Endeavor Careers Choicest Blogs: Weekly Current Affairs: October 2021, Week 04

Welcome to the Endeavor Editors’ Weekly Current Affairs Choicest Blog series. Get a weekly roundup – on news from business, economy, markets, policy, and more. A quick capsule format news summary and update to keep you abreast with all the latest current affairs.

Current Affairs October 2021 – Week 4

1) International News and Global Economy

43 countries call on China at the UN to respect Uighur rights

Forty-three countries have called on China to “ensure full respect for the rule of law” for the Muslim Uighur community in Xinjiang, in a statement read at the United Nations that sparked outrage from Beijing. The declaration, signed by the United States as well as several European and Asian member states and others, accused China of a litany of human rights violations against the Uighurs, including torture, forced sterilization, and forced disappearances. “We call on China to allow immediate, meaningful, and unfettered access to Xinjiang for independent observers, including the UN High Commissioner for Human Rights and her office,” the countries said in a joint statement, read at the United Nations by France. Beijing has long denied accusations of ethnic cleansing against Uighurs and other Muslim Turkic people in Xinjiang, where experts have estimated that more than one million people are incarcerated in camps.

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China Evergrande Group pulled back from the brink of default by paying a bond coupon before Saturday’s deadline, giving the property giant at least another week to come to grips with a debt crisis that has rattled investor confidence in the world’s second-largest economy. The $83.5 million payment to international bondholders surprised some China-watchers who had expected Evergrande to prioritize local creditors, suppliers and disgruntled homebuyers — many of whom are waiting for the company to make good on overdue obligations. With more than $300 billion in liabilities, billionaire Hui Ka Yan’s developer has become one of the biggest casualties of Chinese President Xi Jinping’s years-long effort to wring the excesses out of the country’s debt-laden real estate sector. The question looming over global markets is whether Xi can tackle the problem — and pull off a sweeping campaign to bring “common prosperity” to China — without derailing the economy’s fragile recovery from the pandemic.

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Housing crisis: Struggling Evergrande makes late bond payment

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Climate change will bring global tension, US intelligence report says

The first-ever National Intelligence Estimate on Climate Change looks at the impact of climate on national security through to 2040. Countries will argue over how to respond and the effects will be felt most in poorer countries, which are least able to adapt. The report also warns of the risks if futuristic geoengineering technologies are deployed by some countries acting alone. The 27-page assessment is the collective view of all 18 US intelligence agencies. It is their first such look-ahead on what climate means for national security. The report paints a picture of a world failing to co-operate, leading to dangerous competition and instability. It warns countries will try to defend their economies and seek advantages in developing new technology. Some nations may also resist the desire to act, with more than 20 countries relying on fossil fuels for greater than 50% of total export revenues.

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How Climate change is posing a mounting threat to U.S. National Security

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2) India 

Covid update

US lawmakers Gregory Meeks say India’s success will help the world defeat COVID-19 as it achieves 100 crore jabs milestone

Top US lawmakers have congratulated India after the cumulative COVID-19 vaccine doses administered in the country surpassed the 100-crore milestone, saying India’s success will help the world defeat the deadly pandemic. India scripted history on 21^st October with the cumulative COVID-19 vaccine doses administered in the country surpassing the 100-crore milestone. The New York Times said the billion-dose milestone represented a turnaround in a vaccination drive that got off to a slow start, as India’s governing party prioritised elections and took up a lax attitude in tackling the virus, continuing to hold crowded political rallies and allowing religious festivals to take place even as cases surged.

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Vaccine confidence vs hesitancy as India takes 100-cr mark on its stride & Russia stutters & stalls

As India crosses the mark of 100 crore vaccine doses, Shekhar Gupta finds, how various states compare. Also, a case study of vaccine confidence versus hesitancy as mighty Russia stalls sees record cases & deaths.

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Other updates

SC to Centre: How did you fix Rs 8 Lakh as the EWS quota ceiling?

The Supreme Court has asked the Centre to explain how it fixed? 8 lakh as income limit for determining whether someone qualified for seats reserved for Economically Weaker Sections. After the Centre failed to give reasons, the court warned that it may stay the notification unless the government gave satisfactory answers on the inputs that contributed to determining the income limit. “You cannot pull out any figure (such as ? 8 lakh) out of thin air. You must have some data demographic, sociological or socio-economic data. You are making unequals equals by applying this,” said Justice DY Chandrachud, heading a bench that also comprised Justices Vikram Nath and BV Nagarathna. He was referring to the disparity between rural and urban areas in income and assets used to calculate the limit. Justice Chandrachud said that OBC and EWS categories were not on a par in the constitutional scheme of things.

