India's junior minister of electronics and information technology (IT), Rajeev Chandrasekhar, has recently released a statement about crypto that is not in consonance with the central bank's view. Chandrasekhar mentioned that there was no issue with crypto in India if all laws pertaining to...
The Central Bank Digital Currency or eRupee cannot be converted into cash as of now and cash cannot be converted into eRupee as well. The...
The Central Bank of India has been displaying strong hostility towards crypto for a long time now. Ever since cryptocurrency has gained popularity in a nation that inhabits 17.7% of the world's population, the Reserve Bank of India (RBI) has been eyeing ways to regulate the sector. The RBI governor, Shaktikanta Das, has again...
After announcing its plan to create a digital rupee in February, the Reserve Bank of India (RBI) is on schedule to introduce a central bank digital currency (CBDC). The RBI announced on October 31 that the Indian Reserve Bank will begin the digital rupee pilot program for the wholesale market on November 1.Nine locally active […] The post...
India's Central Bank, the Reserve Bank of India, is soon to commence the launch of its CBDC, which is the Central Bank Digital Currency aimed at specific use cases. The Reserve Bank of India has stated that there could be "multiple technological options which shall be tested and, based on the outcomes,...
Finance Minister of India, Nirmala Sitharaman has revealed that Reserve Bank Of India insists a ban on cryptocurrency. Despite making their stance on digital asset clear, India continues to seek global collaboration for imposing the ban. The...
In the past, there was only one Indian regulator that campaigned for crypto and represented the sector before the people of India. Today, that very entity will no longer exist. Authorities in India are set to disband the Blockchain and Crypto Assets Council, a move seen as a blow to the digital currency industry. In a statement, the Internet and Mobile Association of...
India’s central bank is working with several banks to facilitate a blockchain- based trade financing pilot. The pilot would focus, among other things, on preventing loan fraud. India is also mulling over whether to add an additional 28% goods and services tax on crypto. The Reserve Bank of India (RBI), the country’s central bank, is engaging with over a dozen major banks in the...
India’s central bank governor Shaktikanta Das said that DeFi is difficult to regulate because of its anonymity. Das made the remarks during a business summit, also calling for global coordination. India is waiting on a consensus on how to regulate crypto globally before going forward with regulation. Shaktikanta Das, the Governor of India’s Reserve Bank of India, made a statement on the DeFi...
Reserve Bank of India Deputy Governor T. Rabi Sankar says with complete confidence that digital bank assets or CBDCs will ultimately pull the plug on cryptocurrencies such as Bitcoin, Ethereum, and others. So, is this seriously the end of the line for crypto? RBI Deputy Governor T. Rabi Sankar says: "We...
India remains firm on its idea to introduce the Central Bank Digital Currency (CBDC) in 2022-23. In the recent most development in regards to the same, the Reserve Bank of India (RBI) has proposed a graded approach for the introduction of the CBDC. The annual report released by the Reserve Bank Of India stated the...
On April 5, the Nasdaq-listed U.S.-based crypto exchange Coinbase, officially allowed Indian users to buy crypto tokens through UPI (Unified Payments Interface), a modern Indian payment infrastructure built by a coalition of retail banks. But after three days of launch, UPI rolled back its service without...
In the light of recent events concerning the curb on the Unified Payments Interface on cryptocurrencies, leading banks have now asked for a formal directive from the National Payments Corporation of India (NCPI). The supposed "shadow ban" on cryptocurrencies has created a lot of conjecture amongst leading banks. This curb came into effect just based on apparent instructions from the NCPI. Several banks...
India is just not that into crypto these days. Or, perhaps, not yet. Nirmala Sitharaman, India's finance minister, revealed last month that the Reserve Bank of India will deploy a digital rupee sometime in the fiscal year 2022-2023. India will become one of the largest economies to launch a central bank digital currency if the bank follows through on its intentions. The Indian...
Two major highlights from the FM Sitharaman’s Budget speech were (1) RBI soon to launch CBDC, (2) 30% implied tax on cryptocurrency earning. Speaking at the India Global Forum's annual summit, the Finance Minister cleared the air from these two topics. Ever since the Union Finance Minister Nirmala Sitharaman implied a 30% tax on the...
RBI Governor, Shaktikanta Das has stated that private currencies such as cryptocurrencies are a threat to the country's financial stability. The criticism against cryptocurrencies in a way is to caution and deter investors from trading as this asset class poses certain kinds of risks. Das, also mentioned in his censure that cryptocurrencies do not have any underlying value as they aren't backed by...
India may have been battling with uncertainties especially concerning its crypto regulations, however, its central bank, the Reserve Bank of India (RBI), has now shown interest in offering basic models of a central bank- issued...
The latest update in the Indian crypto and CBDC sphere saw the Central Board of Directors of Reserve Bank of India (RBI) discuss the concern around private cryptocurrencies, as well as various aspects relating to Central Bank Digital Currency (CBDC). Today, at the 592...
BJP MP Nishikant Dubey has shared his views about the much-debated cryptocurrency topic. According to reports by NDTV, Mr. Dubey spoke during Zero Hour in the Lok Sabha on Monday, claiming that crypto operates on the same technology as the ‘dark net’, and sooner or later, would be used for drug deals, illegal weapon sales, The post 'Crypto Must Be Banned' — BJP...
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