{"id":4186,"date":"2023-03-12T11:49:28","date_gmt":"2023-03-12T06:19:28","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=4186"},"modified":"2025-03-26T22:22:43","modified_gmt":"2025-03-26T16:52:43","slug":"what-are-virtual-digital-assets-vda","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-are-virtual-digital-assets-vda\/","title":{"rendered":"What are Virtual Digital Assets (VDA)?"},"content":{"rendered":"<h2><strong>About Virtual Digital Assets (VDA):<\/strong><\/h2>\n<ul>\n<li>According to the <strong>Income tax ac<\/strong>t, &#8216;virtual digital asset&#8217; <strong>refers to any information, code, number, or token <\/strong>(<strong>not being Indian currency or foreign currency<\/strong>) <strong>generated through cryptographic means <\/strong>or otherwise and can be called by whatever name.<\/li>\n<li>It can be <strong>transferred, stored, or traded electronically<\/strong>.<\/li>\n<li>The definition of VDA also <strong>specifically includes a non-fungible token<\/strong>, i.e., NFT, or any other token of similar nature, by whatever name is called.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><strong>What are Non-fungible tokens (NFTs)?<\/strong><\/h3>\n<ul>\n<li>NFTs <strong>are assets that have been tokenized via a blockchain.<\/strong><\/li>\n<li>They are <strong>assigned unique identification codes<\/strong> and metadata that distinguish them from other tokens.<\/li>\n<li>NFTs can be <strong>traded and exchanged for money<\/strong>, <strong>cryptocurrencies<\/strong>, or other NFTs.<\/li>\n<li><strong>NFTs can represent digital or real-world items<\/strong> like artwork and real estate. They can <strong>also represent individuals&#8217; identities<\/strong>, property rights, and more.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3><strong>Q1)\u00a0What are Cryptocurrencies?<\/strong><\/h3>\n<p>A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology\u2014a distributed ledger enforced by a disparate network of computers.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.thehindu.com\/opinion\/editorial\/belated-but-essential-the-hindu-editorial-on-bringing-all-trade-in-virtual-digital-assets-under-the-pmla\/article66604026.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>Belated, but essential: On bringing all trade in virtual digital assets under the PMLA<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Virtual Digital Assets refer to any information, or token generated through cryptographic means or otherwise.<\/p>\n","protected":false},"author":5,"featured_media":4187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-4186","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/4186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=4186"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/4186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/4187"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=4186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=4186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=4186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}