Blockchain & crypto news from India
The retail pilot for RBI’s CBDC, launched December last year, is now in its fifth month. With over five thousand merchants enrolled to participate by eight banks, the e-Rupee is the answer to the rise of cryptocurrencies as a payment medium, and will be the national digital currency of India with the use of a…
The pilot study of the CBDC has raised curiosity about the new digital currency. While the responses of participants are expectedly tepid and restrained, the question uppermost on everyone’s mind is – how is this better than UPI/Bhim/Paytm? The retail pilot of CBDC is planned on a limited scale, and currently only on invite basis….
At an event organized in New Delhi, RBI Governor Shaktikanta Das shared his views on cryptocurrencies, their nature and the threat posed to India’s economy. According to him, the perceived value of cryptocurrencies is nothing and is “make-believe”. RB Governor Shaktikanta Das pointed to the fact that there is no underlying value in cryptocurrencies. He…
The E-Rupee trial in the retail segment by RBI has clocked around 16,000 testers. The digital currency is currently designated CBDC-R (e₹-R). There are currently two pilots underway, one for retail and wholesale segment each. The retail pilot has done processing of Rs 64 lakh worth of transactions. After thorough research and sharing a concept…
Speaking at a virtual conference of the IMF, RBI Governor T Rabi Shankar has urged the importance of obtaining adequate information on crypto assets and transactions before formulating any regulatory framework. He said that the current information on crypto assets and their movements is not either complete or even misleading. Regulations need to be built…
The RBI plays the central role in India for issuing “clean and genuine notes”. Several factors have gone into the making of RBI’s CBDC or e-Rupee, the answer to Bitcoin and cryptocurrencies. The prime concern was security, given that this will be a national currency and the digital counterpart to the rupee. What is e…
After the killing of the multi-headed Ravana this year, the multi-token cryptocurrency demon is next. The RBI has released a detailed concept note on how this is to be achieved. The pilot launch of e-rupee may happen sometime before March 31, 2022, as was declared in this year’s budget speech. The FinTech department of RBI…
The pilot project for India’s own digital currency or digital rupee will be launched in 2022. Though yet to be named, the pilot project joins a list of over a hundred countries who are in different phases of implementing their national digital currencies. As per RBI’s deputy governor T. Rabi Sankar, the CBDC will be…
In a letter, the Blockchain and Crypto Assets Council has requested a meeting with the inter-bank retail settlements and payments body to understand and discuss the issues around the cryptocurrency trade. BACC has also asked NPCI that many of the cryptocurrency exchanges strictly adhere to NPCI protocols and KYC and asked it to restore the…
The government is planning to roll out the Finance Bill which will regulate all virtual assets including cryptocurrencies. They are developing an FAQ on the taxation of the same. As per a recent report, these FAQs will provide users a proper clarification in a distinctive way on the applicability of income tax and GST on…