Cryptocurrency trading volumes on major Indian exchanges have been declining since April 1, when a new tax on cryptocurrency gains came into effect, CoinDesk reported Monday (April 11).
India now has a 30% tax on profits from crypto transactions, and does not allow offsetting profits against losses from other crypto transactions. In addition, the 1% tax deducted at the source of liability will take effect on July 1.
Meanwhile, Cameroon, the Democratic Republic of the Congo and the Republic of the Congo are looking to accept crypto and blockchain solutions to boost the economy, according to a Monday. Press release.
The Open Network (TON), which provided the statement, said that it is the leading contender to drive this transformation through its blockchain. According to the release, the wider availability of crypto will help unbanked people have better access to the economy.
In other news, Arthur Hayesthe co-founder of cryptocurrency trading platform BitMEX, said bitcoin's tendency to move in lockstep with tech stocks could see it fall as low as $30,000 in June, Bloomberg wrote on Monday.
Hayes, writing in a blog post, said that this dynamic could shoot Ether to $2,500.
The tokens were trading at $41,500 and $3,070 respectively at around 6:30 p.m. on Monday. Hayes said he is buying โcrashโ puts due June on both, but said he is still in a โlong crypto position.โ
Additionally, Reuters reported on Monday that Rappi, an on-demand food and goods delivery app from Colombia, has launched a pilot program for crypto payments.
Rappi has partnered with BitPay and Bitso to support the new service, which will allow users to convert crypto into in-app credits to make purchases.
In more crypto news, crypto funds have seen their largest outflow since January as of last week, CoinDesk wrote on Monday.
That came as investors were taking their money from bitcoin and Ethereum funds, with $134 million in net outflows, the second-worst week of the year.
In other news, the popular Bored Ape Yacht Club series of non-fungible tokens (NFTs) is getting its own movie trilogy with the help of cryptocurrency exchange Coinbase, CoinDesk wrote.
The movies are another chapter in the rise of the Bored Ape Yacht Club as the face of the NFT movement. A series of animated short films, dubbed "The Degen Trilogy," will be "locked in the wallet" on the Coinbase wallet after their release, though the first installment of the film will premiere on NFT.NYC in June.
Finally, Reuters wrote that as of Monday, bitcoin is down 5.3% and is now down $2,231.58 from its previous close.
The largest crypto is now down 17.3% from a year high of $48,234 on March 28.
