Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Thursday said that there was a greater acceptance among Group of 20 (G20) member countries that any new regulations on the crypto assets need to be globally coordinated. "I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. "the G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors. "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added. Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency. India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework. Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop." She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency. "Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said. The Central government led by Prime Minister Narendra Modi has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Any action on crypto assets will have to be global: FM Nirmala Sitharaman

<ul class="summary-list"><li>Charlie Munger touched on Costco, crypto, Russia, and other topics in one of his last interviews.</li><li>Warren Buffett's late business partner talked about trust, patience, and conviction in investing.</li></ul>Charlie Munger discussed everything from <a href="https://www.businessinsider.com/why-billionaire-charlie-munger-called-himself-total-addict-for-costco-2023-11">Costco</a> and <a href="https://markets.businessinsider.com/news/currencies/charlie-munger-crypto-bitcoin-price-collison-interview-buffett-berkshire-investing-2023-12">crypto</a> to Russia and architecture in one of his final interviews, released this week.The legendary investor, who served as Warren Buffett's business partner and <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>'s vice-chairman for over four decades, died last week at age 99. Munger touched on why investing has grown harder, the importance of seizing opportunities, and many other subjects in a conversation with Stripe cofounder John Collison published as an "Invest Like The Best" <a href="https://www.joincolossus.com/episodes?prod-episode-release-desc%5BrefinementList%5D%5BpodcastName%5D%5B0%5D=Invest%20Like%20the%20Best" target="_blank" rel="noopener">episode</a>.<h2>Here are Munger's 20 best quotes from the podcast, lightly edited for length and clarity:</h2>1. "Somebody says that old Joe has common sense. They don't mean that, they mean he's got uncommon sense. The people who are sensible on right away everything they deal with, they're uncommon, not common. Most people are a mass of crazy prejudices."2. "When you get to the wealth-advisory business, you can hardly find a place in the world where so many high IQ people are doing so many dumb things. It's a hog heaven field for somebody who can develop anti-asininity because there is so much of it to be avoided."3. "If you make your living selling things to other people that are good for them, that is safer and more profitable, averaged out, than selling them stuff that's bad for them like gambling, drugs, crazy religions, all kinds of things that are terrible for people."4. "The trouble with investment is most businesses are going to perish. It's like evolution. Over a scale of 300 years, practically everything perishes. All great retailers, 90% of them have perished in the last 100 years. Kodak perished — all kinds of big things in other fields that looked permanent." 5. "I figure all investment is intrinsically damn difficult. Good ideas get bid to such high prices that they get dangerous. There's no investment that is so good you can't ruin it by raising the price higher and higher, because none of them are worth an infinite amount of money."6. "A lot of what worked for us in the early days, we can't do anymore because the world is more competitive. The low-hanging fruit has all been picked, and we can't get fruit out of barren branches where the fruit has gone away. And so we have to go to something else."7. "Of course it's gotten harder, way harder. It's gotten so hard that most of the people who are in wealth management have an almost zero chance of outperforming an unmanaged index like the S&amp;P."8. "Simple fact is that it's easier to find four things that are above average than it is to find 40. You're asking to find a gold mine in your backyard. How many gold mines are you going to find in your backyard? It's going to be very hard, and you're lucky if you get only a few in a lifetime. And then you have to be a combination of very patient and very aggressive. You have to sit patiently waiting, watching, surveying, hunting, and pounce very occasionally. You get four pounces in a lifetime that really work big time, and that's a very successful lifetime."9. "In my lifetime, a guy who just bought the best common stocks and sat on his ass, would have made about 10% per annum before inflation. Maybe 8% after inflation. That is not the standard return that a man can expect from investment. That was a very unusual period in a very unusual place. And I do not anticipate that the average result is going to be nearly that good over the next 100 years."10. "You have to know what you know and what you don't know. If you know the edge of your competency, you're a much safer thinker and a much safer investor. It's better for people to have an IQ of 160 and think it's 150, than an IQ of 160 and think it's 200. That guy is going to kill you because he doesn't know the edge of his own competence, and he thinks he knows everything."11. "I'd rather have a brief telephone call with somebody I trust, than I would a 40-page contract prepared by the finest law firm in the world with somebody I don't trust."12. "We lost money or broke even with NetJets for 10 to 12 years. And now it's just a gold mine of a business. Good is an understatement. That's not an adequate word."13. "Costco didn't want people who stole merchandise, it didn't want the people who used bad checks, and it didn't want people cluttering up his goddamn parking lot without spending a hell of a lot of money in stores. So a membership system, where they accept only a certain kind of a member, all of a sudden now they've got nothing but people who buy a lot per trip."14. "Win-win is one system, and me-win is another. Jack Welch had a me-win system. He wanted to be fanatic in abusing his buyers and pushing people and manipulating, and he thought it was his duty to make the earnings go up, and he kept comprising more and more. It worked short term, but it ruined the company long term."15. "I think cryptocurrency is scumball activity. And I think by and large, the people who promote it are scumballs or delusional. And I don't know which is worse, being a scumball or delusional. But I think they're both pretty bad."16. "You can call it a store of wealth, I call it a store of delusion. It's ideal for drug dealers, dope dealers, scam artists of various kinds. Every kind of criminal you can imagine. Very good in extortion, kidnapping. Why would we want a wonderful, crime-facilitating, new medium of exchange?"17. "We've avoided bureaucracy. The way we've done it, mostly, is by not having anybody around. They can't be bureaucratic if they're not there."18. "Look at the misery that's happened to the Russian people. They didn't like their old system with a bunch of serfs serving a bunch of landlords and so forth, corruption and so forth, so they went to something worse. They were rebelling against something that was awful, so they substituted something that turned out to be actually worse. It's hard to create a new form of government worse than Russian serfdom, but Russia has managed to do it."19. "Imagine having a school of architecture in a place that is so stupid they build a dormitory where all the walls are slanted so much everybody gets seasick. That really happened at MIT."20. "I'm way more popular in India and China than I am in my own country, and I don't mind that. I think it's peculiar that these high-IQ nerds in China and India love me, and in my own country, people think I'm a pompous old bastard."

