The Week in Fintech
Some highlights from the fintech world over the past week
The official Xinhua news agency announced the launch of digital photo collectibles, based on NFTs, marking a first in China. The agency plans to issue the 11 photos, all taken by journalists in 2021, each in a limited edition of 10,000 copies. The official statement claimed that the collection, which includes a snapshot celebrating the Chinese Communist Party's 100th anniversary, will "imprint digital memories into the metaverse." This is yet another chapter in China’s complex relationship with blockchain and its assets. In September, Beijing issued a blanket ban on all digital currencies and the ruling party’s official mouthpiece the People’s Daily recently criticised NFTs. However, this can be seen as an endorsement of the digital assets, as well as the metaverse, spelling hope for the future of blockchain in the country.?
The Bank of Russia warned that privately-held cryptocurrencies may no longer be acceptable in the country’s financial ecosystem. The bank is preparing a report on suggestions to restrict the use of the same. Russia has been against cryptocurrency for years, worried about its role in money laundering and financing terrorism. However, the country has expressed keen interest to develop its own digital rouble. By doing so, Russia joins the growing trend of countries cracking down on cryptocurrencies while laying plans to develop their own central bank digital currencies to modernise their financial systems.?
领英推荐
2021 was a landmark year for Indian start-ups with 42 of them going on to attain unicorn status, more than all previous years combined. The year saw a three-time jump from 11 new unicorns in 2020 and nine in the previous year. Fintech was perhaps the biggest contributor to the unicorn club with CRED, Groww, Zeta, BharatPe, Mobikwik, Upstox, Slice leading the charge. Despite regulatory uncertainties, CoinDCX and CoinSwitch Kuber also emerged as crypto unicorns in India. One of the reasons that India is establishing itself as a lucrative country for investments could be attributed to China’s crackdown on tech companies. India’s eager adoption of innovative technologies and new offerings from start-ups have also contributed to the trends. With early predictions saying India will be home to more than 150 unicorns by 2025, the near future looks bright for the entrepreneurs in the country.?