Tag: bitcoin

Finance

HDFC Bank Integrates Digital Rupee (e₹) into SmartGateway Payment Platform

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

HDFC Bank has announced the integration of the Reserve Bank of India’s Central Bank Digital Currency, the Digital Rupee (e₹), into its online merchant payment platform, SmartGateway, marking a significant step in expanding India’s digital payments ecosystem. The move enables merchants to offer customers a secure, sovereign-backed digital payment option directly within the HDFC Bank checkout experience.

With this integration, merchants using SmartGateway can now accept payments through the Digital Rupee at zero transaction cost, in addition to existing payment modes such as UPI, cards, and net banking. The enhancement is designed to provide customers with a seamless payment experience that is instant, secure, and free of intermediary charges.

As of December 2025, HDFC Bank is among the pilot banks participating in the RBI’s CBDC initiative, servicing approximately 8.45 lakh registered Digital Rupee wallets. The bank continues to see steady adoption, with nearly 13,000 to 15,000 new wallets being added every month, reflecting growing consumer and merchant confidence in the emerging digital currency.

For merchants, zero-cost acceptance of CBDC presents a future-ready payment option that offers improved settlement certainty and reduced operational overheads by eliminating intermediaries. For consumers, the Digital Rupee combines the convenience and speed associated with UPI with the added trust and assurance of an RBI-backed sovereign digital currency, ensuring fast and secure transactions.

By enabling CBDC acceptance on SmartGateway, HDFC Bank is expanding the choice of digital payment options available to customers while extending the benefits of the Digital Rupee to a broader base of businesses. The initiative underscores the bank’s digital-first approach and its continued focus on innovation in the payments space.

This integration further reinforces HDFC Bank’s commitment to supporting India’s transition towards a cash-light, inclusive digital economy, while positioning SmartGateway as a comprehensive and future-ready payment platform aligned with the country’s evolving financial landscape.

Human Interest

Golden 12-Foot Trump Statue with Bitcoin Unveiled Outside US Capitol Amid Fed Rate Cut

Closed Account

Written by Intern Queeny George M.H, by Team Allycaral

Washington D.C. witnessed a unique and controversial spectacle this week: a massive 12-foot golden statue of former US President Donald Trump holding a Bitcoin was unveiled outside the US Capitol on 3rd Street. The timing coincided with the Federal Reserve’s announcement of a 25-basis-point interest rate cut, linking the statue’s symbolism to broader financial debates.

The installation was funded by a collective of cryptocurrency investors who say the goal is to provoke discussion about the future of digital assets and their growing influence on global finance.

Hichem Zaghdoudi, a spokesperson for the group, stated:
“This installation is designed to ignite conversation about the future of government-issued currency and is a symbol of the intersection between modern politics and financial innovation. As the Federal Reserve shapes economic policy, we hope this statue prompts reflection on cryptocurrency’s growing influence.”

The artwork has attracted large crowds, with some praising it as a bold symbol of the rise of crypto, while others criticized it as political spectacle. The combination of Trump’s populist image and Bitcoin’s decentralized ethos makes the piece a powerful—if divisive—statement.

The statue’s unveiling also comes at a time when Bitcoin and other cryptocurrencies are increasingly being discussed in the halls of power. With the Federal Reserve moving to adjust monetary policy, the future of digital assets—and their role in the global economy—is a subject of heated debate.

Whether viewed as art, protest, or promotion, the golden Trump statue stands as a striking representation of how technology, politics, and economics are colliding in today’s world.

📖 Read more exclusive stories on allycaral.com

International

UAE Launches Digital Dirham: A New Era of Money Is Coming by End of 2025

Tanisha Cardozo

The United Arab Emirates is on the brink of a historic financial transformation. By late 2025, the Central Bank of the UAE (CBUAE) will roll out the Digital Dirham, a state-backed central bank digital currency (CBDC) designed to revolutionize everyday payments, business transactions, and cross-border remittances.

Not Cryptocurrency — A Legal Digital Currency

Unlike cryptocurrencies, the Digital Dirham is fully regulated, legally recognized, and directly backed by the UAE government. It holds the same value and legitimacy as the physical dirham and will be widely accepted across the country — from supermarkets and taxis to school payments and utilities.

Key Features of the Digital Dirham

🔹 Instant, Low-Cost Transfers:
 Built on blockchain infrastructure, the Digital Dirham enables real-time, low-fee transactions — especially useful for the UAE’s expat community, which sends billions of dirhams abroad annually. During a trial involving China and India, a Dh50 million transfer was completed in just seven seconds.

🔹 Accessible to All:
 No bank account? No problem. Through dedicated digital wallets offered by banks, exchange houses, and fintech apps, the Digital Dirham is designed to be inclusive, ensuring even unbanked residents can participate in the digital economy.

🔹 Blockchain-Powered Security:
 Every transaction will be recorded and traceable, minimizing fraud and making the system more secure than cash.

🔹 Smart Contract Integration:
 Recurring payments such as rent, subscriptions, or EMIs can be automated using smart contracts, simplifying financial management. This also enables tokenization of assets and new forms of investment.

What It Means for You

The Digital Dirham will function just like cash — it can be used to pay for groceries, fuel, school fees, and more. But the difference lies in its speed, security, and flexibility. You’ll be able to make instant payments online and in-store, without needing a physical card, and avoid high transfer fees when sending money abroad.

It will also improve interactions with government services, such as paying fines, renewing licenses, or submitting business fees — all in a seamless, digital experience.

Part of the UAE’s FIT Program

This launch is a major pillar of the Financial Infrastructure Transformation (FIT) initiative, which aims to create a modern, interconnected, and cashless economy. It follows the introduction of a new Dirham symbol earlier this year — a stylized ‘D’ with two horizontal lines — reflecting the country’s modern monetary vision.

The Future of Money Is Here

The UAE’s embrace of the Digital Dirham positions it as a global leader in financial innovation. As the 2025 rollout nears, residents can expect even more convenient and secure financial services, paving the way for a faster, smarter, and fully digital economy.