![]() ![]() ![]() There has been a dip in new sign-ups on cryptocurrency exchanges, as prospective investors seem to be hedging their bets till regulatory clarity emerges on the asset class. ( the central bank) will launch that and in future there may be RBI authorised and regulated private stable coins,” said the person, while noting that “ functionally and theoretically, they (cryptocurrencies) disintermediate the conventional players in financial markets like bank accounts or credit cards and play that role.” “The government’s approach to crypto may be careful, measured and evolving, we will start with a CBDC. Measured approach: Acknowledging that crypto and blockchain are here to stay world over, the official said India will adopt a gradual approach to digital currency. In recent days, the price of major cryptocurrencies in the country has seen wide fluctuations as investors await greater regulatory clarity. ![]() The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, due to be introduced in the next session of Parliament, has triggered an industry-wide stir, as the Lok Sabha website in its briefing on the legislation states that it “seeks to prohibit all private cryptocurrencies in India" but allows for "certain exceptions to promote the underlying technology and its uses”. To that extent, the RBI is right,” the person added. “Unregulated cryptocurrencies can destabilize the macroeconomy and create big speculative bubbles. Maintaining control? The Bill, slated to come up in the winter session of Parliament beginning on Monday, aims to also ensure that the Reserve Bank of India (RBI) does not lose control of the country’s monetary economics while minimising speculative betting around cryptos, the source said. Terming the government’s bill as a response to the central bank’s concerns about macro-economic stability, the official in the know of discussions on the upcoming legislation said the “government’s response is not to ban cryptocurrencies but rather to provide cryptocurrency via the RBI.” The proposal for a central bank digital currency (CBDC) backed by the country’s banking regulator may be included in the upcoming bill to regulate cryptocurrency, a top government official told ET. The new capital will be used for expansion and growth and further making the customer experience better,” Slice founder Rajan Bajaj said. Slice has also seen a minor secondary share sale in this round and may top up the current round with another $20-30 million, people briefed on the matter said.įounder speak: “We are targeting a user base of one million by December. Guillaume Pousaz, CEO of European fintech major, and Flipkart cofounder Binny Bansal have also participated in the round as angel investors, Slice founder Rajan Bajaj said. Advent International’s Sunley House Capital, Moore Strategic Ventures and Anfa are among its new investors joining the funding round that minted the latest unicorn taking the total number of members in this club to 37 this year, so far.Įxisting investors: Gunosy, Blume Ventures and 8i also participated in the new funding round. Tell me more: Post the funding, the startup is valued at over $1 billion - a five times increase since its previous funding round six months ago. It was also bad timing, failure to create buzz and sell a story to domestic institutional investors like mutual funds and high net worth individuals, all of which also impacted the IPO subscription and post-listing price, said experts. Overpricing, steep valuation, unclear path to profitability were not the only reasons for the dismal show, many people ET spoke to said. While it made a recovery in stock prices over the next week, the stock was well below its issue price after it settled at Rs 1,781.15 on the BSE as of November 26. Paytm’s market cap was a little over $13 billion at the close of the first day of trade, far lesser than its last private market valuation of $16 billion two years ago. What happened? Billed as the largest ever Indian public offering at Rs 18,300 crore in size, the listing of One 97 Communications, which runs Paytm, turned into a nightmare in the first two days of trade as its market cap shaved off nearly 40% from its issue price of Rs 2,150, as retail investors cried foul. ![]()
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