Page 6 - Digital Currency

Three Indian crypto exchanges under lens for Rs 28,000 crore drug trade

Around 200 transactions conducted in Nigeria, the Cayman Islands and the British Virgin Islands, have been zeroed upon by the FIU, these were routed through exchanges located in India

Crypto Exchange FTX to provide $6 million phishing compensation to users

Digital-asset exchange FTX will provide about $6 million compensation to its account holders impacted by a phishing incident via a third-party website

Apple Inc issues new app store guidelines for crypto and NFT payments

Apple Inc. updated its App Store guidelines Monday with new and clearer language explaining its policy toward cryptocurrency trading and non-fungible tokens

ONDC to start outreach programme to help sellers speed up their business

The first event of the programme will be an introductory session in Delhi NCR for restaurants, food entrepreneurs and cloud kitchens, on Oct 17

Crypto hackers set for record year after looting over $3 billion: Report

Hackers have become adept at exploiting weaknesses in the security, coding and structure of DeFi marketplaces

China's digital currency passes 100 bn yuan in spending, says central bank

The spending involved 360 million transactions in pilot areas in 15 provinces and municipalities, the People's Bank of China (PBOC) said

Digital rupee likely to bring down cost of cross-border payments

The introduction of CBDC for cross-border remittances can bring down costs substantially

TCS launches solution to help central banks in use of digital currencies

As major central banks work towards roll-outs of digital currencies, India's largest software exporter TCS on Tuesday announced a solution which will aid in their roll-outs and usage. The Tata Group company has enhanced its blockchain solutions platform Quartz to enable central and commercial banks to support the entire lifecycle of Central Bank Digital Currency (CBDC) issuance, book-keeping and transactions. The company's president for banking, financial services and insurance products and platforms, Vivekanand Ramgopal told PTI that having the capability was fundamental to TCS, which counts on the BFSI (Banking, Financial Services and Insurance) segment as its largest business vertical. Without giving a size of the opportunity, Ramgopal said having the CBDC solution is "incredibly important" strategically and added that it is already working with multiple stakeholders in the system. The company feels a wholesale CBDC has clear advantages over the retail one and may be the first o

Best of BS Opinion: Crisis Nobels, rupee and reserves, and more

Here is the best of Business Standard's opinion pieces for today

Do we really need the e-rupee?

Despite rapid digitalisation, the use of cash has not diminished in India. Yet the adoption of the e-rupee is not a question of if, but when

The making of digital rupee: A deep dive into RBI's concept note

At least 105 countries are in the process of exploring CBDC, covering 95% of global GDP

Gaining currency

RBI should move cautiously on CBDC

RBI unveils features of digital rupee, plans to launch pilot soon

The CBDC shall appear as a liability on the central bank's balance sheet

RBI to launch e-rupee on pilot basis for limited use; issues concept paper

The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank said in a concept note on Central Bank Digital Currency (CBDC). The concept note also discusses key considerations such as technology and design choices, possible uses of the digital rupee, and issuance mechanisms, among others. It examines the implications of the introduction of CBDC on the banking system, monetary policy, and financial stability, and analyses privacy issues.

Crypto weekly wrap: Binance hack, inflation fears keep volatility high

The biggest news of the crypto world this week was that roughly $100 million of Binance Coin was stolen by hacking. It has sent the price of Binance down by 4 per cent

Crypto exchange ZebPay applies for license in Singapore, also eyeing UAE

Daily trading volume on ZebPay has dropped from a high of $122 million in October 2021 to just over $700,000, data from Nomics shows

More than 12,000 crypto coins become zombies in market slump: Report

Most blockchain projects are built around bespoke digital coins, which often function as user rewards and compensate developers for their woring them inck, giventive to stay involved

NFT startups shun Apple App Store due to high commission, tough rules

NFT trading startups do not want to sell their offerings through Apple App Store because 30 per cent commission on in-app purchases, and other tough rules, will bleed them out

JP Morgan CEO Dimon slams crypto tokens as 'decentralised Ponzi schemes'

"I'm a major skeptic on crypto tokens, which you call currency, like Bitcoin," the JPMorgan Chase & Co CEO James Dimon said

Crypto wrap: What to expect from the market after Ethereum's 'Merge'

With Merge, Ethereum has transitioned from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS). It is expected to cut energy consumption for minting the digital tokens by 99.5 per cent