cryptocurrency. You can read the complete article here

I am not sure how he came to that conclusion? Wherein RBI uses its foreign reserves whenever the INR value falls to USD.
They do it by buying back INR with the USD they hold in foreign reserves, creating an artificial demand of INR.

INR does not hold any kind of demand in the international market as compared to USD. This same problem has been resolved to a great extent by China with their lending policy and also by introducing their international payment system similar to visa to the world. Internationally still only Chinese use that payment system know as Unionpay.

India has not created a market for its UPI payment system. It has started but it will take time to achieve it. In the meantime in crypto universe there are new invention every month. Therefore I feel the deputy governor or the government is too overconfident at the moment. 

[JUST IN]

I got this notification from a telegram channel which I follow. It is a telegram channel of a Youtube influencer who talks about cryptocurrency in his regional language. When I checked the notification from that channel it stated

JUST IN: Goldman Sachs and Barclays have invested in Bitcoin and crypto trading platform Elwood Technologies.

I was curious to know that Barclays had invested in Bitcoin! Did a simple search and found the accurate story. If your read the complete article you will know that this investment has nothing to do with Bitcoin.

Unfortunately this is how influencers and media has been promoting their hidden objective, that is to earn money no matter what can be the consequences and what it may end up?

This is why you need to do a search before believing anything promoted.

[Most Humble Crypto Billionaire]

Did anyone watch NAS Daily's YouTube channel recently. They interviewed CZ as Most Humble Crypto Billionaire . Does anyone here thinks this video really meant with the concept of " truly believe in something"?

I felt it was more of a gimmick and a way to promote Binance in the middle east as he was wearing the Binance Tshirt and also at 3:20 Binance exchange was introduced. By using these statement " Even his own mother said, he was a stupid kid and he was wasting money", they showed nothing is impossible with Binance.

Another intelligent and unique marketing approach by CZ. This is what is called shadow marketing .

Link to the video

Code:

https://youtu.be/W0vEdn2jwyI

Nischal Shetty founder of India's biggest crypto exchange and the co founder Siddharth Menon  have moved to Dubai with their families as per this article, which stated that they might have taken this decision due to the new tax law. The CFO is still present in India and both offices in Mumbai and Bangalore are still open. The article doesn't guarantee this news but only state this information was  acquired by credible sources. I have checked Nischal Shetty's twitter, where he is very active but I don't see anything which states he has shifted to Dubai.

Do you guys think this information is correct and do you also think that WazirX might shift it's base to Dubai?  

Found this on another forum. This individual wanted to capitalize on the dip and in my opinion, he/she did the right thing. The purchase of Bitcoin was made on the 12th of this month you can see the buying price but check the fee paid for making this purchase. $73 is a big amount and I think the purchase was made using the Coinbase exchange app. Anyone can avoid such fees by using a DEX. In case anyone is interested in buying Bitcoin through a DEX then they can visit Bisq or hodlhodl to avoid huge fees.

[Bitcoin Magazine's YouTube Channel]

There will be a lot of Scam Channels on Youtube showing the live stream and asking you to send x amount of Bitcoin to get 2x, 3x or 4x amount of Bitcoin. Beware of such channels and do report them. If you are interested in watching the event live then below are the links that you can use.

Bitcoin Magazine's YouTube Channel

https://www.youtube.com/c/BitcoinMagazine

Live Stream for Industry Day - Mining Stage

https://www.youtube.com/watch?v=lr46ATecK2Y

Live Stream for Industry Day - Nakamoto Stage

https://www.youtube.com/watch?v=P-8IjYWIfKw

Next days live streaming link will be shown on Bitcoin Magazine's YouTube channel before they go live.   

I assume we all are aware of MicroStrategy and incase if you are not then you should do a google search or check their website. They claim they are a business intelligence software company which I have no doubt when I read about them investing heavily in Bitcoin. Now, the fact, they have accumulated more Bitcoin to date than those that will be mined over the next hundred years of mining the first Bitcoin.



A single entity that is constantly accumulating Bitcoin and is also able to acquire loans from financial institutions using Bitcoin as collateral to buy more Bitcoin leads to suspicion. One thing I am sure they will be controlling the USD value of Bitcoin in the future and this might not sound alarming for many here but it can be very bad if they side up with financial institution.

