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India to facilitate international payments in rupees to reduce reliance on the US dollar

The Indian government has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trade policy implemented on April 1st, the country introduced this measure to facilitate payments to countries with a falling US dollar.

India to offer rupee-based settlement options for international trade

The Indian government is introducing new settlement methods other than US Dollar for international trade. The new foreign trade policy guidance, implemented on April 1, includes a new option to settle payments in Indian Rupees, giving countries facing a drop in the US dollar a way to continue doing business with the country.

The new directive would aim to help countries such as Sri Lanka, Bangladesh and Egypt, which are struggling to obtain US dollars to continue exchanging goods with India. Commerce Secretary Sunil Barthwal said the move would help those countries hedge disaster against a hypothetical dollar drought.

The move is part of New Delhi’s efforts to profile its currency globally. In this sense, the Indian Department of Commerce explained that this new foreign trade policy plan is designed to “work towards making the Indian rupee a global currency, adding further impetus to India’s emergence as a world trading center”.

Countries moving away from US dollar hegemony

India is the latest in a list of countries that have taken some steps to move away from using US dollars, at least for international business. China, which is part of the BRICS bloc, which is also integrated with India, Brazil, Russia and South Africa, has also been promoting the use of the Chinese yuan as part of an international policy of de-dollarization.

At the meeting between Chinese President Xi Jinping and Russian President Vladimir Putin as part of Xi’s visit to Russia on March 21, Putin supported the use of the Chinese yuan to settle payments with emerging economies in Asia, Africa and Latin America. Also, more recently, China signed an agreement with the Brazilian government to get rid of the dollar in its bilateral agreements, replacing it with national currencies.

Other blocs are also contemplating ways to lessen their reliance on the US dollar. ASEAN, the Association of Southeast Asian Nations, a bloc that includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, is pressuring its members to use national currencies for payments, as those who fear the US secondary sanctions for failing to impose a trade ban on Russia.

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Israel’s Tel Aviv Stock Exchange Apply for Cryptocurrency Trading License

Earlier this week, on Monday, February 27, the Tel Aviv Stock Exchange (TASE) published a draft seeking regulatory approval to facilitate cryptocurrency trading on its platform.

The license is primarily aimed at expanding the authorized activities of Non-Bank Members (NBMs) to include trading in digital assets. Last year, banking institutions such as Bank Leumi already started offering cryptocurrency trading services in agreement with Paxos.

Now, other players are also looking for licenses that allow them to trade digital assets. In its announcement, TASE proposed a structure that will allow customers to deposit fiat money designated specifically for cryptocurrency investments.

If regulators approve this proposal, non-bank members will act as authorized providers of cryptocurrency custody and trading services. All client funds will be placed into an “omnibus account” which will serve as an intermediary for all cryptocurrency trading activities.

It would also allow customers to withdraw funds by selling cryptocurrencies. However, this process is still a bit complex so far. The announcement notes that this is done specifically to address consumer protection and risk mitigation.

Will regulators in Israel move?

Israel has been one of the leading nations in terms of cryptocurrency participation. With global cryptocurrency regulation coming into effect, regulators in Israel are also making a move. In November 2022, the Chief Economist of the Israeli Ministry of Finance released a report: “Regulation of the Digital Asset Sector: Roadmap for a Policy”.

This report seeks to impose regulations on financial activities and services on digital assets that will be similar to those that currently apply to non-digital assets. The Tel Aviv Stock Exchange is aware of the developments and is therefore taking appropriate action. In their press release, they state:

   “The TASE team prioritizes regulating and advancing cryptocurrency trading as a means of improving the Israeli capital market in line with international standards, as well as the ability of NBMs to expand their areas of activity and the ability of their clients to trade. in cryptocurrencies”.

TASE believes that aligning local and global regulations will attract more foreign investment into Israel’s crypto market. This will ensure further advancement of Israel’s capital market while promoting innovation and competition.

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French luxury brand Hermes wins NFT trademark infringement lawsuit

French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered by the First Amendment to the US Constitution, but the jury was out.

Hermes wins lawsuit against NFT creator ‘Metabirkins’

French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-expendable token (NFT) collection, which features digital renderings of the popular Hermes Birkin bags.

Rothschild created the Metabirkins NFT Collection in 2021, which he described as “a collection of 100 unique NFTs crafted from faux leather in a variety of contemporary colors and graphic executions.” The collection has earned over 200 ETH in sales, which is equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.

Rothschild argued that NFTs should be covered by the First Amendment to the United States Constitution. The artist’s defense team compared his work to that of Andy Warhol, who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:

   These images and the NFTs that authenticate them are not wallets. They carry nothing but meaning.

Hermes’ lawyers accused Rothschild of “stealing the goodwill of famous Hermes intellectual property in order to create and sell his own line of products.” They argued that customers tend to confuse Metabirkins NFTs with genuine Hermes products. They even said that the Metabirkins URL is very similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes, told the court: “The reason for these sales was the Birkin name.”

