This marks a significant shift from previous rigid stances, contrasting with the RBI’s ongoing concerns over macroeconomic risks and fiscal stability.
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Explore Why Global Banking Leaders Predict a Shift to Regulated Digital Currencies: Insights from the Central Banks of Singapore and India.
Nilekani’s comments come at a time when India has got a unique opportunity to lead the way in establishing global cryptocurrency regulations with presidency of the G20.
The current proposed crypto bill listed on the agenda of the parliament is same as it was listed in Feb 2021. The details of the bill are still not public. Nothing can be comprehended what the government was actually considering. But, the past series of events around crypto regulation in India do offer a positive outlook.
The Reserve Bank Of India (RBI), is planning to launch a central bank digital currency (CBDC) to “reduce the use of cash and protect citizens from the volatility of cryptocurrencies.”
India, March 14, 2021 /AlexaBlockchain/ – Indian Finance minister Nirmala Sitharaman has clarified that the government will not completely ban cryptocurrencies or at least the technology part of it.…
RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalize it.