India Considering a 28% Tax On All Crypto Transactions – May 9

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $32,476

Bitcoin price has taken yet another tumble over the weekend, slumping into the $32,000s to kick off the week.

Top-20 altcoins have also witnessed significant declines as Ethereum falls 5%, BNB drops 8% and Polkadot sees a 12% loss over the last 24 hours.

Top Stories for May 9, 2022 πŸ”₯

πŸ‘‰ India Considering a 28% Tax On All Crypto Transactions

India’s Goods and Services Tax (GST) Council is considering applying a 28% tax to all cryptocurrency transactions, according to CNBC-TV18.

A law committee within the GST council is currently discussing the matter, which is reportedly being designed to fall in line with proposed online gambling tax rates in the country.

Cryptocurrency has already faced large tax implications in India, with a 30% tax being imposed just one month ago on all personal income generated via crypto.

πŸ‘‰ Luna Foundation Guard To Loan Out BTC To Protect UST Peg

The Luna Foundation Guard (LFG) has voted to deploy a total of $1.5 billion in capital to ease market concerns about Terra’s UST stablecoin, due to the recent market volatility.

The LFG will loan out $750 million worth of its Bitcoin reserves to trading firms, followed by borrowing $750 million UST to purchase more BTC once market conditions “normalize”. The entity plans to have a greater amount of BTC reserves once the move is completed.

πŸ‘‰ Meta To Test NFTs On Instagram, Beginning This Week

Meta CEO Mark Zuckerberg has announced that social media platform Instagram will begin testing NFT integrations this week, with compatibility with MetaMask, Rainbow and TrustWallet.

The company has not yet disclosed which blockchains will be used for the integration, however a recent CoinDesk report stated that Ethereum, Polygon, Solana and Flow NFTs would be supported.