• The Financial Stability Board (FSB) would propose “robust” global rules for cryptocurrencies in October, following the recent turmoil in markets that has highlighted the need to regulate this “speculative” sector.
• The FSB – a body of regulators, Treasury officials and central bankers from the Group of 20 (G-20) economies – has so far limited itself to monitoring the crypto sector, saying the industry does not seem to pose a systemic risk.
• But the recent turmoil has highlighted the crypto markets’ volatility, structural vulnerabilities and increasing links to the wider financial system.
• According to FSB, the failure of a market player, in addition to imposing potentially large losses on investors and threatening market confidence arising from crystallisation of conduct risks, can also quickly transmit risks to other parts of the crypto-asset ecosystem.
• The value of Bitcoin – the largest cryptocurrency – has slumped some 70 per cent since its November record of US$69,000 (S$97,000). It was trading at US$20,422 on Monday, leaving many investors nursing losses.
• The Terra USD stable coin collapsed earlier this year, and withdrawals and transfers from major crypto firms Celsius Network and Voyager Digital have rattled markets.
• According to FSB, Stable coins should be captured by robust regulation if they are to be used as a means of payment.
• FSB would report to the G-20 finance ministers and central bank governors in October “on regulatory and supervisory approaches to stable coins and other crypto assets”.
• The FSB has no law-making powers, but its members commit to applying its regulatory principles in their own jurisdictions.
• Many countries require crypto firms to have anti-money laundering controls.

• According to Iranian Embassy After signing its first memorandum of obligations in Uzbekistan at this year’s Shanghai Cooperation Organisation (SCO) summit to be held in Samarkand in September, Iran’s accession to the full membership of the Euroasia-spanning organization will be finalized by April 2023.
• Samarkand is a city in southeastern Uzbekistan, where the 2022 annual summit of the SCO Heads of State Council is to be held on September 15-16.
• Earlier, according to Russia that Iran is slated to join the SCO as a full-pledged member state this year and a memorandum of Iran’s obligations as a SCO member will also be signed in Samarkand.
• Iran has also approached the SCO with a proposal to create a new single currency for carrying out trade among SCO members, in a push to counter the increasing weaponization of the US dollar-dominated global financial system.

• The Health Department has sounded alert over reports of deadly Nairobi fly sneaking into the eastern region of Bihar from neighbouring West Bengal and Sikkim and attacking some local residents.
• According to Reports the deadly fly has invaded at least three eastern Bihar districts, such as Purnia, Kishanganj and Araria, causing panic in the border region. Health officials said the fly took seven days to reach Kishanganj from Sikkim and given their flying speed, this fly can reach Patna in the next 21 days.
• Nairobi flies, also called Kenyan flies or dragon bugs, are small, beetle-like insects that belong to two species, Paederus eximius and Paederus sabaeus. They are orange and black in colour, and thrive in areas with high rainfall, as has been witnessed in Sikkim in the past few weeks. Like most insects, the beetles are attracted by bright light.
• As per the Health Department, Nairobi flies do not bite or sting. However, if disturbed while sitting on anyone’s body, they release a potent acidic substance that causes burns.
• The toxin causing these burns is called pederin. Usually, the insects attack pests that consume crops and are beneficial for humans — but at times, they come in contact with humans directly and cause harm.

• Ukraine has become an associate member of the Multilateral Interoperability Program (MIP), which takes care of the technical cooperation of the armies of NATO member states.
• According to the ministry, the associate membership in the MIP gives Ukraine a right to join the development and introduction of key NATO standards related to the interaction of combat control systems and related practices.
• The MIP is a program of technological cooperation between the Armed Forces of NATO member states, which was established at the level of national developers of combat control information systems and aims to achieve interoperability of national C2IS systems.
• Recently, the western military alliance formally invited Sweden and Finland to join during the NATO summit.

• Various organisations took out a march at Nahan opposing the ST status to residents of the trans-Giri area of Sirmaur district as the area has 40 per cent SC population.
• Various organisations, including the SC Adhikar Sarankshan Samiti, the Dalit Shoshan Mukti Morcha, the Bhim Army, the Vishvkarma Sabha, the Yuva Koli Samaj, the Akhil Bhartiya Koli Samaj and the Balmiki Sabha got together against the move.
• They gave a memorandum through the DC, Sirmaur, to the Prime Minister.
• Various speakers highlighted that the Registrar General of India’s 2017 report had stated that there was no tribe named Hattee and it could not be granted constitutional status under Section 342(2)
• The speakers also claimed that there was no social community named as Hattee.
• They said the declaration of the Hattee community as ST would render the Prevention of SC ST Atrocities Act, 1989, defunct and this would further increase the acts of atrocities against this community.
• As many as 122 cases of atrocities have been registered in Sirmaur district from 2015 to 2022 and 106 pertained to the trans-Giri area.
• They feared that if all castes were declared Hattee ST, it would deprive them of reservation in panchayati raj institutions.
• They gave the example of Kinnaur where the posts of pradhan were reserved for ST while OBC and SC communities were deprived of this benefit as per the 2020 reservation roster.
• They claimed that the survey report of the Registrar General had failed to take into account the 40 per cent SC population.