Investing icon Charlie Munger hailed Costco, slammed crypto, and ridiculed Russia in one of the last interviews of his life. Here are the 20 best quotes.

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Crypto issue requires immediate attention, says FM Sitharaman

Mumbai, <keyword id="19969771" type="General" weightage="20" keywordseo="crypto" source="keywords">Crypto</keyword> currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems. "Crypto currencies cannot be called currencies as they don't have any underlying value," P <keyword id="19944928" type="General" weightage="20" keywordseo="vasudevan" source="keywords">Vasudevan</keyword>, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take on how to tackle crypto currencies, the official said. Currently, bitcoins have no legal backing in India and investors have to pay a tax on the income earned by trading in them. In the backdrop of the action against <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> and curbs imposed on some international card providers, Vasudevan said self-regulation can protect the fintech sector better. He also said that mechanisms could be looked at to highlight bad behaviour.

Crypto currencies have no underlying value, says RBI official

<ul class="summary-list"><li>Russia passed a bill allowing crypto trade payments and is aiming to roll out the digital ruble next July.</li><li>Moscow's tilt to crypto reverses its previous anti-crypto stance.</li></ul>Russia is stepping up sanctions-evading measures to keep its international trade flowing. The country is passing new laws regulating cryptocurrency and a plan for the digital ruble.On Tuesday, Russia's State Duma — the lower house of Russia's federal assembly — passed a bill that would let businesses use cryptocurrencies in international trade, <a target="_blank" class="" href="https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/">Reuters</a> reported.Under this new law, Russia's central bank will create a new "experimental" payments platform. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters.Nabiullina also said on Tuesday that the Russian central bank plans a mass introduction of the digital ruble in July next year, per <a target="_blank" class="" href="https://tass.com/economy/1823089">TASS.</a>Digital currencies, like the digital ruble, are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks.</a><h2 id="04f69842-16d5-468a-85c4-9bbe54193e49">Some Russian businesses are already using crypto</h2>In addition, Russia passed new regulations legalizing crypto mining on Tuesday.An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift.In January 2022 — before the full-scale invasion of Ukraine — <a target="_blank" class="" href="https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/">Russia's central bank</a> proposed a ban on the use and mining of cryptocurrencies within the country, citing risks to financial stability and monetary policy.However, the heavily sanctioned country is facing so many issues with international payments that it has been forced to shift its position.Some Russian businesses are already using cryptocurrencies to trade with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.<a target="_blank" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said earlier this month that Russia had to <a target="_blank" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.Russia's tilt toward crypto isn't unexpected. Analysts have been speculating about how <a target="_blank" href="https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia">Russia would eventually move</a> toward using crypto and digital assets following sweeping sanctions over its invasion of Ukraine.<h2 id="0eca508c-15cf-41aa-b85a-a557ee507d8d">Increasingly tight Western sanctions hit Russia's international trade</h2>Until recently, Moscow hasn't really had to look into digital currencies that intently — since Russian companies have managed to keep on doing business using non-US dollar currencies, such as the Chinese yuan, or via smaller banks.But Russia's international trade is getting <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">ever more difficult.</a>The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions — even in non-US dollars — with Russia to avoid getting in the crosshairs."This episode demonstrates the global power of the US Treasury, causing banks from Turkey to India and China to pause the processing of payments invoiced by or to Russian counterparties," wrote Christopher Granville, the managing director of global political research at GlobalData TS Lombard, in a May note about <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-brics-usd-dollar-central-banks-digital-currency-payments-mbridge-2024-5">digital currencies and dedollarization.</a>"In other words, simply settling commercial invoices in national currencies rather than US dollars turns out to be an insufficient counter to US sanctions," Granville added.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a><h2 id="b33701e6-83ac-4290-b6c2-ada7fbc1bf3a">Russia could be eying a digital-currency-based settlement system</h2>It isn't clear how Russia's crypto and digital currency regimes will shape up.Implementation may be easier said than done.Even China, which has one of the world's most advanced <a target="_blank" class="" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital currencies,</a> relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote in May that that setup avoided excessively disrupting the operations of banks, which could threaten broader financial stability.

