?? Another 30% CRYPTO tax?
Gm everyone, this is your doodhwala, the creators of masaledaar crypto content, just like that spices ka dabba every Indian household has.
You know the one:
We’re at?Decrypt 2022?today! Find us, tell us how gr8 the jokes are, and we’ll get ya some MILK.
There’s a ton of web3 events this weekend all over the country.
Keep a track of them through??
Aaao shuru karte hai:
Another Desi Tax for crypto?
One thing we hate talking about is regulations.
But like elachis in biryani, it’s required. So, here we go.
The government of India (or GOI ??) is planning to introduce a “comprehensive GST” for cryptocurrencies.
What’s GST ???Goods and Service Tax?
GST is a tax system applied on the sale of goods and services. The main aim of this taxation system is to reduce the downstream effects of Indirect taxes.
Why is GOI levying a GST? ??
Because of the volatile nature of cryptocurrencies, the government believes there is a revenue loss to the tax authorities under the existing tax implications.
Revenue loss between (1) when exchanges collect fees and (2) pay taxes to the government
Ahhh ??
How much GST we talkin bout? ???something?around?18-28%
WTF ??
But like the government is still deciding whether crypto is a…well…good or a service. ??
Seems like they’ve decided the need to tax, and the tax bracket before they’ve decided what crypto is. ??
The good thing (if you can see good in more taxes) is — the proposed GST will be put on:
??Margin and fees
??Value of crypto
We’re no tax experts but here’s what we think this means
If you trade $100 of crypto, the tax levied will not be on the $100 but the fees charged by the exchange on the $100.
If you’re an exchange, the tax levied will not be on the $1 million in trading volume but the fees charged on the $1 million.
This will be the 3RD tax on crypto assets after:
???30% tax on crypto gains
???1% TDS
With these tax boogeymen now in the picture, most Indian exchanges trading volumes have gone flat like RCB at the end of every IPL season.
Look at how sharply the trading volumes on —?WazirX,?CoinDCX, and Zebpay have taken a hit in 2022
Apart from this we’re seeing two ripple effects:
Doodhwala’s take: Yet another crypto tax is BAD for the entire crypto industry, it’ll lead to more brain drain, more volume drain, and more doodh drain. Let’s just hope that like Hera Pheri 3, we don’t get another crypto tax. ??
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Check out our favourite P2E games rn ??Flappy Musk?and?Whack A Tate
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Solana just GOT high GAS
The people that love Solana are the same people that love being stuck in traffic jams.
Why?
They love getting nowhere fast. ??
Jk jk. We love the SOL community.
And now Solana’s got a new network on the block.
It’s none other than Helium. ??
No, we’re not talking about that gas that makes you sound like Mickey Mouse. ??
We’re talking about the network Helium.
What’s Helium?
Helium is a blockchain-based network using wireless communication protocols through numerous and spread out individual users.
Basically, Helium is tryna build a P2P wireless network for cheaper and easier communication among devices connected to the internet.
And they wanna do this through nodes connected and using YOUR internet.
You might’ve seen videos like these on YT back in late 2021:
This is when every tech, finance, and crypto youtuber was buying up devices that looked like Wi-Fi routers that were used to mine HNT tokens and secure the Helium network.
The demand for the Helium miners ???BULL MARKET????Staking $HNT saw:
The price of $HNT in 2021 jumped by 2,700% ??
The price of $HNT in 2022 (so far) is down 87% ??
Helium’s networks and users growth plateaued during the bear market, so it got funky:
Now they wanna come full circle by providing a 5G mobile service using Solana.
And that’s why they moved Tanmay Bhat’s favv blockchain — to scale the Helium network.
Will this work?
Will it be a HELLYAum or a SolaNO?
Hella if we know! But we’ll be here to tell you the deets.
Meanwhile here’s a map of the Helium validators in ????. If you’re a Helium validator, hit us up on?Twitter, and let’s chat!
Chaach and Charts
Ya’ll remember Arbitrum?
It’s a layer-2 scaling solution for Ethereum.
And it’s doing HELLA well.
In September alone, the blockchain processed over 7.5 million transactions.
That’s more than July + August combined. And we’re not even done with this month.
Why so many people are rushing into Arbitrum? Here’s the?answer.
Milky Meme Of The Day
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That’s all for today bhaiyo aur bheno! Naale Sigona!
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