Crypto's shopping hack; Centre eyes Meta child safeguards

In recent developments, Indian consumers are increasingly utilizing cryptocurrencies to purchase everyday items such as groceries, fuel, food, and even gold. This trend is facilitated through overseas gift-card platforms, which enable users to convert their digital assets into physical vouchers that can be redeemed at local stores and brand outlets.

Users send stablecoins like USDT to these foreign platforms, which then issue gift cards or vouchers that can be used to purchase goods and services in India. This method circumvents the need for local banks or Indian crypto exchanges, potentially raising concerns about tax reporting, anti-money laundering regulations, and cross-border payment rules.

Additionally, the Indian government is set to inquire with Meta, the parent company of Facebook, about the implementation of child safety features that are required under a U.S. settlement. The government is seeking assurance that Meta will introduce measures such as a default two-hour daily usage limit, overnight curfews, and the blocking of push notifications during school hours for accounts belonging to minors.

These proposed regulations are stricter than Meta's current safeguards, which have come under scrutiny for their limited effectiveness in protecting children from the potential negative impacts of social media use.