Reserve Bank of India News

The ownership of WazirX became a hot topic when CZ claimed the deal never went through. But three years later, there’s still no clarity.

Indian finance minister reiterated RBI’s stance on the crypto market, claiming it’s driven by speculation.

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.

“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.

The document, which could define a national framework for digital assets, is almost ready.

Halfway through 2022, at the proof-of-concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.

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.

“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.

Rabi Sankar has taken a strong stance against cryptocurrency, citing the “destabilizing effect” it may have on the country’s fiat currency.

"You can buy gold, diamond, crypto, but that will have not have the value authorization by government," said T.V. Somanathan.

Finance minister Nirmala Sitharaman believes the introduction of a CBDC will provide a “big boost” to India's digital economy.

The Cryptocurrency and Regulation of Official Digital Currency Bill does not appear as one of the 15 bills the government body will consider during its next session.

The India International Exchange is reportedly looking to explore digital asset-based products despite local uncertainty.

While the regulatory environment for cryptocurrencies in India is currently murky, the country has already witnessed an exponential rise in crypto popularity.

After announcing Cosmex in February 2021, CoinDCX is now testing its global product to launch in 2022.