Weekly Crypto Roundup: UK’s crackdown, Iran’s CBDC, and crypto carbon credits
The Hindu
The week after Ethereum’s Merge event saw macroeconomic factors pulling prices lower, even though many Ether investors were hoping for a surge.
On Friday, Bitcoin was close to falling under the $19,000 level while Ether was hovering above the $1,300 level.
Law enforcement bodies around the world are concerned by the role cryptocurrency plays in money laundering. Sanctioned platforms like Tornado Cash even offer ways to “mix” legitimate and stolen crypto funds to make tracing them more difficult. The UK on Thursday introduced the Economic Crime and Corporate Transparency Bill in Parliament to address these challenges.
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According to a UK government announcement, the bill gives law enforcement more powers to obtain data from businesses in order to crack down on money laundering and terrorist financing.
The reforms come after the UK’s Metropolitan Police reported a spike in cryptocurrency seizures in 2021. The new law would allow law enforcement agencies in the country to seize, freeze, and recover crypto assets.
The statement noted that crypto has helped launder funds related to fraud, drugs, and cybercrime.
Iran is in the news as protestors rage against the death of 22-year-old Mahsa Amini, who died while in custody of the country’s morality police. The sanctions-hit country, however, announced on Wednesday that it was beginning a pilot launch of the “crypto-rial” central bank digital currency (CBDC).
Bangladesh asks Adani Power to resume full supplies from Jharkhand plant amid payment disputes and low demand.
Rupee strengthens to 86.84 against the dollar amid trade war fears, market volatility, and RBI intervention.
WazirX announced the completion of its asset rebalancing process and urged investors to support its restructuring scheme.
Vespa introduces luxury scooter portfolio in India, unveiling special editions inspired by Indian artistry and opulence.
Dentzz Dental utilizes AI for precision care, leading to increased efficiency, accuracy, and patient satisfaction in dental treatments.
Former CEA Arvind Subramanian critiques RBI policies, fiscal framework, income tax cuts, and weak private investment in India.
President Trump imposes 25% tariffs on steel and aluminium imports, affecting India and prompting concerns over trade relations.
CEA highlights Southern States' economic prowess, urging benchmarking against global standards and emphasizing need for skill improvement.
The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
IHCL unveils Taj Bandstand luxury hotel project in Mumbai after 17 years, set to be iconic landmark.
Government and LIC selling majority stake in IDBI Bank, with due diligence process underway for potential investors.
Prime Minister Modi's meetings with President Trump may lead to tariff reductions on U.S. goods like pecan nuts.
President Trump announces 25% tariff on steel and aluminium imports, minimal impact on Indian steel industry.