Stay updated on the latest news and current affairs about currency and cryptocurrency. For example, OpenAI Chief Executive Sam Altman recently launched a cryptocurrency project named “Worldcoin.”
Currencies in the News 2024
September 2024
- Prime Minister of India has launched the ‘SUBHADRA’ scheme, the first digital currency scheme in the country, associated with Odisha.
- The International Cricket Council (ICC) has increased the prize money for the 2024 Women’s T20 World Cup to $2.34 million, a 134% rise from the $1 million awarded to Australia in 2023. The runners-up will receive $1.17 million, surpassing last year’s $500,000.
- According to the recently launched 2024 Chainalysis’s Global Crypto Adoption Index, India ranks first in global adoption of cryptocurrencies.
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January – August 2024
- The Asian Development Bank (ADB) raised 12.5 billion Indian rupees (approximately $150 million) through its largest local currency green bond issue, listed on the Luxembourg Stock Exchange.
- Leaders of India and Malaysia acknowledged the collaboration between RBI and Bank Negara Malaysia to promote local currency settlement in bilateral trade and investments.
- The Reserve Bank of India (RBI) introduced a revised SAARC Currency Swap framework for 2024-27, featuring a separate Indian Rupee (INR) swap window worth Rs 250 billion for various concessions.
- RBI expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS), allowing Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City (GIFT City).
- India and the United Arab Emirates (UAE) launched the Local Currency Settlement System (LCSS) to enhance economic relations.
- Flipkart introduced the UPI app ‘super.money’ to advance its fintech initiatives.
- The Central Bank of Zimbabwe recently launched a new currency backed by gold and foreign currencies.
- The Indian Renewable Energy Development Agency (IREDA) established an office in GIFT City to provide foreign currency-denominated debt financing for green hydrogen and renewable energy projects.
- IndusInd Bank became the first bank to execute RBI’s programmable Central Bank Digital Currency (CBDC) pilot to compensate farmers for carbon credits.
- India and Nigeria identified key sectors for enhanced cooperation, including pharmaceuticals, UPI, and a local currency settlement system.
- Nepal announced the printing of a new Rs 100 currency note featuring a map that includes the Indian territories of Lipulekh, Limpiyadhura, and Kalapani.
- Argentina devalued its currency, the Peso, by 54%.
✅ Read Also: Loans and Grants Current Affairs: Month-wise List
Currencies in the News 2023
October-November-December 2023
The Reserve Bank of India has launched a pilot program for its Central Bank Digital Currency (CBDC) called ‘Digital Rupee-Wholesale (e-W)’ in the interbank call money market.
- Launched on November 1, 2022
- Use case limited to the settlement of secondary market transactions in government securities.
- Expected to make the inter-bank market more efficient
- Settlement in central bank money would reduce transaction costs
- Eight banks have been identified for phase-wise participation in the pilot project
- The first phase includes four banks: State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank
- The second phase will include four banks: Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank
September 2023
▪ India emerges as the global leader in grassroots crypto adoption, securing the top spot in Chainalysis‘ 2023 Global Crypto Adoption Index, which evaluates cryptocurrency adoption among 154 countries.
August 2023
- India made its first crude oil payment in Rupees to the United Arab Emirates (UAE) in August 2023. This was a significant development, as it marked the first time India had made a crude oil payment in a currency other than the US dollar.
July 2023
- HDFC Bank becomes the first bank to launch a UPI QR code interoperable with Central bank digital currency (CBDC).
- India has signed an MoU with the UAE to establish a Local Currency Settlement System for trade settlement in their respective national currencies.
- OpenAI chief executive Sam Altman recently launched a cryptocurrency project named “Worldcoin”.
January – June 2023
▪ Recently, The Central Bank of Bangladesh has decided to allow its currency, the taka, to float freely for the first time, to get access to funds from International Monetary Fund.
▪ Sberbank, Russia’s largest bank, has recently launched Indian rupee accounts for individuals. It allows Indian customers to open and manage Sberbank accounts in rupees. The accounts are available to individuals and businesses, and the minimum balance requirement is INR 1000. The interest rate on the accounts is 4% per annum. The accounts can be opened online or at any Sberbank branch in India.
▪ JP Morgan Bank has recently launched a pilot project in Gujarat International Finance Tec-City (GIFT City), implementing a real-time interbank settlement system for US dollars. Their blockchain platform, Onyx, facilitates this initiative.
▪ Recently, Patna Municipal Corporation has become the first municipal corporation to use Central Bank Digital Currency (CBDC).
▪ Reliance General Insurance has achieved a significant milestone by becoming the inaugural general insurance company to accept the Reserve Bank of India’s Central Bank Digital Currency (CBDC) e-Rupee (e₹) as a mode of payment for premium transactions.
▪ The Reserve Bank of India (RBI) released a “Report on Currency and Finance 2022-23” with the Theme: Towards a Greener Cleaner India.
▪ Zimbabwe recently launched a gold-backed digital currency called “Mosi-oa-Tunya.” The currency is backed by 22-carat gold coins held by the Reserve Bank of Zimbabwe. The tokens can be used for peer-to-peer and peer-to-business transactions and to store value. The government hopes the new currency will help stabilize the country’s economy and make it easier for people to do business.
