clampdown

An Indian parliamentary panel has urged the government to support the growth of domestic fintech players that can provide alternatives to the Walmart-backed PhonePe and Google Pay apps that currently command more than 83% of the country’s fast-growing digital payments market. The 58-page report, which includes a series of recommendations, comes at a time when Paytm, another leading payments firm in the country, is reeling from a clampdown on its payments bank business. The Reserve Bank of…

Shares of Paytm fell another 20% Friday before hitting the lower circuit that temporarily halts trading as the Indian financial services firm reels from the clampdown by the central bank. Paytm fell to 487 Indian rupees, or $5.88 within minutes of the market opening, the lowest it has hit in 55 weeks. Paytm shares also fell 20% on Thursday. Paytm, which currently has a market cap of $3.73 billion, has lost $2.1 billion in its market cap in two days. The Reserve Bank of India (RBI) this week…

As crypto continues to make headlines, investors are always on the lookout for the next big thing. In recent news, SEC Chair Gary Gensler has blamed the collapse of Silicon Valley Bank on crypto, while XRP enthusiasts predict a win in their case against the SEC. Meanwhile, Ethereum (ETH) has shown strong price action, which experts believe will run long. In this article, we will look at how XRP and ETH are faring amidst growing regulatory attention. We will also explore the potential of a new player, SignUptoken.com and…

India plans to implement new security testing on smartphones amid concerns about spying, Reuters claims. According to its report quoting two people and a govertment document the local authorities want phone makers to allow pre-installed apps to be removed, similarly to Europe. After the report went live Rajeev Chandrasekhar, Minister of State at the Ministry of Electronics & IT, claimed the story is “plain wrong” and based on “unfettered creative imagination” and “lack of understanding” from Reuters. He declined to…

The day has started flat for cryptocurrencies as Bitcoin was higher. The day has started flat for cryptocurrencies as Bitcoin was 0.12% higher at $16,560 and Ether was up 0.3% at $1,193.40. However, crypto investors should know that both Bitcoin and Ether are on track for a decline of over 60% in 2022. Meanwhile, the US dollar shaved off some gains on Thursday. Treasury yields WERE higher overnight, though investors remained on edge going into the year end as initial optimism over China's reopening fizzled, Reuters…

The creator of a popular Tibetan language video-sharing app has abruptly announced he was shutting it down for financial reasons, the media reported.But a group advocating for greater rights for Tibetans said it was more likely that the Chinese government ordered the app's closure because it has ratcheted up efforts to restrict Tibetans from using their own language.The GangYang app is a short-video social media platform that can be used to record videos, livestream, and shop online. Chinese authorities granted permission…