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Following a tumultuous year marked by arrests, scams, bankruptcies, and substantial losses in value, the cryptocurrency market has started the new year on a positive note, with Bitcoin's price recently reaching around $29,000 - a level not seen since June 2022. Over the past two weeks, Bitcoin has exhibited remarkable strength with a surge of more than 17%. This performance highlights the asset's resilience in the face of regulatory hurdles and implies that it might be starting a bullish market phase.
Apart from that, here are some of the top stories from the crypto industry this week.
The finance ministry in India has announced that it has levied ₹157.9 crore through direct tax in the current fiscal year by way of tax deducted at source under section 194S of the Income Tax Act, 1961, on payments made upon transfer of virtual digital assets (VDA).
In the 2022 Union budget, the government levied a 30% tax on cryptocurrency revenues. Additionally, a 1% TDS on sales was also introduced for crypto transactions.
The 30% tax legislation went into effect in India on April 1 under section 194S of the Income Tax Act of 1961, while the TDS levy was implemented in July 2022.
Ethereum’s long-awaited Shanghai and Shapella upgrades will be deployed on the mainnet on April 12, enabling ETH stakers to withdraw their coins for the first time.
The announcement comes after developers successfully deployed the Shapella forks on the Goerli and Sepolia testnets.
Ethereum's transition to proof-of-stake (PoS) officially started on Sept. 15, 2022, with 'The Merge', a significant milestone for the token. The Shanghai upgrade marks the completion of Ethereum’s full transition to a proof-of-stake (PoS) network and will enable staked ETH withdrawals.
The new consensus mechanism uses validators instead of miners to confirm transaction blocks and broadcast them to the Ethereum network.
The Shibarium team has created a new wallet for Shiba Inu users as part of its plans to improve transactions within the network. The team also stated that the SHIB wallet would be a central tool for the proof-of-stake chain
The Shibarium blockchain network intends to establish a space for a seamless, secure, and transparent transfer of digital assets. This blockchain will also act as a base for the creation of decentralized applications (dApps).
Shibarium claims that its PoS Chain will provide investors with unmatched levels of speed, scalability, and flexibility while providing these services at low cost.
Layer-2 scaling platform Polygon has formally partnered with Wakweli, a Web3 infrastructure protocol that issues certificates of authenticity for nonfungible tokens (NFT) to make NFT authentication possible.
The association will allow digital assets on Polygon to be compatible with Wakweli’s certification system, allowing every NFT project holder on the Polygon chain to request authenticity certificates for each asset.
The collaboration aims to enhance the security of the digital ecosystem by providing a way to detect counterfeit NFTs.
In April, Wakweli's testnet will be accessible and usable with Polygon's Mumbai testnet. Beginning in Q2 2023, alpha testing with Polygon's mainnet is planned, with general mainnet compatibility being completed by Q3 2023.
Indonesia’s deputy chairman for the digital economy and creative products, Muhammad Neil El Himam revealed that he recently formed a partnership with Quantum Temple, a technology firm that uses NFTs for preservation, to support the preservation of the nation's cultural heritage.
Quantum Temple has created a multichain NFT marketplace to bring cultural heritage and tourism to the Ethereum and Algorand blockchain networks.
During Paris Blockchain Week 2023, the Quantum Temple debuted its “Paths to Alangö” NFT collection at L’Atelier des Lumières in Paris, France.
The collection features 11 one-of-a-kind NFTs designed by local artists and cultural heritage experts that represent various parts of Balinese cultural history.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.