Crypto trading volumes at big Indian exchanges have gone way down since April 1 when a new crypto profit tax went into effect, CoinDesk reported Monday (April 11).
India now has a 30% tax on profits from profits on crypto transactions, and it doesn’t allow offsetting gains with losses from other crypto transactions. Additionally, the 1% tax deducted at source liability will take effect July 1.
Meanwhile, Cameroon, the Democratic Republic of the Congo and the Republic of the Congo are looking to accept crypto and blockchain solutions to drive the economy, according to a Monday press release.
The Open Network (TON), who provided the release, said it is the lead contender to power this transformation through its blockchain. Per the release, the wider availability of crypto will help unbanked individuals get better access to the economy.
In other news, Arthur Hayes, the co-founder of crypto trading platform BitMEX, said bitcoin’s tendency to move at the same pace as tech stocks might see it slump to $30,000 by June, Bloomberg wrote Monday.
Hayes, writing in a blog post, said this dynamic could shoot Ether down to $2,500.
The tokens were trading at $41,500 and $3,070 respectively around 6:30 p.m. Monday. Hayes said he’s buying “crash” puts expiring in June on both, but he said he’s still in a “long crypto position.”
Furthermore, Reuters reported Monday that Rappi, an on-demand food and goods delivery app from Colombia, has rolled out a crypto payment pilot program.
Rappi has teamed with BitPay and Bitso to back up the new service, which will allow users to turn crypto into credits within the app to make purchases.
In more crypto news, crypto funds have seen their biggest outflow since January as of last week, CoinDesk wrote Monday.
That came as investors were taking their money from bitcoin and Ethereum funds, with $134 million in net outflows — the second-worst week of the year.
In other news, the popular non-fungible token (NFT) series Bored Ape Yacht Club is getting its own film trilogy with help from crypto exchange Coinbase, CoinDesk wrote.
The films are another chapter in the Bored Ape Yacht Club’s ascent as the face of the NFT movement. A series of short animated films, termed “The Degen Trilogy,” will be “wallet-gated” on the Coinbase wallet after their release, though the first film installment will premiere at NFT.NYC in June.
Finally, Reuters wrote that as of Monday, bitcoin has dropped 5.3% and is now down $2,231.58 from its previous close.
The biggest crypto is now down 17.3% from the year-high of $48,234 on March 28.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More