RBI to launch digital rupee pilot, Instagram to let users mint and sell NFTs

This week’s top-5 stories curated to catch up with the crypto world.
Bitcoin
Bitcoin
Written by:

We have launched Cryptogram, an India-focused free weekly newsletter on blockchain tech, global crypto markets, and Web 3.0 technologies which promise to change our future. If you would like to subscribe to this newsletter, click here. You can read our past editions here.

The US Federal Reserve has raised its short-term borrowing rate by 0.75 percentage points again to a target range of 3.75%-4%, making it the highest level since January 2008. These high rates could be a headwind for crypto assets going forward. Putting that aside, there has been a lot of activity in the realm of cryptocurrencies. Here are some significant stories from the previous week.

RBI to launch first pilot of digital rupee in India

The Reserve Bank of India (RBI) will soon start the pilot release of e-rupee or central bank digital currency (CBDC) for certain use applications. 

CBDC or central bank digital currency is simply a legal tender issued by the central bank in digital form. Once it has been formally issued, it can be used as a form of payment and legal tender. 

This digital currency can be converted into money or any form of commercial bank currency. Financial inclusion would be advanced because holders could use it as fungible legal tender without a bank account. 

It will first be made available to the wholesale market before being expanded to the retail market in a month. According to RBI, a retail e-rupee trial project will launch in a month in a few key areas with closed user groups.

Canada to introduce crypto, stablecoin consultation

Canada's federal government announced it was starting a consultation on cryptocurrencies, stablecoins, and central bank digital currencies in its latest fiscal update.

The Fall Economic Statement, a mini-budget released by Deputy Prime Minister, is the government's fiscal roadmap over the coming months. 

The "digitalization of money" was included in a section with provisions on taxes, recovering from COVID and storms, and budget estimates. It highlighted the use of cryptocurrencies and digital assets around the world.

Instagram users will soon be able to sell NFTs

Instagram is set to start enabling a select number of digital creators to generate and sell non-fungible tokens (NFT) straight from the social media platform starting this week.

The platform has been experimenting with NFTs on Instagram and Facebook since last year. 

With this update, these digital creators will have access to a toolkit that will help them create, display and sell NFTs. Polygon is the first partner that Meta has chosen for this feature.

The NFTs will be available for purchase immediately within the Instagram app for users. According to Meta, the procedure would be carried out through standard in-app purchases on both iOS and Android. Instagram also revealed that it is not taking a cut of the creators’ revenues for now.

Meta is testing this new feature with a small group of creators in the U.S. and plans to expand it to more countries in the future.

Moneygram debuts crypto trading service for app users

Payment firm MoneyGram is extending its money management tools to cryptocurrency with a new in-app service. The business is introducing a new service that will allow consumers in the United States to buy, sell, and retain cryptocurrencies through the MoneyGram mobile app. 

Users will now have access to trade and store cryptos such as Bitcoin, Ethereum, and Litecoin, growing the types of currencies MoneyGram customers can use.

The new functionality is enabled by crypto exchange Coinme, in which MoneyGram made a strategic minority investment this year. MoneyGram also revealed in the announcement that it expects to expand its future selection of crypto coins as the company explores expansion to other markets in 2023.

Binance Pay extends support to Shiba Inu

Binance announced that Shiba Inu has been added to the list of supported cryptocurrencies on its crypto payment system, Binance Pay.

The latest addition implies that users can now send, receive, and make SHIB payments with Binance Pay for supporting merchants.

The same also applies to businesses available on the Binance marketplace. Currently, Binance Pay supports more than 70 cryptocurrencies, including well-known ones like Bitcoin and Ethereum.

Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin. 

DisclaimerThis article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

Related Stories

No stories found.
The News Minute
www.thenewsminute.com