STANDPOINT by Atique Naqvi

Cryptocurrencies have gained popularity across the world. Facebook revives Libra plans; Value of global crypto market to reach US$1.6 trillion While the Facebook is re-thinking its plan to launch digital currency Libra, India’s highest court has lifted a ban on cryptocurrency today. India’s Supreme Court on Wednesday allowed trading in virtual currency, cryptocurrency and the likes of Bitcoin. However, the court’s decision might be over-shadowed by the upcoming bill proposed by India’s federal government. The draft bill seeks to prohibit mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in India, and the violation could result in hefty fines and imprisonment of 10 years. For now, the supporters of cryptocurrency may rejoice as the draft bill might come in a distant future and may be toned down a tad bit after Supreme Court’s decision. The court ruled in favor of the Internet and Mobile Association of India, which was representing the inter...

Coronavirus has affected people across the world and the virus has spread quickly. The impact of coronavirus, COVID-19, on global economy would be relatively minor and short-lived as the Chinese economy would return to normal in the second quarter of 2020, said the managing director of International Monetary Fund in Saudi Arabia's capital  city Riyadh. IMF's Kristalina Georgieva made a statement at the G20 Finance Ministers and Central Bank Governors meeting. “While the impact of the epidemic continues to unfold, the World Health Organization’s assessment is that with strong and coordinated measures, the spread of the coronavirus in China and globally can yet be contained and the human tragedy arrested. We are still learning about how this complex virus spreads and the uncertainties are too great to permit reliable forecasting. Many scenarios can play out, depending on how quickly the virus is contained and how fast the Chinese and other affected economies return to n...