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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The central bank has always viewed cryptocurrencies as dubious assets and attempted to insulate the Indian financial system from the risks they pose.
Editor's note: “It feels like we were in a nightclub and the lights just turned on.” Airbnb chief executive Brian Chesky’s tweet on 13 November is perhaps the most apt summary of the current state of the crypto industry, assuming that he was not referring to Elon Musk’s takeover of Twitter or the tanking of global tech stocks (including Airbnb) in recent months. Nothing could have prepared any crypto enthusiast, investor, critic or even an outside observer like me for the mind-bending descent of the Bahamas-based cryptocurrency exchange FTX Trading Ltd and its associate businesses into bankruptcy over last week. The crypto empire helmed by the “King of Crypto”, Sam Bankman-Fried, popularly referred to as SBF, was worth $32 billion on paper till Friday and was one of the largest cryptocurrency businesses on the planet. On Monday, it was worth nothing. The firm, backed by marquee investors such as Binance, Sequoia, Tiger Global, Third Point Ventures, among others, is now under investigation for potential counts of fraud by authorities in both the US and the Bahamas. It all started with an expose …
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