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3) Economy

Indian economy to see 10.5 pc or higher growth this fiscal: Niti Aayog VC

The Indian economy is expected to grow 10.5 per cent or more in the current fiscal, Niti Aayog Vice Chairman Rajiv Kumar said. Speaking at a virtual conference organised by the Public Affairs Forum of India (PAFI), he also said that the modernisation of the retail sector is very much on the cards.  Kumar asserted that the unevenness in demand across various parts of the country is not because of a lack of consumer confidence, which has come up in a significant manner, but because of certain supply constraints. The country’s economy grew by a record 20.1 per cent in the April-June quarter, helped by a very weak base of last year and a sharp rebound in the manufacturing and services sectors in spite of the devastating second COVID wave. The Reserve Bank of India (RBI) has lowered the growth projection for the current financial year to 9.5 per cent from 10.5 per cent estimated earlier while the IMF has projected a growth of 9.5 per cent in 2021 and 8.5 per cent in the next year.

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RBI remains laser-focused to bring back inflation to 4%: Governor Shaktikanta Das

The Reserve Bank remains laser-focused to bring back retail inflation to 4 per cent over a period of time in a non-disruptive manner, Governor Shaktikanta Das stressed while voting for status quo in interest rates, as per minutes of the October policy meeting released. The central bank has been mandated by the government to ensure the Consumer Price Index (CPI) based inflation is at 4 per cent, with a band of 2 per cent on either side. The retail inflation, which was above 6 per cent during May and June, has started moving down and stood at 4.35 per cent in September. As per the minutes of the Monetary Policy Committee (MPC) meeting held from October 6 to 8, Das said in its August 2021 meeting, the panel was faced with the challenges posed by headline inflation exceeding the upper tolerance threshold for the second successive month. The actual inflation outcomes for July-August, with inflation registering a substantial moderation to move within the tolerance band, have vindicated the MPC’s outlook and monetary policy stance, he noted.

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MPC Members speak on the last RBI Monetary Policy & Growth Inflation balance

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4) Markets, Banking and Finance

Paytm gets Sebi approval to launch India’s biggest IPO

One97 Communications, the parent entity that houses Paytm and its fintech offshoots, has received the approval of India’s markets regulator to launch the biggest initial public offering (IPO) in the nation’s corporate history. The Paytm IPO can be as significant an event as Zomato’s listing, given the size of the offering and the company’s standing in the country’s fintech ecosystem. The firm plans to raise as much as Rs 8,300 crore by issuing fresh stock and roughly the same amount in an offer for sale that will see some investors offload shares. According to sources, the Vijay Shekhar Sharma-led company is seeking a valuation of $20-22 billion in the IPO. The company was valued at around $16 billion when it last raised funds two years ago. The fintech start-up counts the likes of Ant Group, Alibaba, Elevation Capital and SoftBank Vision Fund among its main investors.

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RBI caps IPO funding by NBFCs at ? 1 cr per borrower

The Reserve Bank of India announced a scale-based regulation of non-banking finance companies, which include a ceiling on IPO funding per borrower as well as changes in the minimum net owned fund, classification of non-performing assets, and capital requirements. Under the new framework, there will be a ceiling of ?1 crore per borrower for financing subscription to an initial public offering (IPO). While the overall guidelines shall be effective from October 1, 2022, the instructions relating to the ceiling on IPO funding will come into effect from April 1, 2022. “Over the years, the sector has undergone considerable evolution in terms of size, complexity, and inter-connectedness within the financial sector. Many entities have grown and become systemically significant and hence there is a need to align the regulatory framework for NBFCs keeping in view their changing risk profile,” the RBI said.

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NBFCs: Reserve Bank to step up vigil with the four-layered regulatory framework

The Reserve Bank of India (RBI) will put in place a four-layered regulatory structure for non-banking financial companies to keep a stricter vigil on the shadow banking sector and minimise risks for the overall financial system. The detailed set of norms, which will come into force from October 2022, provides for a Scale Based Regulation (SBR) framework that takes into consideration capital requirements, governance standards, prudential regulation and other aspects of the Non-Banking Financial Companies (NBFCs). The central bank’s latest move, after extensive stakeholder consultations, also comes against the backdrop of previous instances, including the collapse of IL&FS in 2018 and later DHFL, that had a spillover impact on the entire financial system, especially in terms of liquidity woes. Since then, the focus shifted to having tighter regulations rather than a light touch approach for the country’s shadow banking sector.

