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The Hindu
29-05-2025
- Business
- The Hindu
e-Rupee in circulation grows to ₹1,016 crore; RBI explores cross-border CBDC pilots
'The value of Central Bank Digital Currency (CBDC) or e-rupee in circulation jumped to ₹1,016 crore at the end of March 2025 from ₹234 crore in the year-ago period,' the Reserve Bank of India (RBI) said on Thursday (May 29, 2025). 'The RBI is exploring the commencement of CBDC pilots on cross-border payments,' it said in the annual report without giving a timeline. The CBDC was first introduced in November 2022 initially with a wholesale pilot, which was followed up with a retail one as well. Simplifying cross-border payments was one of the stated advantages of the CBDC, which had to be introduced in face of the challenge to the currency system from non-fiat virtual currencies such as Bitcoins. "...the Reserve Bank is exploring commencement of CBDC pilots on cross-border payments both on bilateral and multilateral basis to overcome key challenges related to turnaround time, efficiency and transparency," it said. 'Bilateral cross-border CBDC pilots with select countries are being 'actively explored', and progress has been made in finalisation of roadmap, technical aspects and use cases,' the report said. The Reserve Bank's participation in multilateral CBDC initiatives, particularly under the Bank for International Settlements (BIS) Innovation Hub, is also being considered, as per the report. 'The Central bank also aims to further expand the scope and coverage of ongoing pilots in e-Rupee-Retail and e-Rupee-Wholesale by introducing new use cases and features and also improve the technological aspects of the account aggregator framework to enhance transparency, customer convenience and efficiency,' it said. 'A bulk of ₹857 crore of the e-Rupee in circulation is in ₹500 denomination,' the annual report said, adding ₹200 (₹91 crore in circulation) and ₹100 (₹38 crore in circulation) denominations also have sizeable presence. 'Starting with the initial use cases of person-to-person (P2P) and person-to-merchant (P2M), the Reserve Bank expanded the Central Bank Digital Currency (CBDC)-Retail (e-Rupee-R) pilot to include offline and programmability features in FY25,' the annual report said. As at the end of March 2025, the e-Rupee retail pilot was expanded to 17 banks and 60 lakh users. 'To further enhance adoption and improve distribution, certain non-banks have been allowed to offer CBDC wallets. Moreover, the scope of e-Rupee-Wholesale was further expanded and diversified with the addition of four standalone primary dealers (SPDs),' it said. Programmability use cases include direct benefit transfers to farmers against generation of carbon credits and loans to tenant farmers under kisan credit card (KCC) in select locations, it noted, adding that employee allowances for fuel/meal purposes are also being implemented by banks. 'Odisha has made e-Rupee payments to 88,000 beneficiaries under the Subhadra Yojana,' the annual report said, adding that discussions are under way with multiple Central Government Ministries and State Governments for leveraging programmability feature of CBDC to transfer funds to beneficiaries with a defined end use.
