KuCoin, one of the major cryptocurrency exchanges, has partnered with Chingari, a short video-sharing app, to create the Chingari Star Contest, which will offer app users the opportunity to win $GARI tokens worth INR 20 million. The Star Contest started on February 15, 2022, and will continue for the next month, with top winners set to walk away with large rewards.
The programme seeks to increase content production on the platform by discovering emerging talent from India’s most distant regions and providing them with a platform to market themselves, their unique abilities, and reach out to a wider audience throughout the country. Existing and prospective new users are encouraged to participate in the campaign for a chance to win tokens worth crores.
The partnership with KuCoin expands the contest’s reach and market and increases user interest in the Chingari app. The Chingari development team expects the challenge to encourage current content makers to “bring their A-game with fresh and brand new material” and increase user acquisition rates, participation, and video production on the site.
Sumit Ghosh, CEO and co-founder of Chingari, said:
Looking at the overwhelming response that we have received from the creators so far, it only made sense to commence the contest from 15th Feb. The extra time can be utilized by new users to build their profile on the Chingari app- and get a fair chance to win the contest against the creators that are already popular on the app.
KuCoin is an early investor in Chingari, contributing to the company’s most recent investment round, which garnered $35 million in January. The exchange also catalyzes the native $GARI coin, listed with six other leading centralized crypto exchanges earlier this month. According to KuCoin CEO Johnny Lyu, the cooperation would “help more consumers become aware of, comprehend, and enter into the crypto world, speeding the mainstream adoption of blockchain technology and cryptos.”
The Rise of Cryptocurrency and Taxation of Crypto assets in India
In February, Nirmala Sitharaman, India’s minister of finance, presented a tax proposal that would place the highly unregulated digital asset business inside the purview of tax authorities. The idea includes a 30 percent income tax on cryptocurrency profits and a 1 percent tax deducted at source (TDS) on transactions exceeding 10,000 Indian rupees ($133) by crypto exchanges. No deductions for expenses or allowances may be taken into account when calculating revenue from such assets. According to the new rules, virtual digital assets’ losses can’t be deducted from any other income.
No matter how much money the receiver makes, they must now pay 30% of taxes. However, despite being referred to as ‘assets’ in the budget, cryptocurrencies are treated differently. The latest budgets leaning toward cryptocurrencies might significantly influence the sector. In addition, many people believe that a rise in taxes would drive businesses out of the nation. Some even fear that a too-high tax may cause the company to operate illegally and relocate new developments to other countries.
There will be a decision on whether or not to restrict cryptocurrency transactions based on discussions, according to Indian FM Sitharaman, who indicated last week that the government had the sovereign right to tax bitcoin profits. The application of the cryptocurrency tax was largely misconstrued as a type of legal acceptance of cryptocurrencies in India.
When the news broke, the Indian crypto community had a mixed response. Some exchanges hailed it as a step forward in acknowledging the uncontrolled crypto market, while others labeled it retrograde in nature.
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Image credits: Vincent Guth and Sylwia Bartyzel.