Government wants to paint NFT image on crypto bill

Government wants to paint NFT image on crypto bill

Elizabeth Holmes, who dropped out of college to launch a blood-testing company Theranos and was once touted as the next Steve Jobs, faces up to 20 years in prison, as does her former boyfriend and COO Ramesh Balwani. ALSO READ TECH NEWSLETTER OF THE DAY Read Now

NFTs are
essentially a unique code or blockchain-based digital file. Underlying the NFT can be an original art work, tweet, video or even a poem recited by Amitabh Bachchan.
“The government could first define cryptocurrencies and then also define NFTs. For all practical purposes NFTs could be treated in a similar way as cryptocurrencies,” the person said.

“The government would define the type of crypto assets, and NFT would be specifically mentioned there. This is done to address some of the issues that could arise in future around regulatory issues,” said one of the persons.
Many Indians,
including celebrities, have clambered aboard the NFT bandwagon lately.

“We saw a rise of investors of an age group between 25 and 35 years in the past few days, and most of these investors are seeking more advice on NFTs than cryptocurrencies,” said Hitesh Malviya, founder, itsblockchain.com. “Art collectors, celebrities, and sports athletes are the new class of audience that recently emerged after the massive success of NFTs.”
There is confusion over how to regulate and tax crypto assets – both income tax and goods and services tax (GST). That’s mainly because there is no clarity on whether cryptocurrency is currency, commodity, or equity.
NFTs are picking up adherents rapidly in India. Earlier this year, Vignesh ‘Metakovan’ Sundaresan
paid a record $69.3 million for Mike ‘Beeple’ Winkelmann’s Everydays: The First 5000 Days.

This will be the first time cryptocurrencies are going to categorised as per the technology they use, but the government’s focus will be on the end use of the asset for regulatory purposes, sources said. The bill is also expected to outline the tax treatment for crypto assets including NFTs, said people in the know.
The government is working toward defining and categorising cryptocurrencies as an asset class, such as gold. Cryptocurrencies will be treated as an asset or commodity for all purposes, including taxation and as per use case – payment, investment or utility,
ET first reported on September 3.

The News Highlights

  • Government wants to paint NFT image on crypto bill
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Man was discharged after 45 days at Covid hospital |  News
Man was discharged after 45 days at Covid hospital | News
Dr. Campbell said 65 people died of COVID at Ascension St. Thomas Hospital West between August 1st and September 22nd. “The majority of the people who are ...
AHIMA, AMIA, EHRA Call for Consensus on Electronic Health Information
AHIMA, AMIA, EHRA Call for Consensus on Electronic Health Information
WHY IT MATTERSIn 2020, the three groups first launched a task force to put together recommendations for a consensus-based approach to operationalizing the ...
Skyrim looks like first-person Runescape when ran on an outdated laptop
Skyrim looks like first-person Runescape when ran on an outdated laptop
Reddit user SomberKlepto shared an ancient-looking version of Skyrim apparently running on a laptop from 2012. The ironic thing is that Skyrim was originally ...
US long-term mortgage rates increased slightly;  30 years at 2.88%
US long-term mortgage rates increased slightly; 30 years at 2.88%
Amid anxiety that the highly contagious delta variant could cause the economic recovery from the pandemic to stall, the Federal Reserve on Wednesday signaled ...
Kirsten Dunst Joins Spider-Man Deepfake on PS4
Kirsten Dunst Joins Spider-Man Deepfake on PS4
A viral, fan-made video features actor Kirsten Dunst virtually edited into cutscenes from Marvel’s Spider-Man on the PlayStation 4. Actor Kirsten Dunst ...
Kazoo Snacks opens upcycled tortilla chips
Kazoo Snacks opens upcycled tortilla chips
Traditional tortilla chip companies use 100% virgin growth corn. Conversely, Kazoo Snacks, is working to ensure all that’s harvested for food, ends up ...
Supply drop modifications are coming to Rust, and they’ll make them a lot simpler to notice
Supply drop modifications are coming to Rust, and they’ll make them a lot simpler to notice
These lights will stay switched on for “a while” after a supply drop hits the ground to help players locate it in areas with dense foliage – though it’s ...
ADAS, EVs, Total Losses, and Phone Skills Collision Training at the ASA’s X50 Conference
ADAS, EVs, Total Losses, and Phone Skills Collision Training at the ASA’s X50 Conference
“Our engaging platform will provide attendees with an inviting experience to learn from and interact with instructors, sponsors and their peers in a way that ...
You’re not allowed to use the Apple Watch Series 7’s secret wireless dock
Apple Watch 7 rumors: Release date, price, possible new health features and more
Aspiring to make the best smartwatch even better, the Apple Watch 7 looks a bit different than its predecessors. Adopting smoother chassis curves and thinner ...
The Google TV in-app remote is now available for Android, however it doesn’t work
The Google TV in-app remote is now available for Android, however it doesn’t work
For months now, we’ve been tracking the addition of an in-app remote for the Google TV app — in some parts of the world still known as “Play Movies and TV” — ...
Show next
Compsmag - Latest News from tech, business and health
Logo