His remark came after the crypto market lost billions of dollars and bitcoin's price plummeted by more than half from its all-time high.

BTC is now trading at $31,607 at the time of writing. It had dropped 8.5% in the previous 24 hours, 18.1% in the previous seven days, and 25.4% in the previous 30 days.

In September of last year, El Salvador became the first nation to make a move towards legalizing bitcoin alongside the US dollar.

Related Post:20% of businesses accept bitcoin in El Salvador

Since then, the corporation has made occasional bitcoin purchases. The nation purchased 420 bitcoins in October, 100 bitcoins in November, 171 bitcoins in December, and 410 bitcoins in January after initially purchasing 700 bitcoins. El Salvador has acquired 500 more bitcoins, bringing the total amount of bitcoins acquired by the country to 2,301.

According to one estimate, El Salvador's total bitcoin holdings have lost more than $30 million in value. President Bukele remains enthusiastic about bitcoin, predicting that the price will reach $100,000 this year.

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India considers 28% GST slap per crypto transaction

The Indian government's tough position against cryptocurrency appears to be gaining traction. The Goods and Service Tax (GST) Council allegedly plans to levy the highest GST rate of 28% on crypto activity.

According to media reports citing anonymous sources, the GST Council believes that crypto transactions should be taxed similarly to casinos, lotteries, gambling, and horse racing. All of these speculative undertakings are subject to a 28% GST.

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Crypto exchanges, which are technically classified as financial services and are regarded as intermediaries selling assets from international crypto exchanges to Indian citizens, are now subject to an 18 percent GST.

According to sources, the GST council has formed a legal committee to investigate various digital asset activities, including trading, wallet services, and staking, in order to produce tax proposals.

In addition to the expected 28% GST, crypto traders must pay 30% capital gains tax and 1% TDS. There are also additional taxes and fees that investors must pay.

Related Post:India Set 2023 Target for Launch of Digital Currency

Depending on the nature of transactions, the 28% GST on crypto activities may harm both digital asset enterprises and individuals. Early this month, state finance ministers generally backed a 28% GST on speculative activities, including betting and gambling. However, it left open whether the tax should be charged on gross or net valuation.