Business Insider
12-05-2025
- Business
- Business Insider
Decentralized Nigeria: Why Africa must catch up with the Web3 revolution
At every intersection of human history, certain changes have marked a definitive shift in how societies function and interact. The agricultural revolution laid the foundation for civilization. The industrial revolution mechanized productivity and changed the global economy. The information age redefined how we communicate and access knowledge. Now, we are at the edge of another epochal shift: the age of decentralization, driven by Web3 technologies. Beyond a technological upgrade Web3 is a redefinition of the very fabric of the internet. It represents a philosophical and structural evolution that places control back into the hands of users, enabling a digital economy governed by transparency and community participation. Unlike the centralized models that defined the Web2 era—dominated by tech behemoths and data monopolies—Web3 envisions a world in which ownership is democratized, and intermediaries are eliminated. The implications are sweeping, not just for global economies, but for governance, education, financial inclusion, identity, and human rights. Around the world, nations are racing to stake their claim in this emerging order. In North America, the United States has led in technological innovation, building a dynamic blockchain ecosystem that includes infrastructure development, institutional investment, and academic programmes dedicated to blockchain and Web3 applications. Europe, through the European Union, has taken proactive steps in crafting legal frameworks to support digital asset markets. The Markets in Crypto-Assets (MiCA) regulation is one of the most comprehensive attempts by any region to provide legal certainty for blockchain based businesses, thereby encouraging innovation while protecting consumers. In Asia, governments and enterprises alike are integrating blockchain into various sectors, from digital identity and logistics in Singapore to gaming and entertainment in South Korea. China, despite banning cryptocurrency trading, has deployed one of the most ambitious Central Bank Digital Currency projects in the world with its Digital Yuan. Elsewhere, Latin America has embraced Web3 out of necessity. With decades of economic volatility, inflation, and financial exclusion, citizens in countries like Argentina and Venezuela have turned to crypto assets and stablecoins as lifelines. In these countries, peer-to-peer transactions on blockchain networks oXer more stability than local fiat currencies. The Web3 movement in this region is grassroots-led, community-driven, and survival-oriented. Amid this global acceleration, Africa—despite its dynamic population, entrepreneurial energy, and mobile-first economy—remains largely on the sidelines. While pockets of progress have emerged in countries such as Kenya, South Africa, and Nigeria, the continent has yet to unify its approach or scale innovations to meaningful levels. Nigeria, the continent's most populous country and arguably its most vibrant digital economy, presents a paradox. On one hand, Nigerians rank among the highest users of cryptocurrency globally, indicating a strong appetite for decentralized tools. On the other hand, the regulatory environment remains murky at best and hostile at worst. Compounding the issue is the lack of infrastructure. Many parts of the country still suXer from inadequate internet access, erratic electricity supply, and limited access to aXordable smartphones—elements critical to the mass adoption of blockchain technologies. Despite these challenges, the potential remains undeniable. Nigeria is brimming with youthful talent, an expanding tech scene, and a population hungry for alternatives to dysfunctional systems. The recent rise of blockchain developers, community managers, Web3 content creators, and crypto influencers illustrates an underlying momentum waiting to be harnessed. The launch of the eNaira was a step forward in exploring digital finance, but its centralization and poor implementation have limited its impact, failing to capture the imagination of the people or align with the Web3 ethos of decentralization and inclusivity. This is the context in which 'Decentralized Nigeria,' a trailblazing conference to be held at the prestigious Civic Centre in Victoria Island, Lagos, assumes great significance. With the theme 'Igniting Africa's Web3 Revolution,' the conference is not just another industry gathering. It is a defining moment for the continent—a clarion call to governments, entrepreneurs, investors, creators, and everyday citizens. This conference is the result of a collaborative eXort between Rume Ophi, a leading figure in Nigeria's Web3 industry and the Regional Operations Manager of lyfebloodDAO, and Nova Phoenix, a U.S.