Reserve Bank of India News

New York Governor Kathy Hochul signed the moratorium, prohibiting any new mining operations that aren’t based on 100% renewable energy.

The digital rupee is intended as a supplement to the current payment system and not its replacement.

India’s Reserve Bank outlined the pros and cons of a digital rupee as it looks to raise awareness around its CBDC project.

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.