Here’s a $80b joke too serious to laugh off now
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Unlike other cryptocurrencies that are either in limited circulation – making them a storehouse of value - or have use cases like smart contracts, Doge’s use cases have been limited to tipping on Twitter and Reddit for quality content.
ETtech
Named after a meme of the Japanese dog breed Shiba Inu and with supporters including Tesla s Elon Musk, the cryptocurrency has risen over 10X in the last three months, with its market cap standing at almost $80 billion on Thursday.
Indian cryptocurrency exchanges are now witnessing record-breaking trading volumes of Dogecoin, causing massive surge in traffic on these platforms.
Dogecoin mania reaches Indian crypto exchanges
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ETtech
Named after a meme of the Japanese dog breed Shiba Inu and with supporters including Tesla s Elon Musk, the cryptocurrency has risen over 10X in the last three months, with its market cap standing at almost $80 billion on Thursday.
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Indian cryptocurrency exchanges are now witnessing record-breaking trading volumes of Dogecoin, causing massive surge in traffic on these platforms.
On Wednesday, Binance-owned WazirX’s Doge/INR trading slowed its system as the platform saw record traffic that it did not have the capacity to support.
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The fintech and startup ecosystem that has emerged in recent years has a major governance issue: data breaches and leaks are not taken seriously. Unfortunately, the regulatory system has not woken up to the fact that the recent data breaches at Juspay and MobiKwik can significantly cause harm to idle users in the future.
The Indian government is yet to introduce a Personal Data Protection Law (PDP Law) in Parliament at a time when incidents of data breaches and personal information being sold on the darkweb are increasing year-on-year. The lack of a Data Protection Authority and a Personal Data Protection Law means that there is regulatory ambiguity in terms of who should respond to breaches and investigate them. Industry experts told MediaNama that the entire regulatory system needs to be strengthened, business models need a rethink and that companies need to be made more accountable, whether through the courts or through internal governance practices.
The Cabinet has cleared a Bill to set up a government-owned development finance institution (DFI) with initial paid-up capital of Rs 20,000 crore so that it can leverage around Rs 3 trillion from the markets in a few years to provide long-term funds to infrastructure projects as well as for development needs of the country. To put it in perspective, Rs 3 trillion constitutes slightly less than 3 per cent of the Rs 111 trillion to be spent on over 7,000 projects in the National Infrastructure Pipeline from 2019-20 to 2024-25. Besides, the government will give Rs 5,000 crore as grant to the institution, Finance Minister Nirmala Sitharaman on Tuesday told the media after the Cabinet meeting.