The BTC, ETH Among Majority Altcoins to Open With Losses, Gains Meet Stablecoins.
While cryptocurrencies can facilitate remittances, they may also enable tax evasion and avoidance through illicit flows, just as if to a tax haven where ownership is not easily identifiable.
Over seven per cent of Indians owned digital currency in the form of cryptocurrency in 2021, according to the United Nations trade and development body UNCTAD, which said the use of cryptocurrencies globally, including the developing countries, has increased exponentially during the COVID-19 pandemic.
The global crypto market cap currently stands at $1.14 trillion with a 3.30 percent decrease over the last day, as per CoinMarketCap.
As India marked its 75th Independence Day on August 15, insiders from the crypto community urged the government as well as the residents of India to keep an open mind about experimenting with cryptocurrencies, that preach financial inclusivity and freedom.
Talking to Gadgets 360, Roshan Mohammed, the former chief scientist at Unocoin and the current chief of crypto-focussed fintech firm GoSats said that a lot rides on the regulations that the Indian government approves for the crypto sector here.
“With all the turmoil that's happening in the space right now, I do believe in the regulators to draft positive regulations in the country.
We either ban it and miss out on the biggest technological revolution since the internet or India becomes a major force and build technologies that will shape the future of humanity,” Mohammed said.
The crypto price charts are reflecting volatility in asset prices now that August has transcended into its mid-phase. Bitcoin on Tuesday, August 16, opened trading with a price dip of 1.37 percent.
As per Indian exchange CoinSwitch Kuber, Bitcoin is priced $25,837 (roughly Rs. 20 lakh). Bitcoin incurred slightly bigger dips on international exchanges. As per Binance and CoinMarketCap for instance, Bitcoin slipped price-wise by 3.31 percent to trade at $24,088 (roughly Rs. 19 lakh).
Ether followed Bitcoin to see losses. As per Gadgets 360's crypto price tracker, ETH is currently priced $2,055 (roughly Rs. 1.63 lakh) after seeing a loss of 3.88 percent.
Majority other altcoins including Cardano, Solana, Polkadot, and Avalanche chased BTC and ETH on their price trajectories only to see price dips.