Taxing Times

Cryptocurrencies are going through tough times. Bitcoin has fallen more than 40 per cent to $38,572 after touching its record high of $69,000 in November. The primary reason for this is the expected increase in interest rates by the US Fed and fears of a Russian attack on Ukraine. Add to that the Union Budget’s 30 per cent tax on digital assets (along with 1 per cent tax deducted at source) and it seems like tough times for the crypto market for now.