El Salvador’s crypto foray offers a cautionary tale for other countries

Synopsis: The tiny Central American nation of El Salvador has embarked on an interesting experiment by recognizing bitcoin as legal tender. This is proving painful for many of its citizens, but it’s a useful “pilot” project for larger economies that are contemplating about this new asset class. Introduction El Salvador has a population of 6.5 million and… Continue reading El Salvador’s crypto foray offers a cautionary tale for other countries

China says all crypto-related transactions are illegal

What is the News? China has said that all crypto currency transactions in China, including transactions using Bitcoin, will be deemed illegal.  China and Cryptocurrency China has been one of the world’s largest crypto-currency markets.This is despite the fact that trading in crypto-currency has officially been banned in China since 2019. However, the recent announcement… Continue reading China says all crypto-related transactions are illegal

There’s a major new risk in town and it’s called crypto

Synopsis: Retail investors are the ones who’ll most likely suffer in the high-yield, high-risk Crypto market. Government should come up with regulations before its too late. Introduction Crypto products are being mass marketed in India without the oversight needed for investor safety. The crypto marketing campaigns have now reached even tier-II and tier-III cities. How… Continue reading There’s a major new risk in town and it’s called crypto

El Salvador’s gamble on Bitcoin: Much too dicey

What is the news? El Salvador became the first country to adopt Bitcoin as legal tender. But the launch was marked by Chivo app (state-backed wallet app) glitches and crash in the Bitcoin price. This shows the volatility associated with Cryptocurrency is real and the adoption of Bitcoin as the official currency can turn out… Continue reading El Salvador’s gamble on Bitcoin: Much too dicey

El Salvador becomes first nation to adopt bitcoin as legal currency

What is the News? El Salvador has become the first country in the world to adopt Bitcoin as legal tender. This means businesses should accept payment in bitcoin alongside the U.S. dollar, which has been El Salvador’s official currency since 2001. Benefits of making Bitcoin as Legal Tender by El Salvador: Reduce the cost of… Continue reading El Salvador becomes first nation to adopt bitcoin as legal currency

Adopting crypto assets as currency is a risky bet: IMF

Source: This post is based on the article “Adopting crypto assets as currency is a risky bet: IMF” published in Livemint on 31st August 2021. What is the news? The International Monetary Fund (IMF) has warned that adoption of crypto assets such as Bitcoin as national currency can impact a country’s macroeconomic stability. The warning came ahead… Continue reading Adopting crypto assets as currency is a risky bet: IMF

India ranks second in terms of crypto adoption in the world

Source: Livemint What is the news? India ranks second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. Findings India was followed by Pakistan and Ukraine at rank three and four respectively.… Continue reading India ranks second in terms of crypto adoption in the world

It’s time for digital currency to counter crypto, says RBI

Source: TOI What is the news? The Reserve Bank of India (RBI) has said that it is working towards a phased implementation strategy for its digital currency (i.e. Central Bank Digital Currency). Central banks across the world have drawn up plans to launch their digital currency to battle cryptocurrencies. China has said that its e-CNY… Continue reading It’s time for digital currency to counter crypto, says RBI

Cryptocurrencies and Indian regulations – Explained, pointwise

Source: Business Standard Syllabus: GS Paper 3: Indian Economy and issues relating to Planning, Mobilization of Resources Relevance: Cryptocurrencies have the potential to alter the Indian economy and challenge sovereign backing in India Introduction Cryptocurrencies are registering a spectacular rise globally. In India also, despite RBI’s strong reservations, investment in cryptocurrencies by Indians has been… Continue reading Cryptocurrencies and Indian regulations – Explained, pointwise

Facebook officially launches its cryptocurrency Libra

News:Facebook has officially launched its cryptocurrency Libra,despite several high-profile defections from the project and intense criticism from US regulators and politicians. Facts: About Libra: Libra is a virtual currency where users can buy and store in a digital wallet.It can be used for transactions on a decentralized network that is not controlled by one bank… Continue reading Facebook officially launches its cryptocurrency Libra