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India’s flourishing fintech sector is craving the finance minister’s attention
While the Narendra Modi government and the Reserve Bank of India (RBI) have already laid down regulations for certain segments, such as peer-to-peer lending, others like cryptocurrencies and online lending startups are yet to be regulated. Such regulation may mean stricter compliance, but the management at these firms believe it will lend legitimacy to the industry, which is expected to be worth $2.4 billion by 2020. That, in turn, will help them grow faster.
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- Finance
- Region
- South Asia
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- cryptocurrency, fintech, regulations
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China’s cryptocurrency crackdown cost bitcoin company BTCC tens of millions in revenue: ‘It was in the realm of our worst possibility’
BTCC founder and CEO Bobby Lee told Business Insider: "We always knew it was a risk that the Chinese government would look unfavourably on bitcoin and put some strong rules around it.
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- Finance
- Region
- Asia Pacific
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- cryptocurrency, fintech
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IMF Urges International Cooperation on Cryptocurrency Regulation
The IMF, the United Nations’ organization for global monetary cooperation, financial stability and economic growth, is pushing a “greater international discussion and cooperation among regulators” globally to form policies on cryptocurrencies, CCN.com reported.
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- Finance
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- cryptocurrency, fintech, regulations
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Fintech must serve the real economy, Chinese regulator says
In a speech at the Asian Financial Forum on Monday, Jiang Yang, vice chairman of the China Securities Regulatory Commission, said the development of fintech should support the wider economy, instead of profiting only "a small group of people."
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- Finance
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- Asia Pacific
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Perspective: Financial inclusion can leapfrog with blockchain technology
Positioned from the outset as an alternative to traditional banking mechanisms, Blockchain raised the possibility of a revolution in the world of financial technology, and the way money was controlled. Nine years on, we see different economies and industries across the globe still trying to understand and adopt the technology.
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- Finance
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India’s central bank wants to put a leash on the booming fintech sector
“Bringing fintech under the regulatory ambit should provide a level playing field and encourage financial innovations. In this context, the Reserve Bank (of India, RBI) is working on framing an appropriate response to the regulatory challenges posed by developments in fintech in India,” the central bank said in its Trend And Progress Of Banking In India report, released in December.
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- Finance
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- South Asia
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- cryptocurrency, fintech, regulations
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Can the rise of cryptocurrency impact currency market in India?
Slowly, cryptocurrencies are coming under the regulatory net in order to check misuse. Japan recently became the first country to regulate cryptocurrencies; the US is quickly laying down regulatory guidelines, the UK and Australia continue to work on the formalities while China has recently banned Initial Coin Offerings (ICO) due to various reasons, including various ICO scams around the world.
Though India plays a relatively small role in the global cryptocurrency market, only about 2% of the global cryptocurrency market cap, the RBI has warned about the potential financial, legal, customer protection and security-related risks in cryptocurrency, amidst prevalent media rumours of RBI launching its own form of cryptocurrencynamed Lakshmi.- Categories
- Finance
- Region
- South Asia
- Tags
- cryptocurrency, fintech, regulations
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Can renewable power offset bitcoin’s massive energy demands?
“You need cheap energy to fuel your hardware,” says HydroMiner’s co-founder and CEO Nadine Damblon. By setting up shop next to where the electricity is produced, the start-up is able to pay only 4 to 6 euro cents per kW, racking up over $300,000 in profits every month. “Hydropower is the best renewable energy we could find,” Damblon says.
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- Energy