• The self-help groups (SHGs) of urban women in the state have recorded the highest online sale of their products on Amazon and Flipkart among SHGs across the country over the last one year.
• SHGs have done business worth Rs 4.40 lakh, the highest among SHGs across the country.
• As per the report of the Ministry of Housing and Urban Affairs, the second spot was bagged by SHGs from Kerala that did business worth Rs 1.98 lakh in the same time frame.
• The Department of Urban Development made these products available on e-commerce portals to provide these SHGs a bigger and regular market.
• The department organises exhibitions, fairs and special haats to help these SHGs sell their products.
• Sold under the brand name of ‘SonChiraiya’, the most sought-after products on e-commerce portals are Kullu caps, Kullu shawls, Kullu socks, Chamba sandals, Chamba plates, etc.
• According to State Mission Manager, National Urban Livelihood Mission., The products made by the Kullu and Chamba SHGs are the most sought after at the moment.

• Ahmedabad based Zydus Lifesciences launched top anti-diabetic drug molecule Sitagliptin in India under the brand names Sitaglyn and Siglyn to address Type 2 diabetes.
• Sitaglyn and Siglyn will add on to a comprehensive solution for the management of Type 2 diabetes by providing access to quality care to the patients at an affordable cost, approximately 60 pc less than the originator.
• Ahmedabad based Zydus Lifesciences on Friday launched top anti-diabetic drug molecule Sitagliptin in India under the brand names Sitaglyn and Siglyn to address Type 2 diabetes.
• Sitaglyn and Siglyn will add on to a comprehensive solution for the management of Type 2 diabetes by providing access to quality care to the patients at an affordable cost, approximately 60 pc less than the originator.
• The launch of the generic version has become possible after US pharma major Merck drug’s Sitagliptin, previously marketed under the brand Januvia, fell off patent.
• More Indian pharma companies are expected to announce generic versions now. While the original drug regime cost around Rs 450 a day treatment, the new will cost less than Rs 18 a day, iSitaglyn and Siglyn offer an oral solution to the patients providing ease of convenience and better compliance. Sitagliptin is the gold standard drug with over 62 pc market share in the global market.
• With more than 77 million active patients, India is the diabetes capital of the world after China.
• The drug will help patients achieve their treatment goals reducing the disease burden and providing better patient-care and quality of life.”
• India’s oral anti-diabetic market is worth Rs 125 billion.

TYPES OF DIABETES 

• In Type 1 diabetes (previously called juvenile diabetes) the body’s immune system mistakenly targets its pancreatic tissues, interrupting insulin production and leading to high blood sugar. It is not caused due to lifestyle issues and does not go away on its own. It requires lifelong management.
• In Type 2 (the most common form of diabetes), the body’s cells are unable to use insulin properly leading to high blood sugar and diabetes. This is caused by factors including genetics and lifestyle and is easier to manage with lifestyle changes.

• The Indian Film Festival of Melbourne, which for the last two years was held virtually, is set for a comeback. The festival will take place in Melbourne from August 12-20.
• The line-up this year is more diverse than ever before with over 100 films in 23 languages having been selected for the festival. The Movie 83, directed by Kabir Khan, will be celebrated at IFFM and the festival has invited legendary cricketer Kapil Dev to be the guest of honour.

• In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. Before putting in place this mechanism, Authorised Dealer (AD) banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India.
• Forex dealers say the Rupee Payment Mechanism could be used by Indian exporters/importers for their trade with countries such as Russia, Iran and Sri Lanka.

The broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999 (FEMA) is as delineated below:

• Invoicing: All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR).
• Exchange Rate: Exchange rate between the currencies of the two trading partner countries may be market determined.
• Settlement: The settlement of trade transactions under this arrangement shall take place in INR in accordance with the procedure laid down in Para 3 of this circular.
• In terms of Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, AD banks in India have been permitted to open Rupee Vostro Accounts.

The balance in Special Vostro Accounts can be used for:

• Payments for projects and investments.
• Export/Import advance flow management
• Investment in Government Treasury Bills, Government securities, etc. in terms of extant guidelines and prescribed limits, subject to FEMA and similar statutory provision

• A report released by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) has stated that about 50,000 wild species globally can meet the needs of billions of people.

KEY POINTS

• The IPBES assessment of the sustainable use of wild species aims to address challenges faced by policymakers and will be completed in 2022.
• Wild species provide half of the world’s seafood, a significant proportion of timber and energy, and remain a major source of protein, fiber and medicines for many communities in both developing and developed countries.
• Policies and decisions relating to the use of wild species will have consequences for people who depend on these species and affect progress towards the SDGs.