DIGITAL CURRENCIES
![Spurt in travel spurs credit card spends overseas](https://img.etimg.com/thumb/msid-112816464,width-100,height-75,resizemode-4/industry/banking/finance/spurt-in-travel-spurs-credit-card-spends-overseas.jpg)
Spurt in travel spurs credit card spends overseas
Overseas credit card spending has surged significantly, outpacing increases in prepaid payment instruments (PPIs) and debit cards over the past two years. This growth is attributed to a rebound in travel post-COVID-19 and attractive rewards offered by credit card issuers, despite higher taxes on international credit card transactions under the Liberalised Remittance Scheme.
![Central bank digital currency won’t serve any special purpose, says SS Mundra](https://img.etimg.com/thumb/msid-112747280,width-100,height-75,resizemode-4/industry/banking/finance/central-bank-digital-currency-wont-serve-any-special-purpose-says-ss-mundra.jpg)
Central bank digital currency won’t serve any special purpose, says SS Mundra
SS Mundra, former deputy governor of the RBI, doubted the central bank digital currency's effectiveness. He highlighted UPI's widespread usage and questioned the necessity of CBDC. Mundra also discussed the challenges of internationalizing the rupee without full convertibility, a step policymakers are wary of taking. He urged banks to collaborate with fintech firms to enhance their digital capabilities.
![CBDC's success doubtful, UPI already prevalent, says former RBI deputy governor](https://img.etimg.com/thumb/msid-112746216,width-100,height-75,resizemode-4/markets/cryptocurrency/cbdcs-success-doubtful-upi-already-prevalent-says-former-rbi-deputy-governor.jpg)
CBDC's success doubtful, UPI already prevalent, says former RBI deputy governor
UPI, on the other hand, is gaining currency by the day. The UPI transactions hit Rs 20.64 lakh crore in the month of July growing by 35% year-on year. It's the third straight month of Rs 20 lakh crore worth of transactions.
![Bitcoin, Ether prices surge up to 10% following US jobless claims data](https://img.etimg.com/thumb/msid-112398217,width-100,height-75,resizemode-4/markets/cryptocurrency/crypto-news/bitcoin-ether-prices-surge-up-to-10-following-us-jobless-claims-data.jpg)
Bitcoin, Ether prices surge up to 10% following US jobless claims data
Bitcoin and Ether prices surged after a drop in US jobless claims, easing labor market concerns. Federal Reserve actions and new Russian cryptocurrency legislation contributed to market optimism. Bitcoin rose 6.4% to $60,908, and Ether climbed 10.3% to $2,689, with other cryptocurrencies also recording gains.
![Google, Amazon, Walmart-owned PhonePe seek to join RBI's digital currency project: Sources](https://img.etimg.com/thumb/msid-112282595,width-100,height-75,resizemode-4/industry/banking/finance/banking/google-amazon-walmart-seek-to-join-rbis-digital-currency-project-sources-say.jpg)
Google, Amazon, Walmart-owned PhonePe seek to join RBI's digital currency project: Sources
Indian payment firms GooglePay, PhonePe, AmazonPay, and Indian fintech firm Cred are among five companies reportedly seeking to join the Reserve Bank of India's digital currency pilot. The e-rupee, a digital alternative to physical currency, was initially allowed only by banks but has since declined to around 100,000-200,000 a day.
![Crypto sell-off deepens as weak economic data dampens risk-taking](https://img.etimg.com/thumb/msid-112294443,width-100,height-75,resizemode-4/markets/cryptocurrency/crypto-sell-off-deepens-as-weak-economic-data-dampens-risk-taking.jpg)
Crypto sell-off deepens as weak economic data dampens risk-taking
U.S.-listed shares of crypto-linked companies slumped as bitcoin fell more than 15% on Monday, after weak economic data last week triggered fears of a recession and set off a frenzied selling of risky assets.
- Go To Page 1
How 2024 became a crypto election
The article explored how cryptocurrencies have unexpectedly influenced politics, especially as they haven't replaced conventional money. Their complex nature has attracted speculative investment and political backing, predominantly from Republicans. The Biden-Harris administration seeks to regulate cryptocurrency like securities, but the GOP platform resists this, promising to support and boost the cryptocurrency industry.
Digital tech adoption has improved efficiency of banks, increased competition on sector: RBI RCF Report
Paying light to the banking sector, the Reserve Bank of India in its recent report has said that the adoption has improved the efficiency of banks in India, along with increasing competition. "The adoption of digital technologies has improved the efficiency of banks in India, along with increasing competition in the banking sector. Overall digitalisation in the financial sector enables banks to reduce various risks and improves integration across various financial markets, thus, boosting liquidity in these markets," said RBI in its RCF report.
Dollar climbs for the week, cyber outage unsettles investors
CrowdStrike's cyber outage impacted banks and airlines, raising the dollar index amid volatility. US economic data, Fed rate cut speculations, and Europe’s steady rates influenced currencies. Yen fluctuated due to BoJ interventions, UK retail sales drop, and Japanese inflation. Bitcoin and Ethereum gained. CME's FedWatch Tool aided market predictions. Analyst Michael Brown commented.
India, Russia set trade target of $100 billion by 2030
India and Russia have agreed to increase bilateral trade to over USD 100 billion by 2030. This decision was made during the 22nd Annual Bilateral Summit between Russian President Vladimir Putin and Prime Minister Narendra Modi in Moscow. The joint statement following the summit emphasized reinvigorating investments, using national currencies for trade, and boosting cooperation in sectors such as energy, agriculture, and infrastructure.
