The Reserve Bank of India (RBI) is taking a cautious approach to expanding its central bank digital currency (CBDC), the e-rupee, as officials prioritise understanding its long-term implications. Deputy Governor T. Rabi Sankar emphasised that while CBDCs could transform cross-border payments, trade settlements, and remittances, the risks and uncertainties surrounding the technology remain a concern.
Launched in December 2022, the e-rupee has seen limited adoption, with just 1 million retail transactions by mid-2024. This slow uptake has been partly supported by incentives, such as salary distributions in the digital currency. Despite this, the RBI has no fixed timeline for a broader rollout, preferring to assess the potential impact on the financial system before proceeding.
Deputy Governor Michael Debabrata Patra has raised additional concerns, warning that CBDCs could destabilise traditional banking. He suggested that during financial crises, digital currencies might be seen as “safe havens,” increasing the risk of bank withdrawals and possible “bank runs.” These uncertainties underscore why the RBI is maintaining its measured stance, ensuring that any expansion is informed and mitigates risks.
Bitcoin surged to a record high of over $94,000, driven by reports that Donald Trump’s social media company, Truth Social, is in talks to acquire cryptocurrency firm Bakkt. The news raised hopes of a more cryptocurrency-friendly approach under a Trump administration. Bitcoin’s price has more than doubled this year, with the latest trading at $92,104.
The potential acquisition, as reported by the Financial Times, is expected to be an all-stock deal between Trump Media and Bakkt, which is backed by the Intercontinental Exchange. This news, combined with the launch of options trading for Bitcoin ETFs on Nasdaq, has spurred further optimism.
Since the US election on 5 November, traders have been betting that President-elect Trump will foster a less restrictive regulatory environment for digital assets, leading to a renewed rally in Bitcoin. The global cryptocurrency market has now surpassed a $3 trillion valuation, according to CoinGecko.
Market analysts suggest there is strong buying momentum behind Bitcoin, with the potential for further gains as traders continue to seek out opportunities in the growing market.
Gold dropped to a one-month low of $2,543 on 14 November, following the release of the US Consumer Price Index report, which confirmed inflation at 2.6% for October. Despite a brief recovery to $2,623, the precious metal remains 2.6% lower over the past month. Meanwhile, Bitcoin soared to a record-breaking high of over $93,400, underscoring its growing appeal as a digital alternative to traditional inflation hedges like gold.
Experts suggest this trend could continue, as Bitcoin’s higher yield and appeal as a diversification tool attract investors. Maruf Yusupov, co-founder of the gold-backed stablecoin Deenar, noted that Bitcoin’s rising popularity may challenge gold’s long-standing dominance as an inflation hedge. The Federal Reserve’s hawkish policies and the strengthening US dollar are also likely to weigh on gold’s attractiveness.
Adding to the momentum, Republican Senator Cynthia Lummis recently proposed selling some of the US Federal Reserve’s 8,133 tonnes of gold reserves to invest in Bitcoin as a national reserve asset. The proposal reflects a shifting perspective among policymakers, signalling a potential long-term shift in investment strategies.
Donald Trump’s media company, Trump Media and Technology Group, is reportedly in advanced negotiations to acquire Bakkt, a crypto trading platform backed by the Intercontinental Exchange. According to sources cited by the Financial Times, the deal would be an all-stock acquisition.
News of the talks caused Bakkt’s shares to skyrocket by nearly 66% before trading was temporarily halted due to volatility. Neither Trump Media nor Bakkt has commented on the matter, while the Intercontinental Exchange declined to respond.
If finalised, the deal would deepen Trump’s ties to the cryptocurrency industry, which he has actively supported long before the US presidential election. In a related move, Trump recently launched a new crypto initiative called World Liberty Financial.
Africa’s financial landscape is undergoing a transformation as crypto adoption grows, offering solutions to long-standing challenges such as limited banking access and high remittance costs. Crypto exchange VALR is leading the charge, leveraging its platform to bridge traditional financial services with the opportunities presented by digital currencies. The platform supports retail users, small businesses, and institutions across the continent.
According to VALR’s CEO, Farzam Ehsani, cryptocurrencies provide unique advantages for Africans, including affordable money transfers, inflation hedging, and improved access to global financial markets. Stablecoins are particularly valuable, enabling users to preserve value and move funds quickly and cost-effectively across borders. Despite slow progress, major financial institutions in Africa are beginning to explore the potential of blockchain and crypto solutions.
Headquartered in Johannesburg, VALR has grown to become Africa’s largest crypto exchange by trading volume, with operations expanding internationally. The company’s innovative features, such as negative maker fees and robust API tools for fintech integration, reflect its commitment to shared value. As VALR develops new products like VALR Pay and multichain support, it aims to unlock Africa’s vast potential by making financial services more inclusive and accessible.
