Digital currency

The Reserve Bank of India (RBI) is looking to expand the central bank digital currency (CBDC), or digital rupee pilot programme by involving smaller banks and increasing transactions, a report said.Citing three bankers, news agency Reuters reported that the central bank has called on a wider set of lenders to participate in the digital rupee pilot. A digital rupee is a digital form of currency (notes/ coins) issued by the RBI and it can be used in contactless transactions just like it is done via UPI apps. The digital…

The central bankers' central bank, the Bank for International Settlements (BIS), has laid out a seven-point plan designed to help countries prevent cyber hacks on the new wave of digital national currencies under development.Around 130 countries are now exploring central bank digital currencies (CBDC) to keep up with technological change, but there are worries that the online nature of them could make them a major target for criminals and hostile states. The BIS acts as an umbrella body for the U.S. Federal Reserve,…

Bitcoin hit its highest level in a year amid renewed fervor for digital assets despite a slew of challenges for the industry.The original digital currency crossed above $31,013, its 2023 peak, to reach its highest level since June 2022, Bloomberg data show. The surge has brought Bitcoin to as high as $31,410 and up by almost 90% since the start of the year. Other cryptocurrencies followed suit, with Ether also rallying. It's a remarkable development — and show of resiliency — for a market that many had written off as…

Venmo, Cash App, and PayPal users are being warned not to store money on the appslong-term, the watchdog Consumer Financial Protection Bureau (CFPB) said on Thursday, following Silicon Valley Bank, Signature Bank, and First Republic Bank’s failure when customers tried to withdraw money en masse. CFPB is worried about what will happen if another financial crisis occurs, saying those who store funds in Venmo and PayPal could lose it all.He Tossed His Bitcoin, Now He Wants It Back“Popular digital payment apps are…

Washington, Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues…

Group of Seven (G7) advanced economies will consider how best to help developing countries introduce central bank digital currencies (CBDC) consistent with appropriate international standards, Japan's top currency diplomat Masato Kanda said on Tuesday. The move will be among key themes of G7 discussions that Japan chairs this year, as part of efforts to address challenges the global community face from fast-moving digital technology, he said. "We have to address risks from the development of CBDC by ensuring factors such…

The digital version of the euro currency will be free to use and available to all but the European Central Bank does not want to keep any personal data on its users, ECB board member Fabio Panetta said on Monday.The ECB is working on a digital version of its currency and is in the process of outlining the broader design, also hoping to alleviate concerns that the digital currency could disrupt the financial system and give the central bank too much data on citizens.A digital currency is a direct claim on the central…

Ethereum mining rigs.Photo: Lauren DeCicca (Getty Images)In September, the Ethereum cryptocurrency network managed to pull off what it had been promising todo for years: switch to a model of mining that is far less emissions-intensive than the standard, a move known as the Merge. Did the switch do anything for the currency’s emissions? Could it be a good solution to the huge climate issues plaguing crypto?The preliminary answer, according to a peer-reviewed opinion paper published Tuesday in the journal Patterns, is,…

After years of anticipation, the cryptocurrency ethereum finally implemented a major network upgrade that completely changes how the blockchain verifies transactions, mints new coins and secures its network. Called proof-of-stake, this system has reduced ethereum's energy consumption by more than 99%. Energy usage has been one of the cryptocurrency industry's biggest targets for critique. But it's not likely that bitcoin will follow suit.Instead, the bitcoin network is sticking with a system called proof-of-work, in which…

South Korean authorities are seeking the arrest of Do Kwon, co-founder and chief executive officer of Terraform Labs. His company is behind the now-collapsed terraUSD and luna cryptocurrencies. South Korean prosecutors are now seeking to freeze bitcoin linked to Kwon.Woohae Cho | Bloomberg | Getty ImagesSouth Korean authorities on Thursday began the process of canceling the passport of Terraform Labs founder Do Kwon whose company was behind a dramatic $60 billion cryptocurrency collapse.Police have also arrested one…