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India's central bank has been a vocal critic of cryptocurrencies over the years; it previously stated that CBDCs could thwart the adoption of digital assets.
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India News
India today is no stranger to the concept of Bitcoin (BTC) and cryptocurrency. Home to over 1 billion people, the South Asian country touts a population rivaling that of China. India, officially known as the Republic of India, is the second-largest country by population after China. The industry of cryptocurrency in India today still shows a country that is uncertain about the asset class.
In India, government bodies have discussed the country’s stance on cryptocurrencies for years. Although headlines have mentioned various possible cryptocurrency-related bans and regulatory moves — with people often asking, “Is Bitcoin legal in India?” — the country has yet to officially outlaw crypto on the whole. Companies focused on digital assets could not work with banks for a time, thanks to a 2018 ruling from the Reserve Bank of India, or RBI — the country’s central bank — but those restrictions were removed in 2020.
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The Bitcoiner had visited eight different countries out of his goal of forty and was in Africa at the time of Cointelegraph’s interview.
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“One of the reasons it is so successful is because it's simple,” he added while comparing the Unified Payments Interface’s (UPI) growth with blockchain technology.
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Prada Timecapsule is set to launch on Thursday, Eurovision Winners Kalush Orchestra raised 50 ETH for Ukraine, P2E games see a rise in developing regions, and RTFKT's Loot Pod winners were announced.
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The document, which could define a national framework for digital assets, is almost ready.
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Halfway through 2022, at the proof-of-concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.
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Developing countries have more than double the amount of people positive that the Metaverse will impact their lives, and they’d use it daily in comparison to developed countries.
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India’s “blockchain, not crypto” stance has led to disastrous crypto policies, forcing several thriving crypto firms to relocate.
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Crypto “will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” according to Reserve Bank of India officials.
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“I guess we have a concern that [the Reserve Bank of India] may be actually in violation of the Supreme Court ruling,” said Coinbase CEO Brian Armstrong.
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In the future, India’s NDSL and the Securities Board division will welcome other entities to join the decentralized network.
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The new directives for VPN service providers and crypto exchanges would require them to collect critical private information as well as the ownership patterns of customers.
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Binance also highlighted that Indian regulators and policymakers cite the lack of education as an area of concern, hindering crypto’s widespread adoption in the region.
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Several Indian cryptocurrency projects are planning to move their bases to more crypto-friendly jurisdictions.
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India is yet to finalize a crypto regulatory framework despite assurances of a speedy draft law over the past few years.
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