Here are some additional details about the new currency:
- The tokens are worth 1 gram of gold each.
- The tokens can be bought and sold using Zimbabwean dollars, US dollars, and other currencies.
- The tokens have a 180-day vesting period, during which you cannot withdraw the money you invested in them.
- The tokens are acceptable as collateral for loans.
▪ Kochi Metro became the first Metro in the country to accept Central Bank Digital Currency (CBDC).
▪ The Reserve Bank of India (RBI) has recently declared the discontinuation of the Rs 2,000 currency note from circulation. This currency note was initially introduced per the legislative acts outlined in the RBI Act, of 1934.
▪ Reliance Retail has made history by becoming the first Indian retailer to adopt the country’s newly launched digital currency, the Digital Rupee – Retail [e₹-R].
▪ The International Monetary Fund (IMF) has recently released a 9-point Crypto Action plan aimed at providing guidance to policymakers and regulators on how to navigate the complex and rapidly evolving world of cryptocurrencies.
▪ Croatia becomes the 20th member of the Eurozone, making the euro its official currency and entering the EU border-free Schengen area.
▪ The Supreme Court of India has recently upheld the 2016 decision to demonetize INR 500 and INR 1,000 currency notes.
Currencies in News 2022
▪ Recently, the United States Department of Treasury has removed India from its Currency Monitoring List.
▪ Along with India, the US also removed Italy, Mexico, Thailand and Vietnam from its currency Monitoring list. ▪ China, Japan, Korea, Germany, Malaysia, Singapore and Taiwan are the seven economies that are a part of the current currency watch list.
▪ The European Union developed the first major regulatory framework for the cryptocurrency industry, Crypto-Assets or MiCA.
▪ Recently, Croatia became the 20th country to get final approval to adopt the euro single currency.
▪ Digital payments and financial services provider PhonePe acquiring ZestMoney; deal pegged at $200mn-$300mn.
▪ India will host the “No Money for Terrorism” ministerial conference on 18th and 19th November 2022 in New
Delhi.
▪ The “No Money for Terrorism” conference will be hosted by the National Investigation Agency (NIA). ▪ The first such meeting was held in Paris, France in 2018 and the second in Melbourne, Australia in 2019. ▪ Financial Intelligence Units (FIUs) from more than 150 different countries, collectively known as the Egmont Group, organize the conference.
▪ The legendary Hollywood star Anna May Wong became the first Asian American to feature on US currency.
▪ Recently, the USA has printed currency notes of $1 and $5 with the signature of the Secretary of Treasury (American Finance Minister) Janet Yellen and Lynn Malerba.
▪ Recently, the central bank of Norway has published the open-source code for the central bank digital currency (CBDC) sandbox based on Ethereum technology.
▪ Japan’s MUFG Bank will open a branch in Ahmedabad’s Gujarat International Financial Tech City (GIFT City) to conduct foreign currency lending.
▪ Central African Republic becomes the second country in the world to adopt Bitcoin as the official currency.
▪ The Reserve Bank of India has released a Report on Currency and Finance (RCF) for FY2021-22. The theme of the Report is “Revive and Reconstruct” in terms of sustained post-Covid recovery and growth trends over the medium term.
▪ The International Monetary Fund (IMF) lifted the yuan’s weighting in the Special Drawing Rights currency basket (from 10.92% to 12.28%).
▪ Recently Terra Luna Cryptocurrency was found in the news, where LUNA is the native token of Terra, a blockchain developed by the Korean firm Terraform Labs.
▪ The Reserve Bank of India (RBI) has issued a concept note on Central Bank Digital Currency (CBDC).
▪ India launched its first phase of the retail e-rupee pilot project.
▪ The e-rupee initially covers four cities – Mumbai, New Delhi, Bengaluru, and Bhubaneswar. ▪ Four banks are controlling the launch of the retail e-rupee – SBI, ICICI Bank, Yes Bank and IDFC First Bank. ▪ It will be issued in the same denominators as paper currency and coins and distributed via banks. ▪ It does not earn any interest like cash. It can be converted into other forms of money like bank deposits
▪ Recently, the Reserve Bank of India (RBI) has signed an agreement with the monetary authority of Maldives to extend up to a USD 200 million currency swap facility under the SAARC Currency Swap Framework.
▪ CryptoWire has launched India’s First Cryptocurrency Index IC15, which will measure the performances of the 15 most widely traded cryptocurrencies.
▪ The Fino Payment Bank has received approval from the Reserve Bank of India for International Remittance Business under The Money Transfer Service Scheme (MTSS).
▪ Paytm Money launches “India’s first” intelligent messenger called ‘Pops’. Through this app, users can receive specific information related to their stocks, analysis of their portfolio, market news, and important market movements in an easy-to-consume format, all in one place.
▪ Mahila Money, Visa, and Transcorp launched a Prepaid Card for Women Entrepreneurs. It helps women entrepreneurs easily collect payments and loans and receive incentives for transactions.
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