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

<ul class="summary-list"><li>Bitcoin and gold have both been hitting new record highs.</li><li>The cryptocurrency is surging following SEC approval of spot ETFs and a looming "halving" event.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> are moving in tandem right now, and both the digital currency and the precious metal hit new record highs last week.Those gains have come during a relatively muted period for stocks, with the benchmark <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> index up just 3% over the past month as investors try to figure out <a href="https://www.businessinsider.com/recession-outlook-jamie-dimon-jpmorgan-us-economy-interest-rates-cut-2024-3">the Federal Reserve's next move on interest rates</a>.Gold and what some call its <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-digital-gold-crypto-crash-volatility-ftx-sbf-2023-8">digital equivalent</a> are benefiting in different ways from an <a href="https://www.businessinsider.com/goldilocks-economy-interest-rate-cuts-federal-reserve-2024-2">unusual macroeconomic environment</a> where inflation and interest rates remain a top priority for the market, analysts say."I think it's a coincidence, really — gold attracts certain people, and bitcoin attracts other investors," Kathleen Brooks, research director at the online brokerage firm XTB, told Business Insider. "But these alternative asset classes are kind of where it's at.""Several factors have driven the two of them to new records, but it's really a quirk of the macro backdrop that they're both rising at the same time."<h2>Bitcoin blitz</h2>After a rough couple of years, bitcoin has kicked off 2024 on a tear. The token is trading above $73,000 and is up almost 75% since January 1, per a <a href="https://www.marketwatch.com/investing/cryptocurrency/btcusd" target="_blank" rel="noopener">CoinDesk index</a> that tracks its price.That surge has powered it <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-price-impact-record-high-above-72000-btc-2024-3#:~:text=Bitcoin%20hit%20a%20new%20record,near%2D80%25%20price%20decline.">past its previous high of about $69,000</a> set in November 2021 at the height of the last crypto bubble:In January, the Securities and Exchange Commission fired the starting gun on bitcoin's stellar rally by approving <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">11 spot ETFs</a>, which allowed a flurry of institutional investors to pile into crypto for the first time.More recently, investor excitement has been building about an upcoming "<a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-cryptocurrency-new-all-time-high-halvening-explained-2024-3">halving event</a>" that's expected to take place in April. That will slash the reward for mining new blocks by half, which in the past has boosted bitcoin's price by making supply scarcer."Spreading into the ETF space was massive for bitcoin," Brooks said. "Past halvings have gone unnoticed — but that hasn't happened this time, because bitcoin is so much more mainstream, and that should help keep up demand."<h2>Golden run </h2>Gold's early 2024 run has been more subtle — but that's a given when you're dealing with an asset that investors tend to see as a "safe haven" defined by its low volatility.The precious metal dipped slightly on Tuesday but is still up about 4.5% year-to-date at $2,159 per Troy ounce. That's above the previous record high of about $2,140 reached in December:Central banks from countries including <a href="https://www.gold.org/goldhub/gold-focus/2024/03/central-banks-accumulate-more-gold-january-starting-2024-they-mean-go" target="_blank" rel="noopener">China, Turkey, and India</a> have all been on a gold-buying spree in recent months, helping to squeeze its price higher.It appears they're loading up to diversify their reserves, with other major holdings such as <a href="https://markets.businessinsider.com/index/us-dollar-index">the US dollar</a> tumbling as traders prepare for the Fed to start cutting interest rates."Gold is very much driven by central banks, without question or doubt," Marc Ostwald, chief economist for ADM Investor Services International, told BI."They feel uncomfortable with the fact that they've got too much in the way of dollars in their portfolios. There aren't many other alternatives, but gold is one of them."Analysts also believe that gold's strong recent run has underlined its status as a haven for investors, with the wars in Ukraine and Gaza dragging on and <a href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">stickier-than-expected inflation</a> still fueling market jitters.Bitcoin and gold are two of the hottest assets on the market right now — just for very different reasons.