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5) Business

Google to reduce Play Store fee for all subscription services to 15% from Jan 1 2022

Google is lowering its app store fees for all subscription-based services to 15 per cent from the existing 30 per cent from January 1, 2022. This comes as the internet giant faces increased scrutiny over its app store practices in India and across the world. While Google has always charged a 30 per cent commission for apps selling digital goods on their app stores, the firm said in October last year that it will more proactively enforce this commission starting September 30, 2021. It had then noted that the change is expected to impact less than 3 per cent of apps on the Play Store that is currently not using the company’s billing system. However, following a massive pushback from the Indian developer community, the tech giant delayed the implementation to March 2022. Google also announced the reduction of its commission rate to 15 per cent for the first $1 million revenue developers earn using the Play billing system every year in March 2021, which came into effect in July 2021. Google is currently facing a probe from India’s antitrust body Competition Commission of India (CCI) over the issue of mandatory use of Google Play Store’s payment system for paid apps & in-app purchases. The commission is of the prima facie view that such a policy is unfair as it restricts the ability of app developers to select a payment processing system of their choice.

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Labour union urges European authorities to widen Amazon antitrust probe

A global trade union for the services sector has urged European authorities to widen their antitrust investigation of Amazon.com Inc to assess if the company engaged in creating knockoff goods and rigging search results on its platform. The demand by the UNI Global Union was triggered by a Reuters report last week based on internal Amazon documents that showed the e-commerce company ran a systematic campaign of copying products and manipulating search results to boost its own private brands such as AmazonBasics in India, a key growth market. The union body has been a vocal critic of Big Tech’s business practices around the world. UNI Europa says it represents about 7 million workers and counts several companies’ labour unions among its members, including those representing warehouse employees of Amazon in Spain, Germany, France and Italy. The European authorities are already investigating Amazon’s position as both a marketplace for merchants and a rival seller.

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IPO-bound Nykaa acquires D2C skincare brand Dot & Key

Nykaa, India’s biggest e-tailer of cosmetics, has acquired homegrown skincare brand Dot & Key just days before the launch of its initial public offering (IPO) on October 28. This is the first acquisition by the Falguni Nayar-led start-up in the direct-to-consumer space. The deal, however, is indicative of the wider churn that’s afoot in the sector. “Following this investment by Nykaa, Dot & Key will join Nykaa’s stable of owned brands,” according to a statement released. Nykaa’s parent firm, FSN E-commerce Ventures Ltd. plans to launch its IPO on October 28 to raise as much as Rs 5,200 crore at a valuation of up to $7.2 billion (~Rs 55,000 crore), ETtech reported on Thursday, citing people aware of the matter. The issue will be a mix of Rs 630-crore in fresh stock and an offer for sale of 41.3 million shares by existing investors, according to IPO papers approved by the markets regulator.

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Ola Cars eye $2 billion in GMV in 12 months, to hire 10,000 people

The vehicle commerce platform of the ride-hailing company – will hire 10,000 people as it eyes a market leadership position with USD 2 billion GMV (gross merchandise value) over the next 12 months. Earlier this month, the Bengaluru-based company had announced the launch of its vehicle commerce platform that enables customers to buy new and pre-owned vehicles through the Ola app. The reach of the platform will be scaled to 100 cities by the next year. As part of Ola Cars, Ola is also setting up service centres across the country to provide a dramatically better experience through advanced telematics, AI, and Vision-based systems that ensure high-quality repair work and advanced robotic paint shops will provide paintwork that will match OEM factory finish, as well as the promise of genuine auto parts.

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Rebel Foods ties up with Foodpanda for expansion into Southeast Asia

Rebel Foods, the cloud kitchen which recently turned unicorn, is expanding internationally through its partnership with food and grocery delivery platform Foodpanda.

