In “Currencies in News” we cover the latest news related to currencies and money that have been in the headlines recently. It is a section of current affairs related to the Indian economy, finance, industry, and banking sector.
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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.
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▪ The European Union came up with the first major regulatory framework for the cryptocurrency industry, known as Crypto-Assets or MiCA.
▪ Recently, Croatia becomes 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
▪ 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 value 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 (12.28% from 10.92%).
▪ 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 Prepaid Card for Women Entrepreneurs. It helps women entrepreneurs easily collect payments, and loans and get incentives for transactions.
‘Currency in News’ Economy Current Affairs 2022, Download PDF