Economy Financial News

Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha on March 28, said that the government had initiated action against 11 cryptocurrency exchanges in India for tax evasions worth a total Rs 81.54 crore.

In January 2022, the Central Bank of Russia (CBR) proposed a number of measures aimed at curtailing the country’s cryptocurrency market, which included a blanket ban on the use and mining of all cryptocurrencies. It pointed out risks posed by the volatile nature of cryptocurrencies to the financial stability of the country, the extensive use of crypto in illegal activity and the energy costs involved in crypto mining. However, the utility of blockchain technology didn’t escape the CBR. The following month, it announced that it had started the pilot stage of the digital ruble, its planned central bank digital currency (CBDC).

Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank’s views about cryptocurrencies might have delayed the government’s proposed legislation on crypto assets.

Terra (LUNA) has fared better than its top crypto rivals when it comes to withstanding the negative market impacts of the ongoing Ukraine-Russia conflict.

On Feb. 9, the United States Bureau of Labor Statistics reported that the Consumer Price Index, a key measure capturing the change in how much Americans pay for goods and services, has increased by 7.5% compared to the same time last year, marking the greatest year-on-year rise since 1982. In 2019, before the global COVID-19 pandemic broke out, the indicator stood at 1.8%. Such a sharp rise in inflation makes more and more people consider the old question: Could Bitcoin, the world’s largest cryptocurrency, become a hedge asset for high-inflation times?

stock market isn't the economy — which it isn't — then cryptocurrencies like Bitcoin really, really aren't the economy. Still, crypto has become a pretty big asset class (and yielded huge capital gains to many buyers); by last fall the combined market value of cryptocurrencies had reached almost $3 trillion. Since then, however, prices have crashed, wiping out around $1.3 trillion in market capitalization. As of Thursday morning, Bitcoin's price was almost halfway down from its November peak. So who is being hurt by this crash, and what might it do to the economy? Well, I'm seeing uncomfortable parallels with the subprime crisis of the 2000s. No, crypto doesn't threaten the financial system; the numbers aren't big enough to do that. But there's growing evidence that the risks of crypto are falling disproportionately on people who don't know what they are getting into and are poorly positioned to handle the downside.

Following increased regulatory steps, Beijing will now start a three-year nationwide crackdown on money laundering from 2022 to 2024, Bloomberg reported.

The White House is reportedly considering an Obama-era economic adviser and former Fed economist to fill the empty seats on the board of governors of the Federal Reserve System in 2022. 

Senator Jane Hume has stated that decentralized finance (DeFi) “presents huge opportunities” for Australia to cement its place as a “front-runner for innovation and economic progress.”

India plans to tighten regulation of cryptocurrencies to deter investors from holding them though the government is unlikely to follow through with an earlier plan to ban private digital coins, according to two sources familiar with the discussions.

Representatives of crypto exchanges, Block chain and Crypto Assets Council (BACC), industry bodies and other stakeholders will make their submissions on crypto finance on Monday before a parliamentary panel chaired by BJP leader Jayant Sinha.

The government 'strongly' feels that advertisements by cryptocurrency companies, exchanges and other such entities which over-promise and are not transparent need to stop, sources said after Prime Minister Narendra Modi chaired a meeting on cryptocurrency with stakeholders on November 13.

Online employment-oriented platform LinkedIn has reported demand for employees with experience in crypto or blockchain is on the rise across many companies.