Stay updated on the latest news and current affairs about currency and cryptocurrency. For example, OpenAI Chief Executive Sam Altman recently launched a cryptocurrency project named “Worldcoin.”
- MobiKwik and Cred have launched an e₹ wallet, becoming the first non-banks to offer CBDC (Central Bank Digital Currency).
- Paytm Money Limited introduced India’s first solar-powered payment device for UPI and RuPay Credit Card payments via QR code.
- Birla Institute of Management Technology (BIMTECH) has launched ‘BIMCOIN’, a blockchain-based digital currency designed exclusively for its campus ecosystem.
Additional Information:
- Purpose: BIMCOIN facilitates secure, transparent, and instant transactions among students, vendors, and administrators through a permissioned blockchain platform.
- Educational Integration: Beyond serving as a payment solution, BIMCOIN provides students with hands-on experience in blockchain technology and digital currencies, preparing them for careers in fintech.
- Pilot Success: In its pilot phase, BIMCOIN successfully completed over 1,100 transactions, addressing challenges such as technical integration and user onboarding through iterative testing and user training.
- Future Plans: BIMTECH plans to incorporate BIMCOIN into its academic curriculum through courses on blockchain, fintech, and digital innovation, further reinforcing its commitment to advancing education in financial technologies.
- IFC Investment: International Finance Corporation (IFC) has invested USD 75 million in a Sustainability-Linked Bond issued by NDR InvIT to boost sustainable warehousing infrastructure and promote the logistics sector in India.
- India’s Crypto Portfolio 2024 Report: CoinSwitch released the report, highlighting Bengaluru as the second-highest contributor to India’s crypto investments in 2024.
- Top Crypto Cities: Delhi (20.1%), Bengaluru (9.6%), and Mumbai (6.5%) contribute over 36% of India’s crypto investments.
- New Entrants: Kolkata and Botad (Gujarat) debuted in the top 10 crypto-adopting cities, ranking 9th and 10th respectively.
- Most Profitable City: Pune leads with 86% of investors reporting positive returns.
- Tier-2 and Tier-3 Growth: Cities like Jaipur, Lucknow, and Botad showcase strong crypto adoption, marking grassroots growth beyond metros.
- GenWise has launched the industry’s first-ever UPI for elders, offering a simple interface, enhanced security, and cyber fraud awareness.
- RBI has increased the transaction limit for UPI 123Pay from ₹5,000 to ₹10,000, enhancing its utility for feature phone users.
- PFC Secures Largest Foreign Currency Loan: Power Finance Corporation Ltd. (PFC) has successfully closed the issuance of the largest-ever foreign currency term loan by an Indian PSU, amounting to USD 1.265 billion.
- RBI Signs Currency Swap with Maldives: The Reserve Bank of India (RBI) signed a currency swap agreement worth USD 400 million with the Monetary Authority of Maldives under the SAARC Currency Swap Framework for 2024-2027.
- India Extends Budgetary Support to Maldives: India has extended USD 50 million Treasury Bills (T-bills) to the Government of Maldives for another year at the Maldivian government’s request.
- SBI Facilitates T-bill Extension: The State Bank of India (SBI) subscribed to the USD 50 million T-bills issued by the Maldivian Ministry of Finance for this extension.
- Second Rollover in 2024: This marks India’s second T-bill rollover to Maldives in 2024, following a similar extension of USD 50 million T-bills in May 2024.
- Digital Arrest Scam in Madhya Pradesh: A Digital Arrest scam in Madhya Pradesh involved fraudsters impersonating officials to extort money through fake video calls.
- FATF Revises Grey List Criteria: The Financial Action Task Force (FATF) has updated its criteria for placing countries on the grey list, prioritizing jurisdictions with financial sector assets exceeding USD 10 billion for active review to ease the burden on Least Developed Countries (LDCs).
- Prime Minister of India has launched the ‘SUBHADRA’ scheme, the first digital currency scheme in the country, associated with Odisha.
- The International Cricket Council (ICC) has increased the prize money for the 2024 Women’s T20 World Cup to $2.34 million, a 134% rise from the $1 million awarded to Australia in 2023. The runners-up will receive $1.17 million, surpassing last year’s $500,000.
- According to the recently launched 2024 Chainalysis’s Global Crypto Adoption Index, India ranks first in global adoption of cryptocurrencies.
- The Asian Development Bank (ADB) raised 12.5 billion Indian rupees (approximately $150 million) through its largest local currency green bond issue, listed on the Luxembourg Stock Exchange.
- Leaders of India and Malaysia acknowledged the collaboration between RBI and Bank Negara Malaysia to promote local currency settlement in bilateral trade and investments.
- The Reserve Bank of India (RBI) introduced a revised SAARC Currency Swap framework for 2024-27, featuring a separate Indian Rupee (INR) swap window worth Rs 250 billion for various concessions.
- RBI expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS), allowing Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City (GIFT City).
- India and the United Arab Emirates (UAE) launched the Local Currency Settlement System (LCSS) to enhance economic relations.
- Flipkart introduced the UPI app ‘super.money’ to advance its fintech initiatives.
- The Central Bank of Zimbabwe recently launched a new currency backed by gold and foreign currencies.
- The Indian Renewable Energy Development Agency (IREDA) established an office in GIFT City to provide foreign currency-denominated debt financing for green hydrogen and renewable energy projects.
- IndusInd Bank became the first bank to execute RBI’s programmable Central Bank Digital Currency (CBDC) pilot to compensate farmers for carbon credits.
- India and Nigeria identified key sectors for enhanced cooperation, including pharmaceuticals, UPI, and a local currency settlement system.
- Nepal announced the printing of a new Rs 100 currency note featuring a map that includes the Indian territories of Lipulekh, Limpiyadhura, and Kalapani.
- Argentina devalued its currency, the Peso, by 54%.