Digital Financial News

defence pensioners due in the month of November 2023 have been extended till January 2024. According to the Principal Controller of Defence Accounts ) pension website, “Annual identification for pensioners due in month of November 2023 have been extended till January 2024. Please submit your life certificate to ensure continuation of pension after Jan 2024. Please submit your life certificate to ensure continuation of pension after Jan 2024.” Defence pensioners must perform annual identification which can be done using Aadhaar, or providing life certificates issued by designated authorities to have the entitled pension credited to their bank account.

crypto stablecoins, which advertise tranquility in an ocean of tumult, have hardly lived up to their billing. Not one out of the 68 tokens studied by researchers at the Bank for International Settlements has managed to stay on its peg at all times. Tether and USD Coin, the two largest players, reference their values 1:1 to the dollar, which enables them to act as a bridge of sorts between virtual and real-world representations of money. However, they have very little use outside the domain of crypto trading. For the broader population that doesn’t dabble in Bitcoin or Ether, keeping money in a bank that has deposit insurance has always been a safer option. And yet, despite their well-known infirmities, more stablecoins keep coming. Regulators, too, seem to be more receptive to having them around, despite spectacular blowups like when TerraUSD breached its $1 price target in May 2022 and wiped out about $500 billion from cryptocurrency markets. Circle’s USD Coin briefly lost its peg during the US regional banking crisis of 2023. Still, Hong Kong put out a proposal last week to license stablecoins. Singapore has already announced similar intentions. It’s very likely that before the end of 2024, the two financial centers will have come up with rules that US lawmakers have failed to adopt after three years of efforts.

As speculation about the upcoming approval or denial of spot bitcoin ETFs reaches a fever pitch, a group of former Citigroup Inc. executives is starting to offer securities backed by the oldest cryptocurrency that they say don’t need the blessing of U.S. regulators. 

After-Hours Stock Movers:

The Bitcoin market, as of January 4th, illustrates a dynamic and cautiously optimistic scenario. Trading at approximately $44,000, Bitcoin has witnessed a 3.33% increase over the last 24 hours, signaling a resilient rebound in the ever-volatile cryptocurrency arena.

₹9,400 crore in 2021. Nanda insisted that under the Kubota partnership, the emphasis was on institutionalizing the company, and not on operating it as a family-run business. (The Nanda family owns 14.15% of the joint company.) “I always wanted to institutionalize this platform, and through Escorts Kubota, I am happy to say to our shareholders that today, this company is institutional," he said in an interview.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

Visa announced a web3-based loyalty program for its customers Thursday in the hopes of creating an immersive,valued-added experience for its users.

By Nell Mackenzie

LTIMindtree on Thursday said it has integrated its subsidiaries Syncordis and Nielsen+Partner to form a specialised banking transformation practice (BTP). The BTP will deliver end-to-end consulting, digital and IT services, leveraging commercial off-the-shelf (COTS) products and platforms serving banks and capital market firms, the company said.

Infosys cofounder NR Narayana Murthy has expressed regret over his decision to turn down his family members, especially his wife Sudha Murthy, to join the IT giant he set up over four decades ago. Calling himself “wrongly idealistic”, Murthy said in an interview to a TV channel, that his wife was “more or as qualified than all seven” engineers including himself who together established Infosys, creating one of the earliest successful startups in India post liberalisation.

Bitcoin becoming a reserve currency is an interesting topic of discussion. While it is currently not widely used in everyday transactions to the same extent as traditional currencies, there are potential scenarios in which Bitcoin could become a reserve currency in the future.

The Bank of China has marked a significant milestone in the realm of digital currency with the completion of the world's first cross-border Central Bank Digital Currency (CBDC)-powered precious metals deal. On December 20, 2023, the Bank of China's Shanghai branch successfully conducted a 100 million yuan ($14 million) e-CNY CBDC settlement received overseas for gold via the Shanghai Financial Exchange International Board. This historic transaction underlines the growing acceptance and utility of digital currencies in international trade, especially in the precious metals sector.

The Federal Deposit Insurance Corporation (FDIC) has announced significant changes to its official signage and advertising rules. This update, the first since 2006, aims to extend the confidence and assurance traditionally provided by the FDIC's physical signage to the rapidly evolving digital banking landscape.

The U.S. Court of Appeals for the Ninth Circuit has recently concluded a landmark legal process, officially sanctioning the confiscation of 69,370 Bitcoins and other cryptocurrencies from the defunct dark web marketplace Silk Road. This judicial action enforces a previous ruling that acknowledged the U.S. government's rightful claim to these digital assets, which were linked to Silk Road's notorious illegal operations​​.

Senator Thom Tillis (R-NC) has voiced his opposition to Senator Elizabeth Warren’s (D-MA) recently proposed anto-crypto bill, according to a letter published by Satoshi Act Fund CEO and co-founder, Dennis Porter.

Following a lengthy investigation phase, in October the ECB moved onto the preparation phase of the digital euro, although no final decision on a roll out has yet been made. The central bank has now issued calls for applications to establish framework agreements for the alias lookup component; the fraud and risk management component; the app and SDK components; the offline services component; and the secure exchange of payment information component. The ECB will invite the highest ranked respondents to submit offers in a subsequent Invitation to Tender. In total, the five agreements could be worth around EUR1.1 billion to vendors and would run for four years from early 2025.

Payment gateway and services provider Cashfree saw revenue from operations rising 75% on year to Rs 614 crore in FY23, even as its losses swelled considerably during the period. The company, which recently received the Reserve Bank of India’s nod to resume onboarding of new merchants, recorded a loss of Rs 133 crore in FY23, a significant jump from Rs 3 crore in the previous year.

The European Central Bank (ECB) has unveiled progress in the development of the digital euro, with the publication of a report detailing the advancements made by the digital euro scheme’s Rulebook Development Group (RDG).

Tata Technologies has launched a hiring campaign, #Reignite, targeting female engineers on a career break. The programme is in line with its renewed focus on promoting gender diversity across its workforce, the product engineering and digital services firm said.

consumer goods maker Dabur said in a third quarter update on Thursday that it expects consolidated revenue to register mid to high single-digit growth, a slight improvement over the July-September quarter. The maker of Real juice, Hommade condiments and chyawanprash noted in a filing to the stock exchanges that its foods and beverages segment would lead growth in the quarter, usually the best performer in the October-December quarter due to the festive season and its juices portfolio. Dabur said the third quarter has been better than expectations, also driven by its acquired Badshah masala franchise and its international business. The company, which derives almost half of its annual sales from rural India, however, noted that demand in the hinterland continues to be a concern for the company. Rural demand has continued to lag behind urban demand, though the gap has reduced in the last quarter.