Dear Bankless Nation,
Welcome to Bankless Hindi!
It’s been a rough week for everyone in crypto. UST and Luna’s collapse crashed the entire crypto market with some tokens losing over 50% of their value in a single day. Billions were wiped off as Luna’s price went from $81 to less than $0.001 in 24 hours. This market collapse was looming and the Terra debacle served as the trigger. However, there is still hope. The market bounced back and showed that it could absorb losing $29 billion overnight (something even equity markets would find hard).
As bear markets continue across asset classes, we should use this time to educate ourselves and learn from past mistakes. Always remember, billionaires are made in bear markets.
Coinbase exits India crypto market due to 'informal pressure from RBI'
Coinbase, a US-based cryptocurrency exchange, exited India within three days of its launch. Brian Armstrong, the co-founder and chief executive, has now said that they made an exit because of "informal pressure from the government and the Reserve Bank of India". Coinbase launched its crypto trading service in India on April 7, which allowed its clients in India to buy crypto via UPI. Coinbase reversed this feature after the National Payments Corporation of India (NPCI), said that it was unaware about crypto exchanges using UPI for deposits.
Speaking on last month's fiasco in the first quarter 2022 earnings call on May 10, Armstrong said the informal pressure from the government and RBI could be in violation of the Supreme Court of India's ruling, which had overturned the central bank's ban on cryptocurrency. Despite the informal pressure, Coinbase has said that they will be back soon.
Read more on this, here.
https://www.cnbctv18.com/cryptocurrency/coinbase-ceo-says-exited-india-crypto-market-in-three-days-due-to-informal-pressure-from-rbi-but-will-return-13446072.htm
Cryptocurrencies may soon attract 28% GST like betting and casinos in India
The Goods and Service Tax (GST) Council is likely to consider levying 28% GST on cryptocurrencies and bitcoins at par with lottery, casinos, race course and betting. the GST Council has nominated a panel to consider the proposal of levying 28% GST on services and transactions related to cryptocurrencies and bitcoins. This outlook is misguided as crypto has varied use cases across industries unlike gambling or betting.
Read more on this, here.
https://inc42.com/buzz/crypto-virtual-currencies-likely-to-attract-28-gst-soon-reports/
Binance to drive crypto and blockchain awareness among Indian investors
Crypto exchange Binance announced the parallel launch of three key educational initiatives to fast-track educating Indian investors and students about the cryptocurrency and blockchain ecosystem. While recognizing the importance of investors’ awareness of crypto and blockchain, Binance highlighted that Indian regulators and policymakers cite the lack of education as an area of concern, which currently hinders the widespread adoption of crypto. Primarily targeting the student demographic in India, one of the three educational initiatives launched by Binance involves the initiation of the “Blockchain for Good” ideathon, a platform for college students to come up with solutions for making crypto more accessible and inclusive.