What is CRYPTOCURRENCY?

A cryptocurrency is a digital or virtual currency that is

secured by cryptography. Many cryptocurrencies are based
on Blockchain technology enforced by disparate network
of computers.
How does it works?

● They enable secure online payments without the use of third-party intermediaries.
● The advantages of cryptocurrencies include cheaper and faster money transfers and
decentralized systems that do not collapse at a single point of failure.
● This decentralized structure allows them to exist outside the control of governments and
central authorities.
● Crypto exchanges work similarly to a broker, giving you the tools to buy and sell currencies you
want with low fees and strong security features.
● CoinDEX, WazirX, Coin Switch Kuber, UnoCoin, Bitbns.
Cryptocurrency in India

● Will be taxed at 30%

● Gains from cryptocurrency can’t be written off against a loss caused by another
source. RBI plans to launch new digital currency by April 2022.
● Tax on crypto income is a great move forward by India for 3 reasons -
● This move recognises crypto as a legitimate asset class and crypto trading as a
legitimate activity.
● Secondly, clarity on tax will bring more people into the crypto industry, so it will
boost industry growth.
● Thirdly, a well-regulated crypto eco-system will create the right environment for
innovation.
Crypto in today’s world

● There are nearly 10,000 cryptocurrencies in existence as of February 2022.

● According to CoinMarketCap, the value of all the bitcoins in the world was over $1.03 trillion as
of Nov. 26, 2021.
● Many companies accept cryptocurrency as a mode of payment.
Few companies that accept Cryptocurrency

● Microsoft
● Pizza Hut and Burger King in Venezuela
● KFC in Canada
● AT&T
● Wikipedia
Latest Crypto news