Cryptocurrency

CBDC likely to pose risks for financial stability, says World Ban

The World Bank has said that introduction of the Central Bank Digital Currency (CBDC) could potentially pose risks to privacy, increase responsibilities of the central bank, and may also lead to currency substitution through cross-border transactions. “The introduction of CBDC could disrupt the existing financial-intermediation structure. In addition, depending on design and country context, CBDC…

Nexo and Mastercard launch ‘world first’ crypto-backe

Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls the world’s first “crypto-backed” payment card. It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream. Nexo said the card, available in selected European countries…

Indian crypto exchanges block deposits via state-backed system, s

Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system, spurring users to voice concern on social media. India has spent years on a law to ban or regulate cryptocurrencies, with its central bank backing a ban over their threat to financial…

Crypto platform CoinSwitch Kuber temporarily disables rupee depos

Crypto trading platform CoinSwitch Kuber has disabled all payments modes for crypto purchases on its platform, including bank transfers. Users of the CoinSwitch mobile app are no longer able to make rupee deposits via Unified Payments Interface (UPI) or bank transfers via NEFT, RTGS, IMPS, and other methods. The news comes days after Coinbase, one…

US Treasury Secretary calls for crypto regulation to reduce risks

Treasury Secretary Janet Yellen says more government regulation is needed to police the proliferation of cryptocurrency and other digital assets and to ward off fraudulent and illicit transactions. In practice, one result would be that users would get documentation of their crypto dealings for use in filing their taxes. Taxpayers should receive the same type…