DAY LONG NEWS ROUNDUP: LATEST NEWS 18/11/21

• Avinandan Banerjee
• November 26, 2021

If you are dealing in crypto, then experiencing constant turnarounds might have become a ‘routine errand’ for you. Fetching worthy content from the huge pile of everyday information can help you become a ‘pro’ learner. So, here is a list of top crypto news that can affect your investment plans, take a look:

India to lower the GST on cryptocurrency exchanges from 18% to 1%

Hailing as the latest addition to the fast-growing list of crypto hubs, India has decided to reduce the Goods and Services Tax paid on crypto exchanges to 1% per transaction. Seen as a turning point for crypto in the Indian subcontinent, the new policy will lead to the reclassification of cryptocurrency exchanges as e-commerce portals. Currently, virtual asset holders are required to pay a transaction fee of 18% for every transaction executed on the exchange.

According to the report, the new proposed GST rate can cause a surge in tax liability for some investors depending on the official domicile of the exchange. The trading fee structure on crypto exchanges is equivalent to the brokerage system of India’s stock exchange platforms. With crypto emerging as a strong financial tool for Indian investors, the government is keeping a vigilant eye on the industry. Special emphasis is being given to formulating a strong legal framework for the management of virtual tokens and trading exchanges.

In July 2021, Business Insider India in its report revealed that the central government might urge foreign crypto exchanges to levy an 18% GST charge, equivalent to native exchanges, from Indian investors. As foreign crypto exchanges are free from the burden of GST registration in India, it creates a huge difference between traders of other exchanges. The inclusion of GST is necessary to bring parity between overseas and Indian crypto exchanges.

Despite all the crucial steps, it is seen that the Indian legal authorities are divided on the idea of crafting a regulatory structure for cryptocurrencies. The proposed guidelines will categorize crypto tokens as commodities. This will help to remove restrictions on the trading of crypto. The idea of blockchain technology was publicly acknowledged by Prime Minister Narendra Modi as well. The industry saw a surge in 2020 when the Supreme Court of India annihilated the ban imposed by the Reserve Bank of India on the crypto field.

Meta previews haptic gloves in the VR Metaverse, bringing it closer to reality

Feeling confused about what actually Metaverse means? Well, in my opinion, you should switch from theoretical meaning to practical usage of the term for better understanding. Following the latest trend, Meta, the new name adopted by social media giant Facebook, has unveiled a preview of haptic gloves that offer sensory responses in digital spaces. With this project, Facebook has displayed a sample of its potential in the field of Virtual Reality Metaverse.

On November 16, 2021, a team of experts at Meta shared a video showcasing two individuals using the haptic gloves in a demo Metaverse. The blog post highlighted the latest developments achieved by Meta’s VR technology firm called Reality Labs related to haptic gloves. The team has been working on the gloves for seven years to bring a revolutionary change in the VR field. The individuals shown in the video were seen using the haptic gloves to do a lot of activities including playing Jenga within the Metaverse. They used the gloves for picking up blocks, shaking hands, throwing objects, etc.

Meta shared that the haptic gloves give necessary instructions to the actuators of the hand in a similar fashion as a tracking tool. The gloves come packed with a small soft robotic motor that works in sync to offer a real-like hand movement experience in Metaverse. The post conveyed that the haptic tools will not be currently available for public purchase. The team is looking forward to creating a dedicated VR Metaverse for users similar to the setup of Ready Player One movie. The company envisions bringing the best integration of VR technology and virtual gaming in a live Metaverse.

The market is anxiously waiting for Meta to unveil an ‘open Metaverse’ as its blockchain-empowered counterpart in the crypto industry. Some experts are also opining that Meta might win dominance over the sector in the future. The share value of Meta’s stock has surged by 9% post the announcement of the haptic gloves launch by the firm.