Inter-Ministerial Committee on Virtual Currencies submits Report

Inter-Ministerial Committee on Virtual Currencies headed by finance secretary Subhash Chandra Garg has submitted its report to the government. The committee set up by Centre has also proposed a draft bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency ..

Month: Current Affairs - July, 2019

ICICI Bank launches co-branded multi-currency travel card with Goibibo

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 ..

IIT Kharagpur devises solution to detect fake notes at Smart India Hackathon 2019

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 ..

Digital currency: Aber

The central banks of the UAE and Saudi Arabia will launch a common digital currency called Aber. Aber will be used for financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. Benefits of the Digital Currency The ..

Month: Current Affairs - January, 2019

BHIM-Aadhar Payment System

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 ..

Marshall Islands to become world’s first country to issue digital legal tender “Sovereign”

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 ..