After deliberating for two days, a New York jury returned a verdict Wednesday saying it “found defendant liable for trademark infringement” and “trademark dilution.” Furthermore, they found that “First Amendment protection does not preclude liability.” The jury then awarded Hermes $133,000 in damages: $110,000 for trademark infringement and $23,000 for cybersquatting.

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Bank of Spain gives green light to euro-backed Stablecoin token pilot program

The Bank of Spain has approved the launch of a pilot program for the issuance and use of euro-linked stable coins. The program, which is being launched by fintech entity MONEI, will allow users to issue digital euros with fiat deposits to try them on payment apps, increasing their transparency.

Bank of Spain authorizes euro digital token tests

Europe is becoming a hotspot for experimentation with stablecoins and CBDCs (central bank digital currency). On January 19, the Bank of Spain gave the green light to a pilot program to issue euro-linked digital tokens. The project, which is being led by MONEI, a regulated fintech payments company, will allow users to issue their own euro stablecoins for different purposes.

Using Ethereum and Polygon blockchain technology, the eurm token will be issued with user deposits and each token will be backed by real euros. The test, registered within the scope of actions in the financial Sandbox of the Sain bank, only allows the issuance of a maximum of ten euros for each user registered on the MONEI platform.

The test includes issuing up to 570 million euros because Spain has 57 million subscribed telephone lines. These funds will be held in two accounts at two financial institutions, BBVA and Caixabank, managed by MONEI.

Digital euro use cases

MONEI is shaping its digital stablecoin euro as part of its modernization of payments in the eurozone, increasing the speed of payments and reducing operational costs related to them. In this regard, MONEI CEO and Founder Alex Saiz Verdaguer stated:

   The future of payments is digital. This is our chance to show the rest of Europe and the world that we are at the forefront. Eurm is the ultimate pan-European solution that will allow citizens and businesses across the continent to send and receive money instantly.

MONEI intends to have this stablecoin project approved by regulators after this test, to handle automatic and periodic payments that would benefit from programmable equivalent fiat currency. For example, a company can schedule payments to vendors based on sales made on a given day, or allow employees to schedule their daily, weekly, or monthly payments automatically.

This project is a private initiative and has no relation to the digital euro initiative led by the European Central Bank, which is still in the research phase to decide whether it will be issued.

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Gleec BTC Exchange acquires BlockTane to enter the Brazilian market

Estonian crypto trading platform Gleec BTC Exchange has announced the acquisition of Blocktane, a Brazilian digital exchange, as it makes strategic plans to deepen its momentum in the Latin American market. According to a press release shared with Coinspeaker, the acquisition of Blocktane by the Gleec BTC Exchange involves the company’s legal entity, brand name and online domains.

The agreement also foresees the maintenance of the management of the commercial platform, but under the leadership of Gleec to give life to the parent company’s ideologies in Brazil and abroad. The Blocktane platform was founded in 2020 as a direct and easy way for users to purchase cryptocurrencies in a regulated manner.

Although the platform has temporarily closed operations, it has grown to become one of the trusted places to trade cryptocurrencies, amassing a good market share that Gleec hopes to take advantage of. In addition to the key aspects of Blocktane’s operations that will now be under Gleec’s control, the new acquisition company will also directly handle the company’s native BKT token, as well as its treasury stock.

“We are pleased to partner with Gleec to bring their tools and products to Blocktane users in Brazil and their first entry into this national market,” said John Willock, former CEO of Blocktane.

Gleec bought Blocktane to keep up with the Brazilian crypto trend

Gleec has a major expansionist drive to enter new jurisdictions with a tendency toward cryptocurrency adoption. The impetus for exchange in Brazil was born out of the country’s latest disposition towards cryptocurrencies, in which lawmakers passed the bill to legalize cryptocurrencies as a means of payment.

The recently passed Bill No. 4,401 came after years of discussion by legislators. In an attempt to deepen the new bill’s influence in transforming the payments landscape in Brazil, Brazil’s Chamber of Deputies has established a new oversight body to oversee crypto payments in the country.

With the bills already approved by legislators, only the president’s approval remains and, once attached, the bill will be implemented in six months.

Brazil remains the most famous crypto hotspot in the Latin America region over the past year, and the country has seen impressive growth over the past year. It recorded more users adopting digital currencies, including Bitcoin (BTC) and USDT, among others, as shown by tax returns released by the Federal Revenue Service of Brazil (RFB).

Gleec also dove into El Salvador, the country that was ranked the first in the world to legalize Bitcoin in September 2021. Gleec’s presence in El Salvador is through its local subsidiary, Gleec SV. As it seeks to gain a foothold around the world, Gleec said in a statement that it will reopen the Blocktane platform in the coming weeks.