Greenpro and SkyBridge invest millions in Bitcoin, 18% tax in India on BTC trades
SkyBridge Capital has already Invested $182M in Bitcoin
Anthony Scaramucci’s SkyBridge Capital investment firm has invested $182 million in bitcoin. The company has $9.3 billion under management and they will launch the SkyBridge Bitcoin Fund LP in January.
The Bitcoin fund has already invested $25 million as well in the cryptocurrency, according to the brochure. The new fund will be open as of Jan. 4 to outside investors putting up at least $50,000.
“Bitcoin is digital gold. It is better at being gold than gold.”
According to the brochure, SkyBridge believes hedge funds, public company treasurers, insurance companies, pension funds, banks and brokerage firms will also be investing in the space.
Greenpro launched Bitcoin Fund, invests $100 million in BTC
Monday, Greenpro announced that it also believes in the ongoing mass adoption of Bitcoin by banks, hedge funds, insurance companies and institutions. They invested $100 million in the cryptocurrency.
Its unique feature to be a store of value makes the company to start a Bitcoin fund. CEO CK Lee said in a press release the following
“We fully believe in BTC as a store of value. I’ve instructed our investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in $BTC. The company will also invest its own cash into BTC.”
The company will use its subsidiary CryptoSX to acquire its BTC stake. Greenpro is located in Kuala Lumpur, and they serve as a business incubator with a diversified business portfolio comprising finance, technology, banking, CryptoSx for STOs, health and wellness and fine art.
Indian Government imposing 18% tax on bitcoin trades
The Indian government is weighing a proposal to impose 18% goods and services tax (GST) on bitcoin transactions, estimated to be around Rs 40,000 crore annually.
The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has put forward the proposal to the Central Board of Indirect Taxes & Customs (CBIC). They suggest that the government could potentially receive Rs 7,200 crore annually on bitcoins trading in the country.
The CEIB acts as a think tank of the ministry and has conducted a study on levying of GST on cryptocurrencies.
Source: India Times
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