Indian GST Council Considers 28% Tax On Crypto, SBI Motor Japan Accepts Crypto For Used Cars, TerraUSD (USD) Falls To $0.82 Amidst Crypto Crash

Written by Lindi Miti

May 10, 2022

Indian GST Council Considers 28% Tax on Crypto.

The Indian GST (Goods and Services Tax) Council considers a 28% tax on cryptocurrencies. That is on the back of the 30% on profit cryptocurrency tax imposed on the 1st of April.  

The Goods and Services Tax (GST) is an indirect tax introduced by the Indian Government to replace other indirect taxes such as value-added tax, service tax, purchase tax, excise duty, etc. It is applicable throughout India. 

According to the GST Council, the cryptocurrency industry has a variety of aspects that include goods and services such as mining, sales, and the exchange of goods and services. The 28% GST tax falls within the highest tax bracket and is imposed on casinos, betting, and the lottery. 

SBI Motor Japan Accepts Crypto for Used Cars    

SBI Motor Japan, a cross-border e-commerce site for used cars, has introduced cryptocurrency as a payment method for making settlements. The e-commerce site will accept Bitcoin and Ripple, making it the first cross-border e-commerce site to support Ripple in Japan.

SBI Motor Japan, a subsidiary of SBI Holdings, exports over 5000 vehicles to emerging countries annually. The majority of their exports include Tanzania, Kenya, Zambia, and other African countries. 

Citing the 2017 World Bank reports on the unbanked, SBI Motor Japan plans to reach customers without bank accounts, particularly in emerging countries in Africa.    

TerraUSD (UST) Falls To $0.92 Amidst Crypto Crash

TerraUSD, Luna’s stablecoin, fell to a low of $0.82 amidst the crypto crash on Monday 9. The stablecoin struggled to maintain its $1 peg amongst a strong selling crypto market and uncertain economic conditions. LUNA, the algorithmic pair currency to UST, fell by a massive 45% amidst the turmoil.  

The Luna Foundation Guard (LFG), which holds $3.5B worth of bitcoin, dispelled the rumors that it was selling off its bitcoin to preserve its peg. Instead, LFG announced on Twitter that to help protect the UST peg, they would loan $750M worth of bitcoin to over-the-counter (OTC) trading firms and loan $750M TerraUSD (UST) to “accumulate BTC as market conditions normalize.” 

LUNA, the sister currency to UST, fell by a massive 45% amidst the turmoil. 

Written by Lindi Miti © Crypto University 2022      

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