-based blockchain strategist, and founder of lyfebloodDAO. The venture is a social media DAO coming into play in the Web3 space. Their complementary expertise and shared vision is a destined bond that's crucial in shaping a decentralized African digital future. It is poised to spark a truly global dialogue, uniting black international thought leaders with prominent African voices to delve into decentralized technology applications. This powerful synergy becomes even more potent when considering the untapped financial resources, deep industry knowledge, and multi-disciplinary experts who, while rooted elsewhere, possess strong African connections throughout the diaspora. Partnering these individuals in the Web3 space could be a transformative match, ensuring Africa not only keeps pace but actively shapes this technological frontier. In addition to high-level discussions, the event will serve as an incubator for action. Stakeholders from policy circles, finance, education, technology, and civil society are expected to convene to forge partnerships, design inclusive strategies, and explore sustainable ways to integrate Web3 into Africa's development blueprint. It is also expected that investors and venture capitalists will be present to discover and fund the next generation of African Web3 startups. Most importantly, the event will promote a sense of ownership and community. Web3 is, at its core, a people's movement. It decentralizes power, ownership, and opportunity. For African creators, musicians, and artists, NFTs oXer a way to monetize creativity without middlemen. For small businesses, decentralized finance opens new doors to credit and liquidity. For local communities, DAOs provide frameworks for transparent, collective decision-making. For the unbanked, blockchain-based wallets oXer a first step into the global financial system. This vision, however, will not manifest without deliberate eXort. Africa must choose to participate in shaping its digital destiny. This means reforming policy to encourage responsible innovation. It means investing in infrastructure and digital literacy. It means building local capacity in blockchain development, cryptographic security, and decentralized data systems. It means telling African stories through African blockchains. The cost of inaction is too high. If Africa does not claim its space in the Web3 ecosystem, it will once again become a passive participant in an economic paradigm designed elsewhere. Platform dependency will deepen. Data colonialism will evolve. Innovation will be imported rather than exported. And another opportunity for inclusive growth will be lost. The promise of Web3 is not abstract. It is already being realized in parts of the world that have dared to dream, invest, and build. There is no reason Nigeria, with its intellectual capital and cultural influence, cannot lead this revolution—not just in Africa, but globally. 'Decentralized Nigeria' is an opportunity to spark this movement. It is a starting point for collective reimagining. It is a signal to the world that Africa is ready, willing, and able to build its own decentralized future. From the heart of Lagos, a new narrative can emerge— one of innovation, inclusion, and independence. This is not the time to sit on the sidelines. It is the time to engage, to learn, to build, and to lead. From developers to designers, from regulators to students, from investors to entrepreneurs, everyone has a role to play. The decentralized future is here. Will Nigeria rise to meet it?
Forbes
16-04-2025
- Business
- Forbes
Trump's Crypto Revolution: Promises Kept And Controversies Ignited
Trump's Crypto revolution has begun. Since returning to office in January 2025, President Donald Trump has boldly pursued a pro-cryptocurrency agenda, fulfilling numerous campaign promises aimed at reshaping America's digital asset landscape. While supporters herald these achievements as revolutionary, critics have raised serious concerns about potential conflicts of interest, regulatory gaps, and long-term economic risks. I reviewed Trump's top 10 crypto and blockchain promises, their outcomes, and the key controversies that have emerged. In a landmark move, President Trump signed an executive order establishing the Strategic Bitcoin Reserve, utilizing approximately 200,000 bitcoins seized from previous federal operations. These holdings primarily originate from high-profile cases, including the Bitfinex exchange hack, the Silk Road darknet marketplace, and recoveries linked to the James Zhong case. Modeled as a "digital Fort Knox," this reserve aims to enhance national financial security by holding Bitcoin as a strategic national asset. This decision underscores Trump's ambition to solidify America's leadership in digital finance. Responding to intense lobbying from the crypto industry, Trump swiftly replaced SEC Chair Gary Gensler—seen by many as adversarial to crypto interests—with Paul S. Atkins, a former SEC commissioner and crypto advocate. Atkins' appointment signaled a clear pivot toward crypto-friendly regulation and fostered optimism among digital asset businesses. Trump's ambitious vision of positioning America as the global center for crypto innovation is underway. Hosting the first-ever White House Crypto Summit in March 2025 marked a significant step, attracting prominent industry leaders and signaling the administration's openness to innovation. Regulatory rollbacks have accelerated domestic growth in crypto startups, though the complete realization of this vision remains ongoing. Citing concerns over privacy, government overreach, and individual freedom, Trump enacted an executive order banning the Federal Reserve from issuing or developing a Central Bank Digital Currency. This