Currencies

In brief Senator Elizabeth Warren and consumer advocacy groups denounced a report detailing plans by major retailers including Amazon and Walmart to potentially issue their own stablecoins. The GENIUS Act, a stablecoin bill in the Senate, would as written allow major corporations to issue their own dollar-pegged cryptocurrencies. Senate Democrats and select Republicans have warned this development could give major tech companies too much power. Sen. Elizabeth Warren (D-MA) and leading consumer advocacy groups denounced a report Friday that Amazon and Walmart are considering issuing their own stablecoins, framing such...

John Maynard Keynes once called it a “barbarous relic”, an ancient metal with little relevance in the modern world. When the gold-backed global monetary architecture came to an end in the early 1970s, central banks started selling their holdings — and they continued doing so for decades.For the guardians of the global economy, gold — which has been used as a store of value since the first gold bars were created in Mesopotamia thousands of years ago — seemed destined for irrelevance. Yet bullion has made a roaring comeback, not just among speculators...

Jigawa State Police Command has arrested 14 suspects for allegedly dealing in fake currencies. The State Police Public Relations Officer, SP Lawan Shiisu, confirmed the development in a statement on Friday in Dutse, the state capital. Shiisu said the suspects were arrested on Thursday in Birnin Kudu Local Government Area of the state. According to him, the suspects were nabbed by joint security operatives in a coordinated intelligence-led operation. The spokesman added that the team carried out a successful raid on a criminal hideout in Digawa village where the suspected...

India's foreign exchange reserves surged by $5.17 billion to $696.66 billion for the week ended June 6, data released by the RBI on Friday showed. The sharp rise during the week has brought the country's forex kitty close to the historic high of $704.885 that was scaled at the end of September 2024.  A strengthening of the country's foreign exchange kitty also helps bolster the rupee vis-a-vis the US dollar. For the week ending on June 6, foreign currency assets, a major component of the reserves, increased by $3.47 billion...

While China and south-east Asian economies are “front and centre” of the impact of tariffs, they should be able to cope with Donald Trump’s latest wave of import taxes, said Andrew Swan, head of Asia Ex Japan equities at Man Group.Swan said: “Manufacturing in China and Asia are impacted, but its worth noting that while the tariff announcements led to a sell-off in those equity markets, they quickly bounced back. The view is tariffs will be manageable. “It’s also the case that it is hard to know where the cost...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. There are thousands of crypto coins, from bitcoin and ethereum to litecoin and solana. Just the sheer number of available cryptos can seem overwhelming when you’re new to investing. The top 10 cryptocurrencies listed below hold a utility or store-of-value thesis and a market cap greater than $5 billion. Cryptos with at least $5 billion in market cap are typically more stable, with greater institutional adoption. 1. Cardano (ADA)...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. There are thousands of crypto coins, from bitcoin and ethereum to litecoin and solana. Just the sheer number of available cryptos can seem overwhelming when you’re new to investing. The top 10 cryptocurrencies listed below hold a utility or store-of-value thesis and a market cap greater than $5 billion. Cryptos with at least $5 billion in market cap are typically more stable, with greater institutional adoption. 1. Cardano (ADA)...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. There are thousands of crypto coins, from bitcoin and ethereum to litecoin and solana. Just the sheer number of available cryptos can seem overwhelming when you’re new to investing. The top 10 cryptocurrencies listed below hold a utility or store-of-value thesis and a market cap greater than $5 billion. Cryptos with at least $5 billion in market cap are typically more stable, with greater institutional adoption. 1. Cardano (ADA)...

India’s foreign exchange reserves rose by $5.17 billion to reach $696.66 billion for the week ended June 6, according to data released by the Reserve Bank of India (RBI) on Friday. This marks a rebound after a $1.24 billion decline in the previous week.The increase was primarily driven by a $3.47 billion rise in foreign currency assets, which stood at $587.69 billion. Gold reserves also contributed, increasing by $1.58 billion to $85.88 billion during the week. Special Drawing Rights (SDRs) rose by $102 million to $18.67 billion, while India’s reserve...

The simultaneous sharp declines in US shares, bonds and the dollar after President Trump’s “Liberation Day” raise an important question. Is the US dollar’s role as the world’s reserve currency under threat?We look at why, for now, there’s no real alternatives and the dollar’s likely to remain top dog despite the volatility.This article isn’t personal advice. Remember, investments and any income from them can rise and fall in value, so you could get back less than you invest. Past performance isn’t a guide to the future. If you’re not sure...