cryptocurrencies Current Affairs, GK & News

“The Merge” of the Ethereum

Ethereum – the world’s second largest blockchain – has transitioned from the legacy “proof-of-work” to a “proof-of-stake” consensus mechanism. Key facts The Ethereum Merge is an upgrade that changes how new crypto transactions take place on the blockchain. The Ethereum Merge is the joining of the Ethereum’s proof-of-stake (PoS) Beacon Chain with the Ethereum Mainnet. ..

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What is Crypto Jacking?

According to recent report, Crypto Jacking has increased to a record high in 2022, even though the number of digital assets has decreased. In the first half of 2022, the number of global crypto jacking has increased by approximately USD 66 million as compared to 2021. About Crypto Jacking: It is a type of cybercrime, ..

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Budget: Corporate Tax, AMT, Tax on Digital Assets

In her Budget Speech 2022, Finance Minister Nirmala Sitharaman shed light on tax liabilities for virtual assets like cryptocurrencies. Key Facts Income from any digital asset will now be taxed at 30 percent. There will be no deduction with exception of acquisition cost and TDS applicable beyond specified monetary threshold. Loss from transfer of these ..

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The Global Risks Report 2022

The World Economic Forum recently released the Global Risks Report 2022. Cybersecurity, pandemic, climate change and space advancements are the emerging risks to global economy. Key Findings The global economy is to shrink by 2.3% by 2024. However, in developing countries this is to be 5.5%. In rich countries, it will be 0.9% Digital security ..

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Karnataka Bitcoin scam: Things to know

Central Crime Branch Police of Bengaluru, arrested 26-year-old Srikrishna Ramesh alias Sriki, on November 4, 2020. What is the issue? He was arrested as per provisions of Narcotic Drugs & Psychotropic Substances (NDPS) Act in a drug case. Sriki has been accused of procuring drugs using bitcoins via darknet and peddling to high-profile clients. This ..

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China declares all Cryptocurrency transactions illegal

Central bank of China has declared all the Cryptocurrency transactions illegal on September 23, 2021. Key Points The global values of cryptocurrencies including Bitcoin have massively fluctuated in during 2020-2021 partly due to Chinese regulations, that sought to prevent speculation and money laundering. According to People’s Bank of China (PBOC), Virtual currency-related business activities are ..

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