Bitcoin and gold are both on fire right now — but for very different reasons

Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday. Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. "This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate "CoinEgg", a legitimate UK-based cryptocurrency trading platform," according to the report. CloudSEK was approached by a victim who allegedly lost Rs 50 lakh ($64,000) to such a cryptocurrency scam, in addition to other costs such as deposit amount, tax, etc. "We estimate that threat actors have defrauded victims of up to $128 million (about Rs 1,000 crore) via such crypto scams," said Rahul Sasi, Founder and CEO of CloudSEK. As investors shift their focus on the cryptocurrency markets, scammers and cheats turn their attention to them as well,' Sasi added. Threat actors first create fake domains that impersonate legitimate crypto trading platforms. The sites are designed to replicate the official website's dashboard and user experience. The attackers then create a female profile on social media to approach the potential victim and establish a friendship. The profile influences the victim to invest in cryptocurrency and start trading. "The profile also shares $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange," the report mentioned. The victim initially makes a significant profit, which bolsters their trust in the platform and the threat actor. After the victim seemingly makes a profit, the scammer convinces them to invest a higher amount, promising better returns. Once the victim adds their own money to the fake exchange, the threat actor freezes their account, ensuring the victim can't withdraw their investment, and disappears with the victim's money. When victims take to various platforms to complain about losing access to their accounts, the same, or new, threat actors reach out to them in the guise of investigators. "To retrieve the frozen assets, they request victims to provide confidential information such as ID cards and bank details, via email. These details are then used to perpetrate other nefarious activities," the report warned. In the long-term, it is imperative for the collaboration between crypto exchanges, Internet service providers (ISPs), and cyber crime cells to raise awareness and take action against threat groups," said Sasi. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-markets-face-a-long-road-back-after-bitcoin-plunges-below-20000-as-an-every-man-for-himself-attitude-spreads-ubs-strategist-says/articleshow/92337463.cms">Crypto markets face a long road back after bitcoin plunges below $20,000 as an 'every man for himself' attitude spreads, UBS strategist says</a>

You Searched For "india crypto" and got 8 results

ED undertakes first-ever searches in Ladakh in crypto fraud case

PTI

Any action on crypto assets will have to be global: FM Nirmala Sitharaman

ANI

Investing icon Charlie Munger hailed Costco, slammed crypto, and ridiculed Russia in one of the last interviews of his life. Here are the 20 best quotes.

Theron Mohamed

Crypto issue requires immediate attention, says FM Sitharaman

PTI

Crypto currencies have no underlying value, says RBI official

PTI

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

Huileng Tan

Bitcoin and gold are both on fire right now — but for very different reasons

George Glover

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

IANS

Popular Keywords

Buying Guides