Trump announces increased India tariff
India purchases 1.75 million barrels of Russian oil per day, refining that oil and selling it to many Western nations that have sanctioned Russian oil due to the war in Ukraine.
Last week, the US President stated he would impose a 25 per cent tariff on imported goods from India and added there would also be an unspecified penalty.
Two Indian government sources told Reuters over the weekend India will continue to purchase oil from Russia despite the threats.
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China did not ban crypto this week, so why does the internet say it did?
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China did not ban crypto this week, so why does the internet say it did?
Any Google search related to China and crypto will be dominated by links to legitimate-looking but largely untrustworthy news sources, as well as social posts across X, Instagram and others claiming the country has made some impactful change. It's always worth remembering, especially if you're making financial decisions, to seek out verifiable sources. Loading The value of many cryptocurrencies did take a minor dip over the weekend, though the coins are so volatile, it's hard to say whether it's related to the fake news. Bitcoin fell by 1.05 per cent between Friday and Monday, and Ethereum took a harder tumble of 3.59 per cent, though quickly recovered on Monday. What is China's view on crypto? China has taken a decidedly anti-crypto stance over the past decade, though that hasn't seemed to dampen mainland activities related to the currencies. China controls the internet through IP-blocking, and controls access to apps by issuing take-down notices that Apple and local Android operators obey. It also has a large degree of control over its banking system. But VPNs and other technologies can effectively provide access to crypto trading in China, and most transactions are coin-to-coin so don't register in the banking system. Indeed, the continued use of crypto has caused various headaches for China. Local governments have seized large caches of currency after finding citizens trading illegally, and have reportedly begun selling it for cash, sparking corruption fears. And the acceleration of US government adoption has driven a push around Asia to adopt stablecoins – that is, cryptocurrencies with value pegged to a non-volatile currency or asset – including in the autonomous Chinese region of Hong Kong. Is there a Chinese stablecoin connected to the yuan? Not yet, but major players inside the country appear to be lobbying for one. Reuters reported last month that Chinese tech giants and Alibaba affiliate Ant Group were urging the central bank to authorise yuan-based stablecoins to counter the growing sway of US dollar-linked crypto. The idea is that China could allow the launch of stablecoins in Hong Kong, pegged to the yuan, in order to help promote global use of the Chinese currency and fend off the US dollar's growing digital influence. Despite its crypto trading ban, China appears to be warming to blockchain as a financial tool. People's Bank of China governor Pan Gongsheng said in June that stablecoins could revolutionise international finance, as rising geopolitical tensions highlight the fragility of traditional payment systems. What's next for crypto globally? Loading Donald Trump's 'Genius Act' will rush the creation of global coins tied to the US dollar, which could fundamentally change international trade. On the one hand, stablecoins can bring the benefit of decentralisation without the massive risk and volatility. On the other, they can be even more untraceable and open to fraud than physical notes. The US hopes the coins will create trillions of dollars worth of demand for Treasury bills, but they could also lead to a huge rise in tax evasion and other crime. Writing at the Washington Post, Harvard economics professor Kenneth Rogoff said the rise of a stablecoin tied to the US dollar could exacerbate international crimes like the drug trade, human trafficking and even terrorism, with the US being the only country to benefit.
