News
The Indian government has a reputation for being harsh on crypto, but a regulatory sea change in the United States may cause a pivot.
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Reserve Bank of India News
The Reserve Bank of India is India’s financial authority that has a control over Indian monetary policy and national currency – the Indian rupee. The Reserve Bank of India also stores foreign exchange reserves, maintains inflation control, and regulates banking operations and institutions. The Reserve Bank of India is one of the world’s most important financial authorities because of India’s huge economic influence — due to its exports and GDP. The central bank of India publishes reports on various sides of India’s banking development and its financial indicators. The Reserve Bank of India has issued an e-banking report that studies the risks and opportunities of internet banking, encourages banks to promote and develop their e-banking applications and services, and gives recommendations about the process of it.
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Outgoing Reserve Bank of India Governor Shaktikanta Das envisions the digital rupee revolutionizing India’s economy through gradual CBDC adoption.
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According to the Atlantic Council, 134 countries are currently exploring CBDCs in different phases — including every G20 country.
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Sumit Gupta shares insights on India’s approach to CBDCs and private cryptocurrencies, emphasizing the need for balanced regulation.
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RBI Governor Shaktikanta Das advocates a plug-and-play system to enhance cross-border payment efficiency and CBDC interoperability.
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India has taken a cautious approach to introducing a CBDC, while local authorities have also refused to regulate crypto transactions.
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India’s Department of Economic Affairs’ consultation paper is expected to be a watershed moment for crypto regulation in the country, potentially setting the stage for future legislation.
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While Indian AML agencies have given Binance the green light to resume operations, authorities are still seeking $86 million in tax liabilities from the firm.
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The use of the CBDC on the cryptocurrency exchange will enhance security and, it hopes, attract merchants.
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Local crypto businesses pushed for a reduction in the 1% TDS to 0.01% to revive its customer base.
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Uptake in rural and urban areas with little or no internet connectivity could be boosted by introducing offline solutions.
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Indian crypto platforms could attain similar status as authorized dealers (similar to banks) under the guidelines of the Indian central bank, RBI.
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Singapore, Malaysia, the UAE, France, Benelux countries, Nepal and the U.K. have adopted the NPCI’s UPI payments system to varying degrees.
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The Yes Bank app’s UPI integration is the first for the Indian retail CBDC, which has seen a variety of projects since its pilot launch in December.
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India’s central bank said that there’s a potential for an AI system that would initiate transactions through a conversation.
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