NFT News by Thebittimes.Com

Leaders of BRICS countries India and Russia spoke at length on Monday discussing various issues on strategic partnerships. The telephonic conversation between India’s Prime Minister Narendra Modi and Russia’s President Vladimir Putin revolved around a roadmap for future initiatives. Russia is leading the charge for BRICS this year as the next summit will be held in October 2024 in the Kazan region. Also Read: 3 Countries Agree To Launch BRICS Currency To Challenge US Dollar The 16th BRICS summit in Russia will see the new extended bloc of 10 countries decide the course of the next action. De-dollarization is the main initiative of BRICS and the alliance could likely decide on the formation of a new currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: What Did India & Russia Discuss? Source: Alexandr Demyanchuk / Sputnik / AFP via Getty Images India ’s Prime Minister Modi confirmed th...

BRICS member India had convinced 22 countries to accept the Rupee for international trade and ditch the US dollar. The majority of the countries hail from Asia, Africa, Latin America, and the global south. India also opened special Vostro bank accounts to make it easier to settle payments in their local currency, the Rupee . All the 22 countries had signed the agreement to trade a part of goods in the Rupee and sideline the US dollar. Also Read: Russia Makes Huge Announcement On New BRICS Expansion However, things are not going as planned for India as the majority of countries are now unwilling to keep the Rupee as reserves. India finds no takers for the Rupee as the currency is declining against the US dollar. Hoarding the Rupee in reserves serves no purpose, as the demand for the currency lacks strength in the global market. The default payment is now either the US dollar, Euro, Pound, Chinese Yuan, Japanese Yen, or UAE’s Dirhams. The Rupee is finding no seat at t...

Experts opine that the Indian government needs more data and time to decide on rigid tax policies, given it has been only ten months since the tax laws were introduced in March 2022. Cryptocurrency and blockchain technology found no mention in India’s union budget for the year 2023, bringing down the hopes of millions of crypto holders in the country. Many in the Indian crypto community were hoping for some reduction to the high crypto tax, implemented in March 2022. Indian finance minister Nirmala Sitharaman presented the union budget on Feb. 1, announcing key changes to the income tax slabs, but didn’t mention crypto or central bank digital currency or Blockchain tech during the session. Last year, India levied a 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all crypto transactions, derailing a thriving industry almost immediately. The primary motive for introducing a TDS on all crypto transactions was to determine the total number of Indian citizens activ...