Tag: crypto transactions

Fiat-Crypto Transactions’ Completion Depends on Geology, Type, Size: Report

Financial transactions pertaining between fiat currencies and cryptocurrencies depend heavily on the location from where the transactions are being initiated. The finding was shared in a research report by CoinTelegraph Research and OnRamper, a financial services provider. As per the report, 50 percent of transactions that include fiat and crypto fail due to patchy network and Internet connectivity issues. The findings were analysed on the history of transactions processed by CoinTelegraph’s onramper service. Crypto onramp platforms let users facilitate cross transactions between fiat and cryptocurrencies.

The research revealed that 90 percent people who fail at facilitating crypto-fiat transactions end up abandoning the process for the long term, which hinders crypto usage and overall adoption. These failures in transactions have been recorded despite all KYC requirements having been met by the users.

Africa and South America witness the lowest crypto-fiat transaction rates. Europe, on the other hand, has the highest rate of successful transactions.

In addition to location, the sizes and types of crypto-fiat transactions also play a crucial role in ensuring that the process is completed end-to-end.

Transactions amounting to $5,000 (roughly Rs. 4 lakh) and above are susceptible to seeing more failures than smaller transactions, the report noted. Crypto-fiat transactions of these sizes have recorded an authorisation rate of around 19 percent.

As per the study, if token service providers integrate more onramping platforms to their operations, it could offer people more options to try and successfully complete their transactions.

These transactions may include users trying to convert their fiat currencies to cryptocurrencies.

Overall, in recent years, the transactions related to crypto have picked pace, not only among retailers and individual investors but also among companies from around the world.

In the coming days, industry insiders are looking to solve the issues like transactional failures that currently prevail in the sector.

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Union Budget 2023-24 Expectations: Crypto Sector Looks Forward to Tax Deduction

Union Budget 2023-24 will be tabled by Finance Minister Nirmala Sitharaman in the Indian Parliament today at 11 am. Just like various other sectors, the crypto market is also expecting some favourable announcements for its growth in India in the coming financial year. From tax regimes that can help the demand for cryptos to a regulatory framework on cryptos in India, there is a lot for the crypto industry to be hopeful about the last full budget of the Narendra Modi Government before the general elections in 2024.

In the Union Budget last year, the FM took some tough calls for the crypto sector, introducing 30 percent tax on profits and a 1 percent tax deducted at source (TDS) on all crypto transactions. The government’s decision on including virtual assets (like cryptocurrency) under the tax regime was considered to be an indirect way to include crypto transactions in the legal ecosystem. However, it has been a year and the crypto transactions still await to be legal.

After the Economic Survey 2022-23 report presented on January 31, it looks that the government is unlikely to give any prominent thought for legalising the crypto transactions. Citing the FTX collapse, the government has highlighted how the crypto market has proved to be filled with vulnerabilities. The RBI Governor Shaktikanta Das had earlier clarified that the “RBI would like to stick to its stance of prohibiting them completely.”

One of the primary demands for the sector will be a tax cut on the crypto transactions. According to a CoinDesk report, the industry experts expect a reduce in TDS to minimum 0.1 percent from current 1 percent.

Another important announcement to look forward to is India’s mention of the work on its digital currency or CBDC. An RBI official previously stated that the transactions using CBDC will remain anonymous to certain degree and will be only take place between banks in India.

 

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