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ALTERNATIVES TO THE SWIFT PAYMENT SYSTEM: THE EMERGING GLOBAL PAYMENTS LANDSCAPE Why in the News? The recent BRICS Summit renewed discussion on increasing trade and payments in national currencies, amid growing concerns over the use of financial sanctions and the dominance of the SWIFT–dollar correspondent banking system. Proposals involving CBDC interoperability and alternative payment infrastructures …
Read MoreHOW BRICS IS CHALLENGING SWIFT Syllabus: GS-2: Bilateral, Regional and Global Grouping and agreements involving India. Why in the News? The BRICS grouping — Brazil, Russia, India, China, and South Africa, along with new members such as Iran — is advancing efforts to challenge Western financial dominance through initiatives like BRICS Pay, a proposed cross-border …
Read MoreTrump Signs GENIUS Act to Boost Digital Assets Why in the News? Former U.S. President Donald Trump signed the GENIUS Act into law, aiming to promote stablecoins, digital asset innovation, and regulatory clarity. Two related bills, CLARITY Act and Anti-CBDC Act, have also advanced to the U.S. Senate. Key Developments: GENIUS Act Signed GENIUS Act …
Read MoreBitcoin Soars Past $110K Amid US Crypto Bill Why in the News? Bitcoin reached an all-time high of $110,000 after the US Senate advanced the GENIUS Act, a bipartisan crypto regulation bill. The legislation focuses on stablecoin regulation, boosting investor confidence and signaling a pro-crypto shift in US policy. Impact on Bitcoin and Market Confidence: …
Read MoreWhat is money? Money is a medium of exchange, a unit of account, and a store of value. It is a universally accepted means for people to trade goods and services. Historically, money has taken various forms, including coins, paper notes, and digital currencies. In modern economies, money is primarily created and regulated by central …
Read MoreWhy in the news? RBI Governor suggests permanent transaction deletion to enhance e-rupee anonymity, aiming to match paper currency’s level of privacy. source:enterslice About the RBI Governor’s Remarks on E-Rupee Anonymity: RBI Governor Shaktikanta Das proposed permanent deletion of transactions to enhance anonymity in e-rupee or CBDC. This measure aims to align digital currency with …
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