controversial move sharply contrasts with other major economies actively pursuing their own CBDCs and sparked heated debates about long-term competitiveness. Trump appointed renowned entrepreneur David Sacks as the Crypto and AI Czar, chairing the President's Working Group on Digital Asset Markets. Tasked with overseeing cryptocurrency policy, Sacks' role is central to streamlining regulatory frameworks and coordinating federal digital asset strategies. Addressing long-standing complaints from the crypto community about unclear regulations, Trump dissolved the Department of Justice's National Cryptocurrency Enforcement Team. Additionally, federal agencies were directed to deliver a unified regulatory framework within six months. While welcomed by many crypto advocates, this deregulation drew significant backlash from consumer protection groups such as Public Justice, Consumer Federation of America (CFA), and Consumer Watchdog. The Trump administration has actively promoted domestic Bitcoin mining operations, emphasizing energy independence and economic growth. New incentives and reduced regulatory hurdles have spurred significant investment, revitalizing mining operations particularly in states with abundant renewable energy resources. President Trump's decision to pardon Ross Ulbricht, founder of the controversial Silk Road marketplace, fulfilled a divisive promise. He also extended full pardons to Arthur Hayes, Benjamin Delo, Samuel Reed, and Gregory Dwyer, former executives of the cryptocurrency exchange BitMEX, who had previously pleaded guilty to violating U.S. anti-money laundering laws. Crypto libertarians and advocates celebrated these moves as correcting excessive sentencing and overly aggressive prosecution, while opponents argued they undermined justice, weakened regulatory enforcement, and set problematic precedents for similar future cases. President Trump's decision to pardon Ross Ulbricht, founder of the controversial Silk Road marketplace, fulfilled a divisive promise. Crypto libertarians and advocates celebrated it as correcting excessive sentencing, while opponents argued it undermined justice and set a problematic precedent for similar future cases. Trump repealed an IRS rule that had expanded broker definitions to include decentralized finance (DeFi) platforms, significantly reducing the tax reporting burden on these entities. The repeal, however, ignited criticism over potential increases in tax evasion and less transparent financial practices. In a bold personal venture, the Trump family launched World Liberty Financial, introducing a stablecoin pegged to the U.S. dollar, named USD1. This entry into the crypto space further blurred the lines between private interests and national economic policy, raising significant ethical and legal concerns. US Crypto Policy Tracker 2025 Sandy Carter One of the most contentious developments is the $TRUMP memecoin, championed by entities closely associated with the Trump family, alongside the high-profile launch of Melania Trump's own cryptocurrency, the MELANIA coin. Critics accuse the administration of conflicts of interest, arguing these private financial gains conflict with Trump's public role. The significant volatility and eventual collapse of these memecoins amplified ethical concerns, prompting debates about whether these ventures violate constitutional restrictions on private profit from public office. The dramatic downfall of these tokens has been cited by analysts as marking the symbolic "death of meme coins," raising deeper questions about the viability and ethics of politically affiliated cryptocurrency projects. Trump's extensive deregulation, notably disbanding the DOJ's crypto enforcement unit, has generated significant controversy. Opponents argue reduced oversight invites increased money laundering, fraud, and illicit transactions, potentially compromising market integrity and investor protection. Consumer advocates express fears that weakened enforcement mechanisms might encourage abuses within the cryptocurrency market. The Trump family's deepening involvement in cryptocurrency ventures—including stablecoins, mining investments, and financial products—raises profound ethical questions. Critics allege these activities risk policy manipulation for personal gain, undermining transparency and public trust. The launch of USD1, coupled with public-private partnerships facilitated by administration policies, further inflames suspicions about the separation of personal and presidential interests. How do we reshape the future with Trump's Crypto policies? President Trump's second administration undeniably reshaped the U.S. cryptocurrency landscape, delivering significant policy victories and fulfilling campaign promises. However, these achievements have been clouded by substantial controversies surrounding conflicts of interest, weakened regulatory oversight, and ethical dilemmas. As America grapples with the complexities of a rapidly evolving digital economy, debates over the balance between innovation, regulation, and ethics continue to intensify, highlighting the enduring challenges of integrating crypto into mainstream governance. Did you enjoy this story about Trump's Crypto promises? 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