The Indian government is exploring “several commercial use purposes and not just financial inclusion” for its central bank digital currency. India’s finance minister clarified that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI), to be issued by 2023. India’s Finance Minister on RBI-Backed Digital Currency…
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A director at the International Monetary Fund (IMF) says that crypto regulation is “certainly high on the agenda” for India. “We are trying to come up with global standards for #crypto asset regulations. I think that’s important for India to also adopt,” said the IMF official. IMF on Crypto Regulation in India Tobias Adrian, Financial…
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America’s largest exchange suspended some payment services on its newly launched Indian exchange due to pressure from the local payment regulators. The largest US-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent. The UPI…
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Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar has outlined the implications of India issuing a central bank digital currency, the digital rupee. ”I think central banks would go about it in a very calibrated, graduated manner, assessing impact all along the line,” he explained. RBI’s Deputy Governor Discusses Indian Central Bank Digital…
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It appears the root cause of concern is the potential for digital assets to disrupt the rise of India as a global power. On Thursday, the Reserve Bank of India, or RBI, the country’s central bank, published a critical bulletin regarding the cryptocurrency industry. While the report praised the innovative distributed ledger technology associated with…
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A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens cryptocurrencies to Ponzi schemes, emphasizing that they cannot be regulated. “It would be futile to regulate cryptocurrencies,” he claims, stating that they should be banned. RBI’s Deputy Governor Sees Crypto Ban as ‘the Most Advisable Choice Open to India’ A deputy…
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Rabi Sankar has taken a strong stance against cryptocurrency citing a “destabilizing effect” it may have on the country’s fiat currency. T. Rabi Sankar from the Reserve Bank of India compared cryptocurrency to ponzi schemes and said that banning them, not regulating them, would be the “most advisable choice” for the Indian government. Sankar, the…
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The Indian government is consulting with the Reserve Bank of India (RBI) on crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues. Indian Government and Central Bank Discussing Crypto Policies Internally Indian Finance Minister Nirmala Sitharaman revealed Monday that the government is…
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The governor of India’s central bank, the Reserve Bank of India (RBI), has reiterated his concerns that cryptocurrency is a “big threat” to the country’s financial and macroeconomic stability. He also warned investors of the risks of investing in crypto, stating this type of investment has no underlying value. RBI’s Multiple Concerns About Crypto Reserve…
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India’s prime minister, Narendra Modi, says an Indian central bank digital currency will strengthen the digital economy. The digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management, the prime minister reportedly explained. India’s Prime Minister Modi Sees Benefits of…
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