Aparna Lucknow, India 601 Questions 0 Answers 0 Best Answers 678 Points View Profile Aparna Asked: October 13, 20212021-10-13T16:38:25+05:30 2021-10-13T16:38:25+05:30In: Economics What are crypto currencies? What is Taxing Crypto Currencies? current affairspublic finance Share Facebook 1 Answer Recent Sagar 31 Questions 177 Answers 34 Best Answers 572 Points View Profile Sagar 2021-10-14T02:19:53+05:30Added an answer on October 14, 2021 at 2:19 am Context: The Finance Ministry recently proposed instituting an 18% goods and services tax (GST) on crypto trading. Crypto Currencies A cryptocurrency is a digital representation of value that can be digitally traded and functions as: A medium of exchange, and/ or A unit of account and/or A store of value, but does not have a legal tender status. It fulfills the above functions only by agreement within the community of users of the virtual currency. It is not issued or neither guaranteed by any jurisdiction. Cryptocurrency is a type of virtual currency that uses cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain. A transaction involving cryptocurrency that is recorded on a distributed ledger is referred to as an “on-chain” transaction; a transaction that is not recorded on the distributed ledger is referred to as an “off-chain” transaction. 0 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer. Related Questions What is Pathalgadi? What is Bodo Accord?
The Finance Ministry recently proposed instituting an 18% goods and services tax (GST) on crypto trading.