India ๐Ÿ‡ฎ๐Ÿ‡ณ To Levy 30% Tax on Income ๐Ÿ’ต From NFTs And Crypto

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India ๐Ÿ‡ฎ๐Ÿ‡ณ To Levy 30% Tax on Income ๐Ÿ’ต From NFTs And Crypto

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The Indian government has provided a much-anticipated clarity on cryptocurrencies by introducing income tax on returns from digital assets in its Union Budget for the fiscal year 2022-23. The budget was presented by Nirmala Sitharaman, the finance minister of India.

In her budget speech, the finance minister said that any income from the transfer of any virtual digital asset will be taxed at a rate of 30%.

This means investors have to pay 30% tax on the returns they make from trading or investing in cryptocurrencies.

Additionally, to capture details of all such crypto transactions, she also proposed a 1% tax deduction at source on payments made related to purchasing of crypto assets.

Sitharaman also said that the government will introduce a digital rupee using blockchain and other technologies.

The central bank digital currency (CBDC) will be issued by the Reserve Bank of India starting in the fiscal year 2022-23.

All these developments come at a time when the transactions of cryptocurrencies and NFTs are growing in India despite regulatory uncertainty in the country.

Solana’s Wallet Phantom Raises $109 Million ๐Ÿ’ฐ in Series B Funding Round

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Phantom, the Solana-based crypto wallet, has raised $109 million in its Series B funding round to raise its valuation to $1.2 billion.

The funding round was led by investment firm Paradigm. This round also saw participation from existing investors a16z, Solana Ventures, Variant, and Jump Crypto.

Phantom is one of the premier wallet apps of the Solana ecosystem that allows consumers to store, buy, send, receive, swap, and collect NFTs on the Solana blockchain platform.

The company is scaling up its presence on mobile devices as they are launching an iOS app initially, while the Android version would be coming shortly.

The wallet can also be downloaded as an add-on to popular browsers and is compatible with browsers like Firefox, Chrome, Edge, and Brave.

The app and site extension developed by the company is part of its ongoing efforts designed to bring new steam of consumers into the rapidly growing crypto space, although several users are skeptical if Web3.0 is ready for a wave of less technical players in the industry.

Pinterest Launches AR Feature to Preview ๐Ÿ‘€ Furniture And Home Decor Items ๐Ÿ›

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Image sharing and social media service platform Pinterest has announced the launch of an augmented reality (AR) feature that will enable users to see what furniture looks like in their homes before they buy.

The feature called โ€œTry On for Home Decor,โ€ will let users see furniture from retail stores like Walmart, CB2, Wayfair, among others, and try it before they buy.

The newly launched feature uses Pinterest Lens, a technology that normally scans objects and shows items with similar styles and designs on the app.

To use this new feature, users will find a button on select product listings that will display the AR preview.

From there, users can drop the AR furniture in the home and view it from different angles to see how it looks in their desired space.

Currently, the feature is available for over 80,000 pieces of furniture, so not every single item on the Pinterest platform will have this capability.

Meta Introduces 3D Avatars ๐Ÿ‘จโ€๐Ÿฆฑ to Instagram Stories And Direct Messages โœ‰

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Meta is introducing 3D avatars to Instagram stories and direct messages. In addition, the company is updating the avatars on Facebook and Messenger.

The new update brings new facial shapes and assistive devices like wheelchairs for individuals with disabilities. Currently, the update is available in the U.S., Canada, and Mexico, with other countries to follow.

The announcement was made by Aigerim Shorman, Metaโ€™s general manager for avatars and identity.

In a blog post, he wrote, โ€œLast year we overhauled Avatars in VR to make them more expressive, more customizable and more diverse โ€” but we knew it was only the start. Weโ€™ve been hard at work since then, expanding Avatars so that they better reflect the billions of unique people on this planet. Today weโ€™re taking that further, adding new facial shapes and assistive devices for people with disabilities.โ€

Meta is also introducing updated 3D avatars to Facebook and Messenger. By using these 3D avatars, users can show up as their virtual selves across apps via feed posts, stickers, Facebook profile pictures, and more.

Additionally, the company has also teamed up with the NFL to release Super Bowl LVI shirts for avatars.

Around the Web ๐ŸŒ

UK-Based Tech Company GWI Raises $180 Million in Series B: GWI, a UK-based leading audience targeting company for the global marketing industry, has raised $180 million in its Series B funding round. The funding was led by private equity firm Permira Growth Capital.

Bitcoin Worth $2.5 Billion Moved by Bitfinex Hackers: According to blockchain analytics bot Whale Alert, Bitfinex hackers of 2016 have moved bitcoins worth nearly $2.5 billion to unknown wallets. The blockchain tracker and analytics system flagged 20 transactions involving stolen BTC saying $2.5 billion was transferred.


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