Local cryptocurrency exchange customers are not accustom to away by India’s 1% transaction fee. Certain large enterprises stand to benefit from the development though. The controversial price helped Binance have its greatest month of the year in August, with an additional 429,000 app downloads. The Indian cryptocurrency exchange CoinDCX was downloaded three times more frequently than that of Binance in the preceding month. Furthermore, Binance was the only big platform to assert increased downloads in the Indian market starting in July 2022. Since the implementation of the 1% tax deduction in India last July things changed. The daily volumes at the biggest exchanges with Indian headquarters have dropped by more than 90%.
The majority of Indian industry participants have complied with the law by levying the tax on their customers. However major exchanges like Binance have not applied the tax to their operations in India. In reaction to the tax debate, Binance is monitoring the situation and will make further remarks in due time. Compared to the 1% cryptocurrency tax, stock trading in India has taxation at a rate between 0% and 15%. However, observers of the industry draw attention to the numerous disagreements on the scope of the Indian levy. The existing tax legislation is unclear. This regarding whether the 1% tax deducted at source applies to cryptocurrency derivatives transactions. Including futures, as it does to cryptocurrency spot transactions.
Binance collaborates with a chain of supermarkets in Ukraine
Customers will be able to take part in a rewards program. This is if they pay for their purchases with the Binance Pay Wallet. Binance said partnered with the Ukrainian supermarket chain VARUS to enable cryptocurrency payments for grocery purchases using its Binance Pay Wallet. The supermarket is among the biggest companies in the country. It has more than 111 stores distributed over 28 towns in Ukraine. The company claims that thanks to this partnership, customers in nine Ukrainian cities—Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd—would have access to speedy delivery and instant bitcoin payments.
Additionally, the companies have started a “prize fund promotion” in which clients who pay for orders from the VARUS Delivery program with Binance Pay and the amount is greater than UAH 500 will be given a UAH 100 incentive. Whitepay, a Ukrainian POS and cryptocurrency payments company, launched a new project a month ago that enables Ukrainians to purchase electronics and other items using bitcoin. This year’s Kyiv Tech Summit was attended by Ethereum founder Vitalik, who stated that Ukraine “may potentially become the next Web3 hotspot.” Ukraine hosted the summit from September 6 to September 9. He disclosed:
“A nation can turn into a Web3 hub if its people actively pursue this technology and choose to significantly contribute to its advancement,” Buterin continued. Ukraine is determined to accomplish this and has the necessary skills.
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