Moneycontrol Selects: Top stories this evening

Here are the top stories this evening:

An investigation by India’s Directorate of Enforcement (ED) into predatory and fake Chinese loan apps inadvertently opened a can of worms in the already beleaguered crypto space. A war of words suddenly erupted over the weekend, raising questions about the ownership of WazirX, the crypto exchange with the largest trading volumes in India. Read about WazirX ownership structure, its founders stepping away, WazirX-Binance spat, and the future of WRX coin here.

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The government has sent the Electricity (Amendment) Bill 2022 to the parliamentary standing committee for further discussion. It was introduced amid opposition from opposition parties who alleged that it ignores the role of states and gives more power to the center and, therefore, violates federal principles as electricity is a concurrent subject.

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Bihar Chief Minister Nitish Kumar submitted his resignation to the state governor on August 9, as his Janata Dal (United) has decided to sever ties with the ruling alliance partner, the Bharatiya Janata Party (BJP). And then after being elected leader of the RJD-led `Mahagathbandhan' (grand alliance), he staked a claim on the top job in the state once again.

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WhatsApp’s Unified Payment Interface (UPI) witnessed a steep decline in the volume of transactions in July, as the excitement around the Meta-owned company's limited period cashback offer ebbed out. The volume of transactions nosedived 73 percent in July from the previous month.

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Gold Exchange Traded Funds (ETFs) witnessed a net outflow of Rs 457 crore in July as investors parked their money in other asset classes as part of their portfolio rebalancing strategy. This was in comparison to a net inflow of Rs 135 crore in June, data from the Association of Mutual Funds in India (Amfi) showed.

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Anticipation over the Merge, a much-awaited upgrade to the Ethereum (ETH) network, is the main driver behind a rally in cryptocurrencies over the last few weeks, financial services firm JP Morgan said and claimed the market had hit the floor despite subdued trading volumes.

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B Capital-backed merchant lending and offline payments company MSwipe received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregator licence on August 8. The company, which provides point of sales (PoS) devices for offline payments, will now plan a foray into the online payments space with the launch of its online payment gateway.

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India’s financial technology sector is expected to reach $1 trillion in assets under management (AUM) and $200 billion in revenue by 2030 as companies offer segment-specific solutions, fintech adoption gains momentum, and greater penetration of the Unified Payments Interface (UPI), a report has said.

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