Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, down 0.94 percent to $42,274.
Ether, the second most traded cryptocurrency, was priced at $3,183, down 1.94 percent, according to data from Coindesk.
India to prepare FAQ for crypto taxation
The Government of India is working on an FAQ on the taxation of cryptocurrencies, which is expected to clarify the applicability of income tax and GST on virtual digital assets.
According to a Press Trust of India report, this FAQ is being formulated by the Department of Economic Affairs, Reserve Bank of India, and Revenue Department.
Former Citi executives form crypto-focused investment firm
A trio of former Citi executives has set up Motus Capital Management, a crypto-focused investment firm to help clients bet on digital assets.
The company was established by Alex Kriete, Greg Girasole, and Frank Cavall.
While Kriete and Girasole were previously co-heads of Citi’s digital assets group, Cavallo was a director and investment counselor.