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” SVB mixup forces India’s SVC Bank to issue a notice of clarification “ The shockwaves caused by the collapse of Silicon Valley Bank (SVB) were felt by countless businesses, including a bank from India that had no relation with the California-based banking institution. Soon after reports of SVB’s imminent shutdown surfaced on March 10,…
” Silvergate and SVB bite the dust: Law Decoded, March 6–13. “ Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems. A couple of days later, another Federal…
” India subjects crypto transactions to anti-money laundering law “ While there’s nothing new in imposing anti-money laundering (AML) standards on crypto, it is only now that the Indian government has decided to notify all interested parties of the obligation to comply with the national AML law. On March 7, The Gazette of India published…
” India explores offline functionality of CBDCs: RBI executive director “ India’s recently launched in-house central bank digital currency (CBDC), the e-rupi, is now being tested for offline functionality, revealed Ajay Kumar Choudhary, Executive Director at the Reserve Bank of India (RBI). The RBI — India’s central bank and regulatory body — launched the wholesale segment…
” FSB, IMF and BIS papers to set global crypto framework, says G20 “ The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework, announced on Feb. 25 the group of the 20 biggest economies…
” Coordinated global crypto policies: G20 key financial stability priority “ During the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s presidency, the members were invited to discuss key financial stability and regulatory priorities, among other policy approaches. India urged member nations to build and understand the macro-financial implications of crypto…
” India expands national payment network to Singapore: What’s in it for crypto? “ India’s national payment network, the unified payments interface (UPI), is expanding its services beyond Indian borders, integrating with Singapore’s PayNow rapid payment system. Shaktikanta Das, governor of the Reserve Bank of India, and Ravi Menon, managing director of the Monetary Authority of…
” India in ‘no hurry’ for CBDC as digital rupee pilot onboards 50k users “ The Indian government doesn’t want to rush its central bank digital currency (CBDC) pilot despite joining the CBDC race just a few months ago. India’s recently launched CBDC pilot has amassed 50,000 users, and 5,000 merchants since the Reserve Bank…
” Algorand to drive Web3 adoption in India through key partnerships “ Algorand Foundation announced several partnerships in India, including collaborations with schools to develop educational programs to help grow Web3 in the country. In an announcement sent to Cointelegraph, the Algorand team said it partnered with Jawaharlal Nehru Technological University Hyderabad and the Indian School…
” The world must take a ‘collective action’ approach to regulations – suggests India’s Finance Minister “ India’s Finance Minister, Nirmala Sitharaman, stated that regulation “cannot be done” by a single country, it requires “collective action,” in a recent television interview. Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, Sitharaman noted that…