News
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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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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“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.
8108 - Newsletter
The Securities and Exchange Commission's continued resistance to spot Bitcoin ETFs draws industry players' ire.
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