Zimbabwe’s Gold-Backed Digital Currency

Recently, Zimbabwe launched a gold-backed digital currency, marking another attempt to stabilize and strengthen its currency. This innovative move aims to address the ongoing challenges faced by the country’s financial system. The Concept of a Gold-Backed Digital Currency A gold-backed ..

Month: Current Affairs - May, 2023

Category: Economy & Banking Current Affairs

Digital Yuan Wallet Apps

Digital Yuan is the digital currency of China. It was first launched in 2014 and has been working (test working) since then. The Digital Yuan is not a crypto currency. It is controlled by the Central Bank of China. The ..

Month: Current Affairs - January, 2022

Category: Economy & Banking Current Affairs • International / World Current Affairs

Global Consortium for Digital Currency Formed by WEF

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 ..

Month: Current Affairs - January, 2020

Finance minister: MDR charges not applicable for RuPay and UPI from 2020

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 ..

Bitcoins

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 ..

Subhash Chandra Garg heads Cryptocurrency panel that proposes ban on private digital currencies

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, ..

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 ..