In order to cooperate on central bank digital currencies (CBDCs), India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU). The Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) in Abu Dhabi made the statement on Wednesday.

The central banks will look at the viability of #cbdc interoperability between the two nations. Also, they will run pilots and proof-of-concept (PoC) tests for a bilateral CBDC bridge that will enable cross-border CBDC trade and remittance operations.

A retail CBDC project has been running in India; it was recently expanded to 15 cities, over 50,000 customers, and 10,000 merchants. By the end of 2023, the nation hopes to open a full-scale retail CBDC.

India and the UAE's partnership is anticipated to improve the global financial system and encourage the adoption of digital currencies. Strong trade and economic ties exist between the two nations, and the collaboration is anticipated to increase cross-border trade.

CBDCs Digital Fiat Currencies That Have Central Bank Support

Compared to traditional currencies, they provide a number of benefits, such as quicker and less expensive transactions, more security and transparency, and expanded financial inclusion.

China is now leading the race to create a digital yuan and is one of many nations looking at the feasibility of establishing CBDCs. The Bank of Japan (BOJ) is now running tests to see if a digital yen is feasible, while the European Central Bank (ECB) has also declared ambitions to introduce a digital euro by 2025.

Collaboration between #India and the #UAE is a step in the right direction for CBDC adoption in the international financial system. It is anticipated that this will open the door for other nations to collaborate in creating and testing CBDCs, resulting in a more integrated and effective financial system.

The Enforcement Directorate (ED), a premier Indian law enforcement agency, has successfully seized approximately $10.5 million in cryptocurrency linked to the fraudulent online gaming app E-Nuggets. This operation was conducted with the cooperation of major cryptocurrency exchanges including Binance, ZebPay, and WazirX.
Details of the Operation
According to a report from The Hindu, E-Nuggets had stored cryptocurrencies worth $10 million across 70 different crypto wallet accounts spread over the aforementioned exchanges. The ED intervened by contacting these exchanges to block the implicated wallet addresses and transfer the assets to an agency-controlled wallet.
The E-Nuggets app allegedly lured customers with promises of high returns on investments by masquerading as a gaming platform. It offered real-money games that seemed to provide large commissions, enticing users to invest. However, once the money was deposited, the app ceased operation, effectively trapping the investors' funds.
Seizure and Investigation
The ED has not only seized the crypto assets but also attached properties valued at over 163 crores ($19.5 million), including cash, cryptocurrency balances, and office spaces. This action follows the agency’s initial detection of suspicious activities in 2022 when funds were diverted into digital assets.
During the investigation, authorities uncovered about 2,500 dummy bank accounts and recovered 19 crores ($2.2 million) in cash. The alleged masterminds behind this scam, Aamir Khan and his accomplice Romen Agarwal, have been arrested and are currently in custody.
Broader Implications for Cryptocurrency Use in Criminal Activity
This case underscores the dual-edged nature of cryptocurrencies in criminal activities. While digital assets are often criticized for their potential role in money laundering, the inherent transparency of blockchain technology aids significantly in tracing and seizing illicit funds. For example, following the 2016 Bitfinex hack, where 119,756 Bitcoins were stolen, the perpetrators were eventually apprehended in 2022 as they attempted to launder the stolen funds.
Crypto Exchanges' Role in Law Enforcement
Crypto exchanges have played a pivotal role in several cases by tracing and freezing funds associated with criminal activities, demonstrating the potential for these platforms to assist in law enforcement efforts.
As the situation unfolds, the cryptocurrency community is watching closely. Responses from Binance and ZebPay to inquiries from Cointelegraph were still pending at the time of publication. This case may further influence the global dialogue on the regulatory measures necessary for cryptocurrency operations, especially concerning their role in preventing financial crimes.
#crypto #Binance #India

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