Gemini has launched its cryptocurrency trading platform in France, tapping into the nation’s growing interest in digital assets and its supportive regulatory environment. The expansion follows Gemini’s registration as a Virtual Asset Service Provider earlier this year, enabling French users to trade or store over 70 digital assets via its web and mobile platforms.
The platform supports funding through local payment methods, including debit cards, bank transfers, and Apple Pay, with transactions available in both Euros and British Pounds. Institutional investors can also benefit from Gemini’s advanced ActiveTrader™ platform and over-the-counter trading services, offering deep liquidity and competitive pricing.
France has positioned itself as a leader in the global crypto market, driven by a robust regulatory framework and rising adoption rates. According to Gemini’s 2024 Global State of Crypto report, 18% of French citizens now own digital assets, with nearly half of past owners planning to re-enter the market within a year. Women represent 35% of French crypto owners, one of the highest percentages globally.
This move marks another milestone for Gemini, which recently secured in-principle approval for a Major Payment Institution license from Singapore’s Monetary Authority. The firm aims to leverage France’s trust in digital assets and expand its presence in the European market over the coming months.
The city of Paju in South Korea’s Gyeonggi Province has announced its intention to seize and liquidate cryptocurrency holdings from residents who have failed to pay their taxes. Notices were issued to 17 individuals owing a combined 124 million Korean won (around $88,600), warning that crypto assets on exchanges would be confiscated if debts are not resolved by the end of November.
Authorities in Paju are intensifying efforts to track crypto holdings, highlighting that digital assets have become a popular tool for evading tax obligations. Officials clarified that individuals with the means to pay cannot shield their wealth through cryptocurrencies. In July, Paju seized $72,000 worth of crypto from other delinquent taxpayers in similar enforcement actions.
Separately, South Korea’s NongHyup Bank is advancing a pilot project to tokenise VAT refunds in collaboration with digital assets platform Fireblocks. The initiative aims to reduce operational errors and fraud by assigning digital identifiers to assets for real-time tracking, ensuring greater transparency and trust between banks and customers.
Swiss and Nepalese regulators have raised red flags about the growing risks of cryptocurrency misuse. In its latest Risk Monitor report, Switzerland’s financial watchdog FINMA identified digital assets, especially stablecoins, as a high-risk area for money laundering. The agency highlighted their role in sanctions evasion, dark web transactions, and cyberattacks. FINMA has tightened oversight of financial institutions offering crypto-related services to safeguard the sector’s reputation.
Meanwhile, Nepal’s Financial Intelligence Unit (FIU) reported a surge in crypto misuse for cross-border money laundering and fraudulent investment schemes. Despite a national ban on crypto trading, fraudsters continue exploiting digital assets to obscure illicit funds. Victims often avoid reporting crimes, fearing legal repercussions or social stigma, hindering enforcement efforts.
Authorities in both countries are calling for robust measures to combat these threats, emphasising the need for heightened vigilance and better reporting mechanisms.
Heather Morgan, also known as Razzlekhan, has been sentenced to 18 months in prison for her role in laundering Bitcoin stolen during the 2016 Bitfinex hack. Her husband, Ilya Lichtenstein, who orchestrated the theft of 119,754 Bitcoin, received a five-year prison term. While Morgan was not involved in the hacking itself, she played a significant part in concealing the stolen funds, now valued at $10b.
The couple’s sentences were reduced due to their cooperation with US authorities in other crypto-related cases. However, US District Judge Colleen Kollar-Kotelly stressed the deliberate nature of Morgan’s actions, highlighting the sophisticated methods she used, such as fake identities and small transfers to evade detection.
Morgan’s request for a ‘time served’ sentence was denied, despite claims of harsh pretrial detention conditions. Following her prison term, she will face 36 months of supervised release and a $200 fine. The case underscores the growing scrutiny on crypto-related crime and the severe penalties for offenders.
Russian security experts have uncovered a new deepfake scam exploiting the image of Donald Trump, targeting English-speaking audiences. FACCT, a Moscow-based cybercrime prevention firm, reported that scammers are using a bot to create deepfake videos of prominent figures like Trump, Elon Musk, and Tucker Carlson. These videos are being shared on platforms such as TikTok and YouTube to promote fraudulent crypto exchanges.
The bot allows users to generate customised videos with text up to 400 characters long, which fraudsters use to advertise fake trading platforms. FACCT identified three primary scams: fake exchanges where victims’ tokens are stolen, malware links that compromise crypto wallets, and bogus tokens that can’t be sold.
This warning follows a rise in crypto-related scams in Russia, including digital ruble frauds. Authorities are urging vigilance as the Russian Central Bank prepares to launch its central bank digital currency nationwide next year.
