India’s 1 Percent TDS on Crypto Transactions Needs to be Slashed to 0.01 Percent

 

India's imposition of a one percent Tax Deducted at Source (TDS) on cryptocurrency transactions is under scrutiny, with a recent study from Delhi-based think tank Esya Centre proposing a reduction to 0.01 percent. Currently taxed at 30 percent, crypto gains in India face additional TDS, implemented in July last year. Despite a year passing since the introduction of these tax laws, the crypto sector in India is experiencing a prolonged slowdown, prompting calls for a reconsideration of the TDS rate.

1. Esya Centre suggests slashing India's one percent TDS on crypto transactions to 0.01 percent.
2. Current tax laws, initiated in July last year, have led to an estimated loss of $420 million in the Indian crypto market.
3. The Bharat Web3 Association criticizes the TDS law, but no government initiative for change has been observed.

 India's cryptocurrency landscape faces challenges as the Esya Centre recommends a significant reduction in the one percent TDS on crypto transactions to stimulate growth in the sector. Despite the initial intention of discouraging speculative activities and enhancing traceability in the virtual digital asset (VDA) ecosystem, empirical analysis by Esya suggests these goals remain unmet. The report, titled 'Impact Assessment of Tax Deducted at Source on the Indian Virtual Digital Asset Market,' indicates a continued decline in crypto engagement in India over the past year.

Since the introduction of the TDS law, the daily transaction volume on major Indian exchanges, including WazirX and CoinDCX, has reportedly dropped from $10 million to $5.6 million. The Bharat Web3 Association, representing Indian crypto and Web3 players, has voiced criticism without seeing any government action.

The slowdown has led to job cuts in domestic exchanges, with CoinDCX laying off twelve percent of its workforce. Additionally, Indian crypto traders are reportedly turning to international exchanges due to the unfavorable tax environment. Despite appeals from various quarters, including a report from Chase India and Indus Law, the government has yet to respond. The impact of the TDS is evident in India's absence from the list of the world's most crypto-ready nations by August 2022.

While the crypto community urges reconsideration, only 0.07 percent of Indian crypto owners are estimated to have declared and paid their taxes in 2022, revealing a significant gap between tax obligations and compliance. The government's response remains awaited amid concerns about lost revenue and opportunities for India's digital economy.

China has unveiled an ambitious plan to create the Country's first Humanoid Robots by 2025

The Ministry of Industry and Information Technology in China has unveiled an ambitious plan to create the country's first humanoid robots by 2025. 

This endeavor is part of a broader initiative aimed at stimulating innovation, nurturing startups, setting industry standards, cultivating talent, and promoting international collaboration. 

As China looks to assert its leadership in cutting-edge technologies, it is now setting its sights on the realm of lifelike robots, an endeavor that could reshape the tech landscape.

 

Technological Race and Stock Surge : The announcement led to a surge in the stock prices of Chinese robotics companies, intensifying the technological competition between China and the United States, which has traditionally held an advantage in this domain.

China's Two-Year Targets: China's immediate goals within the next two years include advancements in environment sensing, motion control, and machine-to-human interaction capabilities, along with the promotion of AI in robotics.

China, as the world's foremost electronics manufacturer, is striving for significant breakthroughs in the field of robotics. The plan focuses on creating humanoid robots with remarkable capabilities, including the ability to think, learn, and innovate by 2027. While the policy document lacks specific details, its vision encompasses the establishment of a robust industry supply chain system to support robot manufacturing.

Humanoid robots have the potential to revolutionize various sectors, such as handling everyday tasks, working in hazardous environments, and more. Several U.S. companies have already taken the lead in this domain, with Tesla's "Optimus" humanoid robot and Boston Dynamics' agile "Atlas," capable of impressive maneuvers. South Korea's Hyundai Motor Group also entered the field through its acquisition of Boston Dynamics.

This year, a California startup, Figure, secured $70 million in funding to develop a humanoid robot, highlighting the growing interest in this cutting-edge technology. As China gears up to enter the field of humanoid robotics, it aims to shape the future of innovation and technology on a global scale.

Google's new tech can turn any existing ANC earbuds into heart rate monitors

Google is set to revolutionize the world of wearable technology with its pioneering research into audio plethysmography (APG).

This innovative technology promises to equip active noise canceling (ANC) headphones and earbuds with heart rate monitoring capabilities through a straightforward software update. In this breakthrough, Google harnesses the inner ear's unique properties for health sensing, ushering in a new era of convenience and accuracy in tracking vital signs.

Highlights:

Ear Canal as Ideal Health Sensor: Google has identified the ear canal as an optimal location for health sensing due to the intricate network of vessels within. This revelation paves the way for accurate heart rate monitoring.

Ultrasound-Based Heart Rate Measurement: Google's technology relies on a low-intensity ultrasound signal sent through ANC headphone speakers. It analyzes echoes, capturing minute ear canal skin movements and heartbeat vibrations to derive heart rate readings and heart rate variability.

Robust and Accurate Results: Google's APG technology delivers consistently precise heart rate measurements, unaffected by factors like skin tone, ear canal size, and suboptimal seal conditions.

In a recent blog post, Google unveiled its groundbreaking work in audio plethysmography (APG), introducing a method to infuse heart rate monitoring capabilities into ANC headphones and earbuds through a software upgrade. Google's research emphasizes the ear canal's unique attributes for health sensing, where the deep ear artery weaves a complex network of smaller vessels throughout the auditory canal.

APG operates by transmitting a low-intensity ultrasound signal through the speakers of ANC headphones. Echoes generated are captured through onboard microphones, with the vibrations of the ear canal skin and heartbeat modulating these echoes to yield heart rate and heart rate variability readings.

The company has developed a model that processes this feedback, even in scenarios with "bad earbud seals." Google encountered challenges related to body motion but mitigated them through a multi-tone approach. This calibration tool identifies the most suitable frequency for accurate heart rate measurement.

 

 

Google conducted two studies involving 153 participants, highlighting APG's consistently accurate heart rate (3.21% median error) and heart rate variability (2.70% median error) measurements. Unlike conventional heart rate sensors, APG remains unaltered by skin tones and ear canal size, making it a versatile, cost-effective, and reliable solution for health sensing. This technology promises to transform TWS ANC headphones into intelligent sensing devices with a simple software update, advancing biomedical and mobile research while offering low-cost health sensing possibilities.