Through this partnership, which began in December 2019 — for an initial five years — the two companies plan to take Rebel Foods’ homegrown brands such as Faasos, Behrouz Biryani, Lunchbox and others to Southeast Asian markets. Their goal is to launch more than 10 online food brands in over 2,000 outlets across Asia. The Rebel-Foodpanda partnership is modelled on a brands-as-a-service (BaaS) model which allows Foodpanda’s restaurant partners to plug-and-play Rebel Foods brands and earn additional revenue. In the first phase of the deal, Rebel Foods introduced four brands across six markets — Singapore, Malaysia, Bangladesh, Thailand, Hong Kong and the Philippines — through the Foodpanda network. The cloud kitchen claims that Rebel Foods’ brands on the Foodpanda app grew 40% month-on-month on average in the past six months, and that more than 200 outlets across the six markets signed up to add these brands to their existing food and beverage (F&B) offerings.

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Curefoods acquires 7 food brands to expand its cloud kitchen footprint in India

Cloud kitchen start-up, Curefoods, which operates brands like EatFit announced its acquisition of multiple D2C food brands across the country. Currently, Curefoods has 10 brands in its portfolio, of which 7 are new acquisitions featuring the likes of CakeZone, MasalaBox, Paratha Box, Ammi’s Biryani, two Hyderabad-based pizza brands — Olio and Crusto, and Chaat Street. Tapping further into India’s booming cloud kitchen segment, Curefoods is looking at onboarding a total of 25 brands. The company has already signed 15 more letters of intent (LOIs). Typically, it follows a 21-day period of end-to-end closure while onboarding such brands. Commenting on these developments, Ankit Nagori, Founder, Curefoods, said, “We are on a mission to make good food easily accessible at affordable prices, and to do this, we are acquiring a host of brands that people recognise and love. Given the accelerated growth of cloud kitchens in India, especially since the pandemic, we want to leverage our market expertise and advanced technology in order to elevate and amplify the experiences these brands offer.

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6) Technology

Google, Facebook team up to beat Apple’s consumer privacy agenda

Google has teamed up with Facebook to work around Apple’s privacy tools in Safari to continue tracking end-users, an update to an antitrust lawsuit claims, with the search engine also doing what it could to slow down other regulatory initiatives surrounding privacy. A lawsuit was filed against Google in December 2020 by a group of attorneys general, accusing the search engine of “engaging in market collusion to rig auctions,” reports AppleInsider.  While the lawsuit largely focuses on a deal between Google and Facebook to cooperate in the online advertising business instead of competing, an update accuses the two tech giants of trying to work against initiatives by Apple to help protect the privacy of its users. The amended complaint filed on October 22 and first reported by The Register, expands on the original claim in some .directions, revealing more ways that Google may have tried to subvert user privacy.

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SEBI bans investment advisors from advising on unregulated instruments, including digital gold and crypto

The Securities and Exchange Board of India (SEBI) on October 21 announced that investment advisors are barred from advising on unregulated instruments. This effectively bans the investment advisors from advising on cryptocurrencies, digital gold and other unregulated products. “Investment Advisers are, hereby, advised to refrain from undertaking such unregulated activities,” SEBI noted, further stating that any dealing in unregulated activities may lead to action under the SEBI Act, 1992.

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7) Politics

Twitter’s algorithm favours right-leaning politics, research finds

Twitter amplifies tweets from right-leaning political parties and news outlets more than from the left, its own research suggests. The social-media giant said it made the discovery while exploring how its algorithm recommends political content to users. But it admitted it did not know why, saying that was a “more difficult question to answer”. Twitter has previously faced claims of anti-conservative bias on its platform. Twitter’s study examined tweets from political parties and users sharing content from news outlets in seven countries around the world: Canada, France, Germany, Japan, Spain, the UK, and the US. It analysed millions of tweets sent between 1 April and 15 August 2020. Researchers then used the data to see which tweets were being amplified more on an algorithmically ordered feed compared with a reverse-chronological feed, both of which users have an option of using.

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West Bengal’s power to withhold consent to CBI investigation not absolute: Centre to SC

The Centre has told the Supreme Court that West Bengal’s power to withhold consent to the CBI is not absolute and the probe agency is entitled to carry out investigations that are being carried out against Central government employees or have a pan-India impact. The Centre submitted an affidavit in response to a lawsuit by the West Bengal government which alleged that the CBI is going ahead with the investigation in post-poll violence cases without securing the pre-requisite nod from the state under the law. The Centre stated that the CBI does not need prior consent from the respective State Government before proceeding to investigate its employee, irrespective of the fact whether the concerned employee is within the territorial jurisdiction of the agency to investigate upon or not.

