Developed markets lagging behind in digital payments: BlackRock CEO
In a letter to investors, BlackRock CEO Larry Fink highlighted the benefits of digital assets and said developing nations like the U.S. are lagging behind in innovation. This post was originally published on this site
India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions
India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United Arab Emirates (UAE) have agreed to collaborate on cross-border central bank digital currency (CBDC) transactions of remittances and trade. The initiative is “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India […]
Silvergate and SVB bite the dust: Law Decoded, March 6–13.
Elizabeth Warren and Sherrod Brown didn’t miss a chance to attack the crypto industry after bank failures.This post was originally published on this site
Extreme Market Turbulence: Critics Call Warren’s Silvergate Take ‘Terribly Misinformed,’ SVB Collapses, Vitalik’s Token Sell-Off Moves Markets, and More — Week in Review
It’s been a turbulent week in finance with the so-called crypto-friendly Silvergate Bank announcing its liquidation, U.S. Senator Elizabeth Warren blaming the event on “crypto risk,” and individuals on social media pointing out that Warren is “terribly misinformed.” Additionally, U.S. Regulators closed Silicon Valley Bank after reports of a bank run and other troubles. In […]
India Brings Crypto Transactions Under Prevention of Money Laundering Act
India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India […]
India-Russia Oil Deals Chip Away at Dollar Dominance in International Trade
On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S. dollar’s dominance in the oil trade under pressure. Sources Say Non-U.S. […]
India explores offline functionality of CBDCs: RBI executive director
In addition to offline functionality, RBI is gauging CBDC’s potential for cross-border transactions and linkage with legacy systems of other countries.This post was originally published on this site
India’s Central Bank Digital Currency Will Act as Alternative to Cryptocurrency, Says RBI Official
An official of India’s central bank, the Reserve Bank of India (RBI), says that the country’s central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the attributes of physical currency, including anonymity. India’s CBDC Update Reserve Bank of India (RBI) Executive Director Ajay […]
FSB, IMF and BIS papers to set global crypto framework, says G20
A series of recommendations and papers setting standards for a global crypto regulatory framework will be released by the institutions in July and September.This post was originally published on this site
Coordinated global crypto policies: G20 key financial stability priority
India’s finance minister called for a coordinated effort “for building and understanding of the macro-financial implications,” which could be used to build global crypto reforms. This post was originally published on this site