IDFC FIRST Bank joined hands with ToneTag, a global proximity and voice tech solution provider to enable acceptance of digital rupee at merchant outlets. The partnership follows a pilot program launched by the Reserve Bank of India (RBI). RBI, recently announced the launch of Central Bank Digital Currency (CBDC) for retail users.
This initiative is in its first phase of implementation with four banks, including IDFC FIRST Bank. The initiative involves issuing the currency in the same denominations through financial intermediaries and distributing them through a digital wallet provided by participating banks.
Madhivanan Balkrishnan, Chief Operating Officer (COO) IDFC FIRST Bank said, “This solution will change how merchants transact, and IDFC FIRST Bank is a proud partner in this collaboration. Digitization of cash payments is one more step in making transactions easier for our customers. As a bank that firmly believes in ‘Customer First’ approach this initiative aligns well with the same.” Tone Tag offers sound-based contactless payments, location-based services, and proximity-based customer engagement services, amongst others.
Indonesia Sets New Target To Launch National Crypto Exchange
By June this year, Indonesia's Ministry of Trade aims to launch a national crypto exchange. The country’s earlier target was to launch this by December.
At the opening of Crypto Literacy Month in Jakarta, Indonesia’s Trade Minister shared the new target launch date. According to Coin Telegraph, he informed that government is currently reviewing which companies meet their criteria to become part of the exchange.
The ministry’s crypto exchange could encompass all five active crypto exchanges that are currently registered with the country’s regulators.
As these exchanges are currently facilitating all trades within the country, the ministry's exchange will serve as a clearing house and custodian for the local crypto market.
India Says IMF Is Working With G-20 For Crypto Regulations
India has revealed details of the ongoing work around regulating crypto for the first time since taking over the G-20 presidency. "IMF is working on a paper in consultation with us (India) which will focus on "aspects of the monetary policy and the policy approach to crypto assets," CoinDesk quoted Ajay Seth, Secretary, Department of Economic Affairs.
IMF had led a meeting with representatives of developing economies around the paper in January, Seth said. "There's going to be 135 minute seminar on crypto assets on the policy response (during a G-20 meeting later this month) and for that again the IMF is preparing the finalised paper that will form the base," he added.
Apple Had A Problem With Crypto From Day One, Says Ex-App Store Director
“Apple had a problem with crypto from day one. They thought it was a Ponzi scheme,” Decrypt quoted Apple's former App Store director Phillip Shoemaker as saying.
The App Store's guidelines had been rewritten to ensure an arbitrarily harsh stance against crypto and NFTs, he revealed.