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8) Sports

ICC T20 WC, SL vs BAN highlights: Sri Lanka thrash Bangladesh by 5 wickets

Sri Lanka defeated Bangladesh by five wickets in their Super 12 match of the ICC T20 World Cup at Sharjah Cricket Ground. Invited to bat, Bangladesh put up a competitive 171 for four against the Islanders in their Group 1 match against Bangladesh. In reply, Sri Lanka chased own the target of 172 with seven balls to spare at the Sharjah Cricket Stadium. Charith Asalanka top-scored with an unbeaten 80 off 49 balls, while Bhanuka Rajapaksa blasted 53 off just 31 balls.

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Pakistan thwart India with a 10-wicket win

Pakistan outplayed and outclassed India with the ball first and then later with the bat as they chased down India’s target of 152 with all ten wickets in hand. Shaheen Afridi was explosive as he dismissed India’s openers cheaply. Only Kohli delivered for India with a gritty fifty, but Mohammed Rizwan and Babar Azam made even Kohli’s innings look just ordinary. The only time India and Pakistan play each other these days is during multi-nation tournaments like the World Cup. Five years since they last played each other in this format, Pakistan and India locked horns in the biggest, at least most hyped, clash of the 2021 T20 World Cup.

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Explained: Big investments in Premier League clubs—their success rate and criticism

While all foreign owners of Premier League clubs have not been able to bring about a radical transformation, the heavy investments made by Roman Abramovich and the Abu Dhabi United Group have certainly changed the fortunes of Chelsea and Manchester City. The money that Abramovich pumped in transformed Chelsea into one of the most successful clubs in the Premier League. The Stamford Bridge club has won five Premier League titles, two Champions League titles and two Europa League trophies since the takeover. It also won the FA Cup five times and the League Cup thrice since 2003. City’s is another story of remarkable transformation. However, Football’s embracing of hyper-capitalism has led to a disproportionate concentration of financial resources in the hands of a few, with the gap between the six “super clubs” and the rest ever-widening in the Premier League. A significant pushback in recent times came after the elite clubs from across leagues sought to come together to form the breakaway Super League. The top Premier League clubs were rocked by heavy backlash from fans, with vitriolic rage directed at the owners. After the ESL plans were abandoned, many of the owners, such as Liverpool owner John Henry, Manchester United co-chairman Joel Glazer and Chelsea owner Roman Abramovich, apologised to fans. Many players also came out with statements against the Super League.

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 9) Opinion

Explained: Why has the global terror finance watchdog put Turkey under the lens?

The global terror financing watchdog, Financial Action Task Force (FATF), has added Turkey, along with Jordan and Mali, in its revised list of “jurisdictions under increased monitoring”. The FATF is an inter-governmental body that works to “set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system”. There are now 23 countries in the FATF grey list, officially referred to as “jurisdictions with strategic deficiencies”. From India’s, and most of the rest of the world’s perspective, the most important country on the list is Pakistan. Myanmar is also on the list — and now, Turkey. In essence, in the assessment of the FATF, all these countries have failed to prevent international money laundering and terrorist financing, and are, therefore, on a global watchlist. Some of the other countries on the updated grey list are the Philippines, Syria, Yemen, Zimbabwe, Uganda, Morocco, Jamaica, Cambodia, Burkina Faso, and South Sudan, and the tax havens of Barbados, Cayman Islands, and Panama. FATF President Pleyer told a news conference that Turkey needs to address “serious issues of supervision” in its banking and real estate sectors, and with gold and precious stones dealers, Reuters reported.

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Pakistan has a best friend for the company on FATF grey list, how Erdogan’s Turkey got there

Watch video: https://www.youtube.com/watch?v=rnb6WkFE8PQ

 Hyper Growth for SaaS Brands with the right MarTech

Today more than ever, MarTech is the foundation of customer-centric marketing as it provides data-driven, personalised customer experiences. MarTech encompasses tools and software that help marketers engage with their audiences with evolving user behaviour. These tools use cutting-edge tech to automate several manual, redundant tasks, enabling marketers to upskill and focus on the creative and strategic aspects. Modern SaaS marketers have a plethora of tools in their arsenal that get their jobs done efficiently. Therefore, having the right MarTech stack is crucial. This involves understanding the tools, identifying gaps, knowing which tools are worth investing in, and having the right MarTech strategy.

