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For the adoption of digital currencies, the first Global Consortium which focussed on creating a framework for Governance of Digital Currencies was announced on Friday, 24th January 2020 by the World Economic Forum. The announcement was made during the last day of the 50th annual meeting of WEF, held in Davos, Switzerland. Over the last ..
On December 28, 2019, Finance Minister Nirmala Sitaraman announced that Merchant Discount Rate (MDR) will not be applicable on bank transactions made through RuPay and UPI platforms. Highlights The Finance Ministry has directed the banks to start campaigns to popularize UPI and RuPay debit cards. Also, the banking companies with an annual turnover more than ..
Bitcoin is one of the most well-known as widely used cryptocurrency in the world. Bitcoin is a global digital currency without the backing of any central bank or regulations of a single administrator. How do bitcoins work? Bitcoins are created as a reward for a process known as mining in which computing power is used ..
The Inter-Ministerial Committee (IMC) set up to look into the legality of cryptocurrencies and blockchain has recently submitted its report to the Finance Ministry and recommended that private cryptocurrencies be banned completely in India. It has also drafted a law, the ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’, which mandates a ..
ICICI Bank has launched a co-branded multi-currency card with online travel booking portal Goibibo. Anyone travelling abroad, whether they hold an ICICI Bank savings account or not, can apply for the Goibibo ICICI Bank Travel Card on the Goibibo website and mobile app The acceptance of the card is across 200 countries and 4.6 crore ..
The students from IIT Kharagpur have devised unique solutions ranging from detecting counterfeit currency to nuclear radiation tracking through wearable sensors at the recently concluded nationwide competition, Smart India Hackathon 2019. They developed a code for a smartphone application to address the problem of detecting fake Indian currency. For this, the 6-member team have developed ..
The BHIM Aadhaar platform and application seek to minimize the role of plastic cards and point of sale machines, which hitherto are believed to be essential for cashless transaction. Under this, a customer has to link his bank account with his Aadhaar number. As of now, around 40 crore bank accounts are already linked to ..
The Republic of the Marshall Islands (RMI) will become the first sovereign nation to issue a cryptocurrency that will be legal tender. The new currency is called “Sovereign” with the symbol “SOV”. The SOV will be distributed to the public via an Initial Currency Offering (ICO). It will circulate as legal tender in the country, ..