India and Russia set $100 billion trade goal by 2030, cooperation in energy, agriculture
India and Russia aim to boost their bilateral trade to over USD 100 billion by 2030. The focus is on using national currencies, expanding trade routes, and increasing cooperation in sectors like energy, agriculture, infrastructure, and the digital economy. The agreement, announced at the 22nd Annual Bilateral Summit in Moscow, includes eliminating trade barriers, optimizing customs procedures, and promoting investments and joint projects, with a strong emphasis on humanitarian and cultural collaboration.
Digital Rupee transactions slump after reaching initial RBI target
India's digital currency, the e-rupee, has seen a sharp decline in usage, dropping to 10% of its December peak, sources reveal. Initially boosted by incentives, daily transactions fell from 1 million to about 100,000 after these incentives waned. The Reserve Bank of India is now focusing on refining the technology and exploring new use cases.
Crypto money is poised to sway US polls
Cryptocurrency executive Ryan Selkis, from Messari, spoke at an event celebrating Trump's NFTs, emphasizing the political influence of the 50 million U.S. crypto holders.
Why crypto is an asset class that cannot be ignored?
Sathvik Vishwanath discusses the disruptive force of cryptocurrencies and their significance as an asset class in a live stream on ETMarkets, highlighting future trends like Ethereum 2.0 and DeFi.
AMCs, insurance stocks offering good money-making proposition: Deven Choksey
I believe that the market is going to remain positive. Investors are going to be remaining confident. Maybe these numbers are going to be forgotten after a couple of days once the ministries and the governments are formed.
CBDC usage soars 39-fold among retail users, plunges in wholesale
In the wholesale segment, the outstanding amount stood at ₹8 lakh in March 2024, from ₹10.6 crore last year, and in the retail segment, the amount climbed to ₹234 crore in March 2024, from ₹6 crore last year. India's CBDC, the Digital Rupee (e₹), is a digital form of its official currency, introduced after the FY23 budget.
US House passes crypto bill despite warnings from SEC
The House approval comes as the U.S. Securities and Exchange Commission (SEC) signals that it will likely approve applications for spot ether exchange-trade funds in a surprising boost to the industry.
Bitcoin Pizza Day: Techie paid 10,000 Bitcoins for Pizza in 2010, now worth Rs 5,800 crore
Each year on May 22nd, the cryptocurrency community celebrates Bitcoin Pizza Day, commemorating the first real-world Bitcoin transaction. In 2010, programmer Laszlo Hanyecz famously bought two pizzas for 10,000 Bitcoins, now worth billions. Despite the hindsight value, Hanyecz's move showcased Bitcoin's potential. Since then, Bitcoin's use in commerce has expanded, making Bitcoin Pizza Day a symbol of its evolution from novelty to global financial force.
Bitcoin Pizza Day and the rise of crypto commerce
Bitcoin Pizza Day celebrates the first real-world Bitcoin transaction in 2010 when Laszlo Hanyecz, a programmer, paid 10,000 Bitcoins for two Papa John's pizzas. This event marked the rise of crypto commerce, as highlighted by Mr. CEO & Co-founder of Mudrex, a Global Crypto Investment Platform.
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
Sebi suggests local regulators oversee crypto trading
Both sets of documents, which have been seen by Reuters, have been submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI's stance has not previously been reported.
Embracing Bitcoin's Volatility: Why price fluctuations shouldn't scare investors
Bitcoin is a revolutionary asset that defies traditional financial structures. Unlike companies, Bitcoin has no CEO, management team, earnings to hit, or competitors vying for its market share. It is a physical, bearer asset that can be held without counterparty risk, similar to gold, and it has no dilution risk.
Marico on course to deliver double-digit constant currency growth in international business: Saugata Gupta
Marico CEO discusses market share dynamics, rural recovery, deflation impact, and strategy focusing on premium segments. The company targets double-digit revenue growth, digital business expansion, and sustainable scale-up of Beardo and Plix portfolios. Gupta says: "We expect the digital business also to get into at least a double-digit EBITDA by FY27 with a 2x times growth and we believe that this business will contribute to, which is now 20%, over the next three years will be 25% of our overall portfolio in India."
Robinhood Crypto gets Wells notice from US SEC
The company said it received a so-called "Wells notice," which the SEC issues when it is planning to bring enforcement action against them. Such notices do not necessarily mean the company has engaged in wrongdoing.
Bitcoin 'halving' cuts supply of new tokens in threat to miners
The once-every-four-years event cut in half the so-called mining reward, which is the amount of Bitcoin released from the network to compensate companies known as miners for validating transactions.
Bitcoin 'halving' could deal a $10-billion blow to crypto miners
Around April 20, the halving will cut the amount of Bitcoin that "miners" can earn each day for validating transactions to 450 from 900 now. Based on Bitcoin's current price, it could spell revenue losses of around $10 billion a year for the industry as a whole.
SWIFT planning launch of new central bank digital currency platform in 12-24 months
Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters.
Greater amount of realism in cryptocurrency market, says RBI Governor
RBI governor stressed on distinguishing between blockchain technology, which has various applications including the central bank's digital currency project, and speculative crypto trading. He noted the growing awareness among individuals, both in India and internationally, regarding the risks involved in crypto investments.
Load More