CRYPTO NEWS: A CRYPTOCURRENCY EXCHANGE CALLED UNOCOIN PLANS TO USE DEFI.

A CRYPTOCURRENCY EXCHANGE CALLED UNOCOIN PLANS TO USE DEFI. THE MERGE, THE BIGGEST SOFTWARE UPDATE IN THE CRYPTO WORLD, WAS FINISHED MORE THAN A MONTH AGO. ETHEREUM, THE SECOND-LARGEST CRYPTOCURRENCY, HAS BEEN DEPRECIATING IN VALUE EVER SINCE THE MERGE AND HAS BEEN TRADING IN THE $1,200–$1,300 REGION.

A CRYPTOCURRENCY EXCHANGE CALLED UNOCOIN PLANS TO USE DEFI:

UNOCOIN PLANS TO USE DEFI
A CRYPTOCURRENCY EXCHANGE CALLED UNOCOIN PLANS TO USE DEFI

ACCORDING TO SATHVIK VISHWANATH, CEO AND CO-FOUNDER OF CRYPTOCURRENCY EXCHANGE UNOCOIN, THE POTENTIAL REWARD IS ENORMOUS. THE LEDGER IS PROTECTED FROM UNAUTHORISED TAMPERING BY THE NEW ETHEREUM SYSTEM, HE CLAIMED. “THE NEW ETHEREUM SYSTEM CREATES A NEW SET OF INCENTIVES FOR THE PEOPLE OPERATING THESE COMPUTERS TO RESPECT THE SPECIFIED RULES,” HE SAID.

THE 30% TAX ON INCOME FROM THE SALE OF CRYPTO ASSETS IS ONE OF THE MAIN OBSTACLES IN THE CRYPTO MARKET. SINCE THE NEW CRYPTOCURRENCY TAX REGULATIONS WENT INTO EFFECT ON APRIL 1, 2022, AND THE 1% TDS RULE ON JULY 1, TRANSACTION VOLUMES BETWEEN EXCHANGES HAVE DRASTICALLY DECREASED.

IN A SURVEY CITED BY VISHWANATH, IT WAS FOUND THAT 27% OF RESPONDENTS SOLD MORE THAN 50% OF THEIR CRYPTOCURRENCY ASSETS BEFORE THE ONSET OF THE NEW FINANCIAL YEAR, WHEREAS 57% REPORTED PROFITS ON UP TO 10% OF THEIR ASSETS. AS 27% OF CUSTOMERS ARE EXPECTED TO TRADE LESS THAN PREVIOUSLY AS A RESULT OF THE PRESENT TAX POLICY FOLLOWING THE ADOPTION OF NEW REGULATIONS, EXCHANGES ASSERTED THAT TAX COLLECTION REVENUE FOR THE GOVERNMENT WILL DECREASE.

2.36 MILLION INDIAN CUSTOMERS HAVE SIGNED WITH UNOCOIN, AND THE COMPANY HAS VARIOUS DEVELOPMENT AMBITIONS, INCLUDING A NEW CHATBOT SYSTEM POWERED BY ARTIFICIAL INTELLIGENCE (AI) TO ENHANCE CUSTOMER SERVICE AND A PUSH INTO DECENTRALISED FINANCE (DEFI) WITH PROPRIETARY PROTOCOLS. THE INTRODUCTION OF THE SUB-BROKER MODULE WOULD INCREASE THE ACCESSIBILITY OF INVESTING IN CRYPTOCURRENCIES, HE CLAIMED, AS WE WORK TO IMPROVE THE USER JOURNEY.

A CRYPTOCURRENCY EXCHANGE CALLED UNOCOIN PLANS TO USE DEFI

VISHWANATH DESCRIBED CBDC (CENTRAL BANK DIGITAL MONEY) AS A DIGITAL REPRESENTATION OF A NATION’S FIAT CURRENCY.

“THE TOTAL NUMBER OF BITCOINS IN CIRCULATION HAS BEEN HARD CAPPED AT 21 MILLION. THE SUPPLY OF CBDC, HOWEVER, CAN BE EXPANDED INDEFINITELY, JUST LIKE THE SUPPLY OF ANY OTHER FIAT CURRENCY IN USE TODAY, ACCORDING TO VISHWANATH. ADDITIONALLY, BITCOIN IS BECOMING RECOGNISED MORE AND MORE AS A DIGITAL INVESTMENT INSTRUMENT. ON DIGITAL EXCHANGES WHERE IT IS EXCHANGED, SUPPLY AND DEMAND PLAY A ROLE IN DETERMINING THE PRICE.

ISSUES WITH THE CRYPTO MARKET:

ONE OF THE MAJOR OBSTACLES IS THE 30% TAX ON CRYPTOCURRENCY ASSET SALE PROCEEDS. NEW TAX REGULATIONS WENT INTO FORCE ON APRIL 1 AND THE 1% TDS RULE ON JULY 1, AND SINCE THEN, EXCHANGE TRANSACTION VOLUMES HAVE PLUMMETED.

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CRYPTO NEWS: A CRYPTOCURRENCY EXCHANGE CALLED UNOCOIN PLANS TO USE DEFI.

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