CBDC: In a bid to increase transactions, the Reserve Bank of India (RBI) has extended invitations to a broader set of lenders to engage in pilot programs centered around the central bank digital currency, as reported by three bankers who spoke to local media. A recent survey conducted by the Bank for International Settlements (BIS) […]
RBI
India’s RBI Urge Banks To Brace For Blockchain, AI Acceleration
India’s central bank, the Reserve Bank of India [RBI] has urged banks to concentrate on Blockchain and AI to be future-ready at a recently organized conference. The deputy governor of the RBI, Mahesh Kumar Jain, spoke about risk management techniques for stable and sustainable growth. He acknowledged the disruptive paradigm shift in financial services brought […]
RBI Chief Warns of Financial Crisis, Talks About Banning Crypto
The use and adoption of private digital assets in India have been met with skepticism from the government and watchdogs. Authorities have already suggested that capital gains from cryptocurrency trading in India will be subject to a 30% tax. The governor of the Indian Central Bank has, however, issued a cautionary statement regarding the coming […]
India To Test CBDC From Dec 1 In These Four Key Cities
India would carry out the pilot testing of its digital currency e₹-R from December 1st, 2022 across four cities namely Mumbai, New Delhi, Bengaluru, and Bhubaneswar, according to the press release shared by the Reserve Bank of India. The scope of the pilot may be expanded gradually to include more banks, users, and locations as […]
The Reserve Bank Of India (RBI) Nearly Ready To Deploy Retail CBDC
The Economic Times of India (ETI) reported on November 19th that the final steps of the Retail Central Bank-Backed Digital Currency (CBDC) deployment are being completed by the Reserve Bank of India (RBI). It would be compatible with the country’s current payment systems and would make it easier for people to invest in cryptocurrency markets, a person […]
RBI Says That India’s CBDC Will Go Hand in Hand With the Monetary Policies
The debut of India’s Digital Rupee CBDC, which is slated to take place in the current fiscal year 2022-23, is highly anticipated by the investors of the country. According to a report produced by the Reserve Bank of India (RBI), the CBDC will be in line with the country’s current monetary policies and payment systems. The […]
Crypto Might Lead To Dollarization of Indian Economy, Says RBI Officials
The Reserve Bank of India (RBI) is said to be worried about cryptocurrency acceptance, stating that it will lead to the “dollarization” of the Indian economy. According to an unidentified source mentioned in a Monday piece in the Indian edition of the Economic Times, the RBI is concerned about cryptocurrencies dominated by the US dollar […]
RBI’s top exec vouches for “outright ban” on cryptocurrencies, views them as Ponzi schemes
India’s RBI representatives continued to launch strong attacks on cryptocurrency. During a meeting with the Indian Banks’ Association [IBA’s] Annual Banking Technology Conference & Awards on February 14. RBI’s deputy governor T Rabi Sankar fired fresh salvos by demanding an outright ban on digital assets equating them with Ponzi schemes and ‘may even be worse’. […]
Cryptocurrency trades makes big moves in gold dominated India
The cryptocurrency market’s popularity vector has broken all ceilings with every realm of the financial world paying close attention to its developments. Even with all the recurring price fluctuations, the industry seems to have instilled a sense of trust amongst the public especially in nascent markets such as India. Recent reports from the subcontinent claimed […]
India’s Central Bank Clarifies Circular on Cryptocurrency Ban to be Invalid
The cryptocurrency ecosystem in India has always been a contentious one. The lack of clarity has failed to address important aspects of the users in the region. In a brief respite, however, the country’s central bank and regulatory body Reserve Bank of India [RBI] clarified on Monday that its 2018 order directing financial institutions to […]