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2020 was a year that we will remember forever – and not for the best of reasons. The Covid-19 outbreak brought the world to its knees. The machinery that kept businesses and the economy going.
United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances.
percent in volume (approx. 5.93 to
34.35 billion transactions) and value (approx. Rs.920.38 to Rs.1,623.05 trillion) respectively over the last five years (March ‘15-’20). The RBI’s persistent steps furthering digital payments have supported last year’s challenges and forced wide-spread digitization.
The key initiatives last year, and their impact in the new year, are looked at here.
1. The changing face of UPI- Zero MDR, new revenue streams and the 30% cap
Last year started with
zero MDR s implementation, changing UPI’s revenue potential and converting a previously incentive-based approach to a mandatory, no-profit approach. Even now,
industry meetings with the government for withdrawing the rule are ongoing. UPI transactions are nevertheless ever-increasing, recording 2.23 billion transactions of value
Explained: Everything you need to know about RBI s Payments Infrastructure Development Fund
The Reserve Bank of India is pulling out all the stops to encourage digitisation of payments in the country. The latest is the launch of a dedicated fund to encourage banks and payments companies to deploy terminals across smaller towns and the north-eastern states. January 07, 2021 / 08:37 PM IST
As of October, there were 54 lakh PoS terminals, 26 lakh BharatQR codes, and 6.5 crore UPI QR code stickers in India.
The Reserve Bank of India (RBI) on January 5 announced the operationalisation of the Payments Infrastructure Development Fund, or PIDF. In a public note, the banking regulator said the fund will be used to subsidise deployment of Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north-eastern states.