Arriving soon: Digital Rupee

By Team YS
October 08, 2022, Updated on : Tue Oct 11 2022 03:57:26 GMT+0000
Arriving soon: Digital Rupee
The Reserve Bank of India (RBI) is working towards introducing a digital Rupee (e₹).
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Roughly 1 million Facebook accounts may have been compromised due to third-party apps disguised as photo editors, games, and health trackers. Parent company Meta announced that it has identified over 400 malicious Android and iOS apps that are stealing login information. 


Meanwhile, the funding winter has truly set in as the first week of October saw $112 million raised by Indian startups. The last six weeks have seen equity funding hover around the $100-150 million mark, mimicking the caution of global markets.  


Oh, and here’s a list of the best bars around the world…for you know, whenever you are jet-setting across the globe.


If you prefer something local, check out this weekend’s Curtain Raiser from YS Life.


In today’s newsletter, we will talk about 


  • Arriving soon: Digital Rupee 
  • Inside ONDC’s first week
  • K’taka says no to autos on Ola, Uber


Here’s your trivia for today: Where did potatoes originate?


Cryptocurrency 

Arriving soon: Digital Rupee 

The Reserve Bank of India (RBI) is working towards introducing a digital Rupee (e₹).


The central bank, which released a concept note on Central Bank Digital Currency (CBDC) on Friday, said it will soon commence limited pilot launches of e-rupee for specific use cases.


Digital currency:


  • CBDC is a digital or virtual currency issued by the RBI. It is the same as a fiat currency and is exchangeable with the Indian rupee. 
  • As per the concept note, retail CBDC will be available for use by all private sector, non-financial consumers and businesses while on the other hand wholesale CBDC will have restricted access to select financial institutions. 
  • The CBDC will provide a risk-free virtual currency that does not delve into the risks of private virtual currencies, the central bank said. 



Top Deals of the Week

Startup: Euler Motors

Amount: $60M

Round: Series C


Startup: Vance 

Amount: $5.8M

Round: Seed


Startup: HROne

Amount: $4M

Round: Series A



Ecommerce

Inside ONDC’s first week

By next month, consumers in select pin codes in Delhi will be able to place orders for groceries via the Open Network For Digital Commerce (ONDC).


The government-backed digital commerce protocol was launched in beta mode across 16 pin codes in Bengaluru last week, the first public rollout after months of testing with select users across cities. YourStory spoke to stakeholders in Bengaluru to understand how the rollout is affecting their business. 


One-stop shop:


  • After Delhi, consumers in Mumbai will be able to access the platform. 
  • Users would also be able to order electronics, fashion products, and home decoration items by the end of the year, according to people familiar with ONDC's plans. 
  • Currently, Loadshare and Dunzo are helping fulfil hyperlocal deliveries in Bengaluru.
ONDC Kirana Store




Transportation 

K’taka says no to autos on Ola, Uber

The Karnataka state government has declared the auto services of app-based cab and bike aggregators Ola, Uber, and Rapido Bike Taxi are "illegal" again and has asked them to discontinue the services in three days. 


The aggregators have had their run-ins with the state government since 2016, the most recent one being in March 2019. 


A bumpy ride:


  • Karnataka State Transport Department has called the auto services run by the aggregators "illegal" under On-Demand Transportation Technology Act 2016, according to news reports. 
  • According to government rules, auto drivers are eligible to charge a fixed rate of Rs 30 for the first two kilometres and Rs 15 per kilometre thereafter. App-based cab aggregators charge about Rs100 as the base fare. 
  • Local auto drivers are reportedly planning to start their own mobile app called 'Namma Yatri'. 
Ola Auto

Image Credit - Pixabay




News & updates

  • Feel the bite: Samsung said its operating profit likely plunged 32% in the third quarter of the year as weaker memory pricing and demand hit the technology giant. It is the first decline in operating profit since 2019.
  • Troubles continue: Hackers have stolen around $570mn in tokens from Binance. The company initially estimated that tokens worth about $100-110 million had been taken. However, it was later disclosed that the hacker had taken around two million of the cryptocurrency BNB.
  • A wealthy bet: Reliance Industries Chairman Mukesh Ambani is setting up a family office in Singapore. The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running. The Ambanis have also chosen real estate.
  • Looming deadline: Elon Musk has until Oct 28 to close his acquisition of Twitter if he wants to avoid a trial. The Tesla CEO said he wanted to return to his original agreement and asked the social media company to end all litigation in order to close the deal. Twitter refused to oblige.



What you should watch out for

  • Indian National Car Racing Championship 2022.
  • The yearly Draconid meteor shower today and tomorrow. 
  • Universal Music Day.



Where did potatoes originate?

Answer: The earliest verifiable potato tuber remains were found in central Peru, dating back to 2500 BC.




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