BJP member Sushil Kumar Modi wants the Finance ministry to increase crypto tax from 30% to 55% as he consider it as a form of gambling.

"Crypto is gambling. It is a form of lottery, a form of horse racing... When you put money in share market you know companies who are behind it but who are behind crypto?"

In my opinion he has no idea what Decentralization means and why any decentralized Blockchain cannot form a company as it is not owned or governed by an individual or a group.

I am also preety much sure that he doesn't know that cryptocurrency gambling and cryptocurrency trading are two different entities. This is not the first time that members from the ruling party have given out statements in public that proves how much they are aware about this new technology.

Read the full article and do share your thoughts.

Starting 1st of April 30% tax on income from crypto and other virtual assets will come into effect and 1% TDS will come into effect from 1st of July. I am not sure whether the tax will be charged by the Indian crypto exchange or a user has to separately pay it. Does anyone here have the answers? If yes then, please reply here.

I recently came across a series of Tweets made by the WazirX CEO Nishchal Shetty in which he explained how the Government of India will lose million in crypto tax with 1% TDS on crypto trading. The calculation is very simple and you can read it below.




I do not think the government and the bureaucrats will give any heed to this calculation until the first year of crypto tax collection is over. In my personal opinion what Nischal has asked it genuine in place of 1% TDS it should be 0.1% TDS.

Crypto influencers and the Indian crypto community have raised their voice against the recently proposed 30% tax on crypto earnings. The hastag #reducecryptotax is trending on Twitter India as of today.  They have also started a signature campaign simultaneously which is proposed to be forwarded to the PM

I request active members on this board to sign the below form and also tweet their concern regarding the hefty tax on crypto earnings with the same hastag. Here is the link to the petition - https://www.change.org/p/cryptotax-nsitharaman-introduce-reasonable-crypto-tax-policies?recruiter=701131202&utm_source=share_petition&utm_medium=twitter&utm_campaign=psf_combo_share_initial&recruited_by_id=fc18a5e0-12af-11e7-9bce-bff54d65de6d

Did anyone watched the new song of Charlie Puth. The song name is Light switch he created a hype about this song using tik tok before releasing it on YouTube. A great way to market a song in today's era. At the end of the song video he makes a purchase us $100 worth of Bitcoin. With 18.8M subscriber and more than 3.8M views in just 24 hours. It was indeed a smart marketing strategy for Coinbase. Not to forget they also promoted Bitcoin.

Video link - https://youtu.be/WFsAon_TWPQ
Coinbase advertisement starts at 2:03 and ends 2:07

In the upcoming budget session of the parliament crypto regulation bill may again get postponed as the government wants to hold more discussion and build a consensus on regulatory frame work. In view of that the Indian crypto exchanges are now setting up self regulatory code of conducts. More details can be found in this article.
https://www.google.com/amp/s/m.economictimes.com/tech/tech-bytes/indias-cryptocurrency-sector-likely-to-update-code-of-conduct/amp_articleshow/88983918.cms
 

PM Narendra Modi's Twitter account was hacked for a brief period a few days back. The hacker posted a scam message which I have posted below. Now my question is how secure is twitter? This is not the first time something like this has happened and it seems Twitter has now become the best place for Bitcoin scammers.



Do you think such an issue will increase the chance of a more robust and strict law apart from the bill that is planned to be presented in this session of Parliament?

I have been out of touch due to my work and I have some BNB that I want ot stake or farm to get good return. This is a long term investment wherein I am trying to get a triple figure return. I am aware of those which can guarantee my return. What I am looking for is something which can give me 1000 percent. Do you know any of those pairs?

NFT is super hyped and after Amitabh Bachchan and the news that Rajnikant will also enter it will become viral. What I like about it is that, these superstars are promoting cryptocurrency indirectly. Another aspect of NFT that in my opinion is it will help many new and upcoming graphic designers. Only if they are able to come up with some unique creation. What I dislike is that only celebrities are cashing out. Not all graphic designers are making enough money.

In my point of view a common man who is a good on canvas such as a wallboard painter cannot earn through NFT. He will still struggle to make his or her ends meet.

What do you guys think?