The world of cryptocurrency is constantly evolving, and staying up to date with the latest developments and changes is crucial for those who want to be involved in the space. In the last 24 hours, there have been several important updates that anyone interested in crypto should be aware of.
The first major announcement is that the latest Income Tax Return (ITR) forms now include a section for reporting crypto income. This new requirement applies to ITR forms 1-6, as well as ITR-V and ITR-acknowledgment forms, for the assessment year 2023-24. This means that if you have any income from cryptocurrency transactions, you will need to provide details such as the date of acquisition, date of transfer, and cost of acquisition. This move by the Indian government is significant as it shows that they are taking crypto seriously and looking to ensure that taxes are being paid on any profits earned from crypto investments.
The second update is related to Polygon’s zkEVM mainnet beta, which is set to go live on March 27th. Since the testnet went live in October, the team has reported that over 75,000 zk proofs have been generated, and more than 5,000 smart contracts have been deployed. This is a promising sign for Polygon, as it shows that developers and users are actively engaged with the platform and are finding it useful for their needs.
Finally, Binance’s BNBChain has announced plans to make significant improvements in several areas in 2023. This includes increasing the number of validators from 29 to 100, doubling the throughput from 140 million to 300 million gas limit, and doubling the transaction speed from 2,200 to 5,000 transactions per second. These improvements are aimed at making the Binance ecosystem more scalable, secure, and decentralized. It’s worth noting that Binance has faced regulatory challenges in some jurisdictions, so these improvements could help to reassure users and regulators that the platform is taking steps to address concerns about its operations.
In conclusion, these updates demonstrate that the world of cryptocurrency continues to evolve rapidly, with new developments and changes happening all the time. It’s important for anyone involved in the space to stay informed about these updates, as they can have a significant impact on the value and adoption of various crypto assets. As the regulatory landscape continues to shift, it’s likely that we will see more changes and updates in the months and years to come, and staying up to date with the latest news and developments will be crucial for anyone who wants to succeed in this exciting and rapidly growing space.