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El Salvador is reportedly scaling back its Bitcoin ambitions to secure a $1.3 billion loan from the IMF, which would require the government to make Bitcoin acceptance voluntary for businesses. This deal, expected to be finalized soon, could also unlock an additional $2 billion in loans from the World Bank and the Inter-American Development Bank. The IMF has consistently warned about the financial stability risks associated with El Salvador's Bitcoin adoption since it became legal tender in September 2021.
Standard Chartered Plc and Virtu Financial Inc. are set to join a new London-based crypto derivatives trading platform, GFO-X, which is also welcoming ABN Amro Clearing and market maker IMC. The platform, backed by M&G Investments, aims to launch in the first quarter of next year as interest in digital currencies surges.
BNP Paribas SA has increased its corporate loan portfolio linked to a significant risk transfer to €17 billion ($18 billion), up from €14 billion. This marks the second boost in response to rising investor demand, following initial discussions for a portfolio between €8 billion and €12 billion.
QOVVO.IO, an online cryptocurrency lending service, is expanding its closed beta testing, inviting users to participate in shaping the platform. Participants will enjoy early access to unique features, zero transaction fees, and the chance to provide feedback to enhance the service. The platform focuses on P2P lending secured by cryptocurrency, aiming for financial independence and equal access to modern financial tools.
El Salvador is negotiating a $1.3 billion loan from the IMF, which requires changes to its Bitcoin legal tender law, making acceptance of Bitcoin voluntary for businesses. The government also plans to reduce its budget deficit by 3.5% of GDP over three years and increase reserves from $11 billion to $15 billion. This deal could unlock an additional $2 billion in lending from other financial institutions, despite most Salvadorans still preferring the US dollar for transactions.
Revenue Secretary Sanjay Malhotra has been appointed as the new RBI Governor for a three-year term, effective December 11, succeeding Shaktikanta Das. A 1990-batch IAS officer from the Rajasthan cadre and an IIT-Kanpur alumnus, Malhotra has played a key role in enhancing tax collections and will oversee tax-related proposals for the upcoming budget.
India has appointed Sanjay Malhotra, a seasoned bureaucrat and current revenue secretary at the Ministry of Finance, as the new governor of the Reserve Bank of India. He will assume his role for a three-year term starting December 11, concluding weeks of speculation regarding the leadership of the central bank in the rapidly growing economy.
The Reserve Bank of India (RBI) has introduced the secured overnight rupee rate (SORR) to establish a benchmark for secured money markets. This new benchmark will be derived from transactions in the market repo and tri-party repo (TREP) segments, following recommendations and feedback regarding the Mumbai Interbank Offer Rate (MIBOR).
The Indian equity markets closed lower for the second consecutive session on December 9, with the Sensex down 200.66 points at 81,508.46 and the Nifty down 58.80 points at 24,619. Selling pressure was evident in FMCG, PSU Bank, auto, and pharma stocks, while capital goods, IT, and metal sectors saw some buying interest. Notable Nifty losers included Tata Consumer, HUL, and Tata Motors, whereas L&T, Wipro, and SBI Life Insurance were among the gainers.
Zaggle shares surged 5% on December 9 after announcing a three-year partnership to offer HDFC Bank credit cards bundled with its software for corporate clients. Over the past month, shares have risen 26%, and since its September 2023 listing, they have increased by 2.5 times. The company reported a 64% revenue growth year-on-year for Q2, reaching Rs 302.6 crore, and raised its FY25 topline growth guidance to 50-55%.
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El Salvador revises Bitcoin policy to secure IMF loan agreement
14:09 09.12.2024
new crypto derivatives trading platform launches in london with major financial firms
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bnp paribas increases corporate loan portfolio to 17 billion euros
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Qovvo.io launches closed beta for innovative cryptocurrency lending platform
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el salvador revises bitcoin policy to secure imf loan of 1.3 billion
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Sanjay Malhotra appointed as new RBI Governor for three years
12:55 09.12.2024
India appoints Sanjay Malhotra as new central bank governor
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introduction of secured overnight rupee rate by reserve bank of india
12:01 09.12.2024
Indian markets decline as FMCG and auto stocks weigh down indices
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zaggle shares rise 5 percent on hdfc bank credit card partnership
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