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How IoT will change the EV charging landscape

Incompetent charging infrastructure is one of the biggest obstacles to the widespread acceptance of EVs in India. The integration of the Internet of Things (IoT) into the electric vehicle ecosystem will encourage drivers to quickly find nearby charging point operators (CPOs) through IoT enable applications and customer satisfaction. As of now, interconnectivity between charging stations is cheap for charging point operators who are newcomers to the Indian electric vehicle industry. Bringing the IoT into a circular supply chain framework for also salvaging waste electrical and electronic equipment could be a worthwhile endeavour for EV manufacturers to take action to save the planet. The recovery of the battery once it has reached the end of life (EoL) stage is managed by the Reverse Supply Chain (RSC) and is responsible for the management of the operation, requiring greater efforts to improve the associated intelligent infrastructure. In fact, with the advent of a new digital revolution led by the Internet of Things (IoT), this has become increasingly practical.

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India need to increase financial support for renewable energy to reach its goals for Aatmanirbhar Bharat

A fundamental shift in the country’s approach to energy production and consumption is required to reach the goals of making India self-reliant and achieving an Aatmanirbhar Bharat in this clean energy transition. The idea of financial support might seem controversial, but it’s essential if India wants to meet its massive renewable energy target of 2030 while keeping up with its growing demand for electricity (clean). PSUs in India invest heavily in the energy sector every year. The government should provide a mandate for clean energy to PSUs. The PSUs could play an important role in forming the base for this manufacturing wave, by ensuring investor confidence. Also, it is extremely crucial to resolve DISCOM’s fiscal problems to ensure compliance with long-term power purchase agreements and to attract new investors.

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India’s reaction to the Bhutan-China MoU reflects a shift in its neighbourhood policy

India’s response to a Sino-Bhutanese Memorandum of Understanding (MoU) signed on October 14 to speed up resolution of their boundary dispute is the clearest evidence so far that the Narendra Modi-led National Democratic Alliance (NDA) government, in its second term, is making fundamental changes to its neighbourhood policy. Four years ago, Bhutan and China tried the same recipe to cook up a solution to their border problems, which have been stalemated since 1984, with 20 rounds of talks offering no clear way forward. However, before the two governments could logically move towards an MoU, Doklam erupted in a military stand-off, which saw India attempting to checkmate the Chinese military on territory which Bhutan claims as its own. Modi government recognises that Bhutan is now a multi-party democracy well on its way to becoming a middle-income country in two years. It aims to be a high-income country by 2030. Bhutan already has 52 foreign development partners where India was once the only source of development assistance. It is futile to try and prevent China from becoming Bhutan’s 53rd development partner. The new Indian policy is a welcome recognition of this realpolitik.

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10) Weekly special

Inside fintech start-up, KreditBee’s remarkable growth story amid the pandemic

In a recent conversation with YourStory’s Daily Dispatch, Madhusudan Ekambaram, CEO and Co-founder, KreditBee, shares the company’s growth story pre- and post-pandemic while discussing future roadmaps and plans. Founded in 2018, fintech player KreditBee has been helping professionals with personal loans and financial services. In wake of the pandemic, like any other company, KreditBee had to overcome a few challenges to boost its growth. At present, growth has become one of the key business strategies for KreditBee. “We have aggressive growth plans to increase our credit and banking customer base,” Madhusudhan says. Apart from that, the company is also looking forward to strengthening its product lines.

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11) Did you know?

What is Bitcoin Exchange Traded Fund (ETF)?

A bitcoin ETF mimics the price of the digital currency, allowing investors to buy into the ETF without trading bitcoin itself.  Investing in a bitcoin ETF cuts out any issues of complex storage and security procedures required of cryptocurrency investors. ProShares, a provider of specialized exchange-traded products, began trading of the Bitcoin Strategy Fund on Oct. 19, 2021, marking the first Bitcoin ETF to trade in the U.S.

What does the first bitcoin futures exchange-traded fund means for the cryptocurrency industry?

This week marked a milestone for cryptocurrency as investors started trading the first U.S. bitcoin futures exchange-traded fund, exceeding other ETF launches, and another followed Friday. These funds invest in bitcoin futures contracts, or agreements to buy or sell the asset later for an agreed-upon price, rather than bitcoin directly. The new products allow trading through regular investment accounts, bypassing the hassle and security concerns of cryptocurrency exchanges. Companies have been vying to release the first U.S. bitcoin ETF for nearly a decade. But the Securities and Exchange Commission has been slow to embrace the asset, citing concerns about the lack of regulation and the potential for fraud and manipulation in the bitcoin market.

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With that, we come to an end for our Weekly Current Affairs October 2021 -Week 4. Hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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