Rajeev Chandrasekhar, India’s Minister of Information Technology, has said crypto would face no issue within the country if related laws are followed. Speaking at an event in the southern city of Bengaluru, Chandrasekhar said there is “nothing today that outlaws crypto as long as you follow the legal process.” The remarks come just days after the country’s…
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India’s central bank governor has once again expressed skepticism toward cryptocurrencies, saying these assets are “nothing but gambling” and asking for a blanket ban. Speaking at a Business Today event, Shaktikanta Das claimed cryptocurrencies don’t have any intrinsic value and their perceived “value is nothing but make-believe.” He said cryptos are not even a tulip, alluding to…
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India’s central bank, the Reserve Bank of India (RBI), is launching its first retail digital rupee pilot on Dec. 1 with the participation of eight banks. The pilot will start in four cities and then expand to cover nine more cities across India. RBI Picks 8 Banks, 13 Cities to Test Retail Digital Currency The…
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The digital rupee is intended as a supplement to the current payment system and not its replacement. Having tested the wholesale usage of its central bank digital currency (CBDC), the Reserve Bank of India (RBI) is preparing to conduct the retail pilot of the “digital rupee.” The pilot should launch within a month. According to…
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The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC). The country’s central bank announced the news on Friday, detailing that the digital rupee will be available for specific use cases during the pilot. In a statement, the…
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India’s central bank, the Reserve Bank of India (RBI), has reportedly asked four banks to pilot the country’s central bank digital currency (CBDC) ahead of its public launch. RBI to Pilot India’s CBDC With Public-Sector Banks The Reserve Bank of India (RBI), the country’s central bank, has reportedly asked four public-sector banks to trial India’s…
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The ownership of WazirX became a hot topic as CZ claimed the deal never went through, but three years later, there’s still no clarity. The Twitter exchange between WazirX co-founder Nischal Shetty and Binance CEO Changpeng “CZ” Zhao over the ownership of the Indian crypto exchange grabbed a lot of headlines in the first week…
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India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency. India’s Central Bank Digital Currency…
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Indian finance minister reiterated RBI’s stance on the crypto market, claiming it’s driven by speculation. Indian finance minister Nirmala Sitharaman has called for global collaboration on cryptocurrencies, assessing their pros and cons to form a common standard and taxonomy. Addressing a question on cryptocurrency in the Lok Sabha, the lower house of the Indian parliament,…
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India’s central bank, the Reserve Bank of India (RBI), sees cryptocurrencies as “a clear danger.” However, the financial stability risks posed by crypto assets currently appear to be “limited.” RBI on Crypto’s Danger and Financial Stability Risks The Reserve Bank of India (RBI) released the 25th issue of its Financial Stability Report (FSR) Thursday. RBI…
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