Top news of the day from the world of business, finance and economy
Crypto not currency; needs to be regulated as asset: ex-RBI DG Gandhi
Former RBI Deputy Governor R. Gandhi on Tuesday made a case for treating and regulating crypto as a separate asset class with a view to enabling governments around the world to effectively deal with illegal activities associated with virtual currencies.
After quite a lot of debate over the years, he said, people have fully understood that crypto cannot be a currency because the fundamental element of a currency— that it should be a legal tender— is missing in this case.
RBI enhances scope of tokenisation to ensure security of card data
In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers, PTI reported.
The RBI extended the device-based tokenisation to card-on-file tokenisation services, a move that will bar the merchants from storing actual card data, the report noted.
It said the decision will reinforce the safety and security of card data while continuing the convenience in card transactions.
Govt. mulls allowing SEZ occupants to sell locally
The government is considering a proposal to allow producers in Special Economic Zones (SEZs) to sell their output to the domestic market without treating them as imports. It is also reviewing the exclusion of export-oriented units and SEZs from the recently notified tax refund scheme for exports.
Indian benchmark indices open on flat note
Indian indices opened on a flat note on Wednesday amid tepid cues from global markets. BSE Sensex opened at 58,350.56, up 71.08 points, while Nifty opened at 17,375.75, up 13.65 points.
On Tuesday, the 30-share BSE Sensex settled 17.43 points or 0.03% lower at 58,279.48, while the broader NSE Nifty fell 15.70 points or 0.09% to 17,362.10.
Oil climbs amid slow supply return after Hurricane Ida
Oil prices rose on Wednesday, paring overnight losses, with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through, a Reuters report noted.
Brent crude futures inched up 0.2%, to $71.83 a barrel, while U.S. West Texas Intermediate crude futures rose 0.4%, to $68.62 a barrel.
Asian shares on edge in choppy trading
Asian shares hovered just off six-week highs on Wednesday, as a more risk-averse mood spread into the market from the United States overnight due to worries about slowing growth that hurt equities, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.13% having posted gains, if sometimes small, for 11 of the last 12 sessions.
Japan’s Nikkei reversed early losses and was last 0.82% higher, Australia slipped 0.32%, Chinese blue chips fell 0.04%, and the Hong Kong benchmark gained 0.12%.
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