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.
Reserve Bank of India News
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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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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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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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Rabi Sankar has taken a strong stance against cryptocurrency, citing the “destabilizing effect” it may have on the country’s fiat currency.
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"You can buy gold, diamond, crypto, but that will have not have the value authorization by government," said T.V. Somanathan.
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Finance minister Nirmala Sitharaman believes the introduction of a CBDC will provide a “big boost” to India's digital economy.
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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.
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The India International Exchange is reportedly looking to explore digital asset-based products despite local uncertainty.
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While the regulatory environment for cryptocurrencies in India is currently murky, the country has already witnessed an exponential rise in crypto popularity.
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After announcing Cosmex in February 2021, CoinDCX is now testing its global product to launch in 2022.
4140 - NewsIndia to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail
The country wishes to see all crypto activities take place on platforms regulated by SEBI.
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The Securities and Exchange Commission's continued resistance to spot Bitcoin ETFs draws industry players' ire.
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