International Economy - Current Affairs for November, 2016

International Economy Current Affairs for November, 2016

Month wise coverage of International Economy Current Affairs helps you improve your general knowledge and prepare for all competitive exams like IBPS, Bank PO, SBI PO, RRB, RBI, LIC, Specialist Officer, Clerk, SSC, UPSC, Railway etc. This section is updated daily with the most important events.

Preparing International Economy Current Affairs November, 2016

1. Read the most important International Economy Current affairs and facts here. 2. Take practice test of our International Economy MCQ and Objective type questions. 3. Clear any quiz, GK, job interview or competitive exam on current affairs.
  • Month & Year   
▼ Sweden to become first nation with digital currency!   [11-18-16]

Sweden has to decide whether it wants to issue a digital currency known as “Ekrona” within a period of two years

  • Deputy governor of Sweden’s central bank Riksbank announced the bank is considering the move after fall in sage of cash
  • Amount of notes and coins in circulation has fallen by 40 percent since 2009 with rise in online shopping and card payments
  • This is the first time a nation would give direct access to citizens for virtual money issued by a central bank
  • It is not the only country considering this
  • UK is also reported to be considering whether digital currency created and owned by the central government may be a positive way out of economic problems
  • Sweden is located in Scandinavia and it has capital city Stockholm built on 14 islands
  • Sweden has more than 50 bridges and open air Skansen
  • Its current currency is the Swedish krone and the official language spoken here is Swedish.
▼ Switzerland proposes new regime for fintech companies   [11-3-16]

Easing rules can also reduce barriers to market entry and provide legal certainty for the sector.

  • Switzerland lags the likes of Britain and Singapore when it comes to fintech.
  • Firms specialising in crypto currencies hold that financial regulations must transform for them to develop in places like Zug, dubbed "Crypto Valley".
  • Many crypto currency companies are subject to banking regulations as they are classed as deposit taking firms meaning they need 10 million Swiss Francs in paid up capital once the business thrives beyond a certain level.
  • A three pronged strategy has been proposed by the cabinet which includes setting a deadline of 60 days for holding money in settlement accounts, facilitating crowdfunding services, creating sandbox innovation and establishing a new fin-tech license granted for institutions restricted to those taking deposits of 100m francs and not operating in the lending business.

Current Affairs

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