Indian cryptocurrency investment platform Mudrex will offer U.S. spot-bitcoin exchange-traded funds (ETFs) to Indian investors, both institutions and retailers, CEO and co-founder Edul Patel said.
India CBDC Insider Reveals Current Stance of Country’s Central Bank
India’s central bank is taking a very cautious approach in developing its digital rupee, a senior official familiar with India’s central bank digital currency (CBDC) pilot programs told CoinDesk, though it’s making some progress.
India Keeps Stiff Taxes on Crypto as Interim-Budget Is Revealed in Election Year
India has not introduced any changes to the controversial tax deducted at source (TDS) affecting the crypto industry.
Digital rupee gets big usability boost through Yes Bank integration with UPI
Yes Bank’s app UPI integration is the first for the Indian retail CBDC, which has seen a variety of projects since its pilot launch since December.
G20 Set to Crystalize Global Crypto Rules as India Wraps Up Presidency
G20 nations are set to crystalize crypto policies, the closest we may have come to globally coordinated rules for the industry. India has been at the helm of the efforts as the current president of the G20 and is likely to celebrate the progress during the Leaders’ Summit in September.
India proposes AI-powered conversational payments system: RBI
India’s central bank said that there’s a potential for an artificial intelligence system that would initiate transactions through a conversation.
Stablecoins Pose ‘Existential Threat’ to Policy Sovereignty, Says India Central Bank Official: Report
“If large stablecoins are linked to some other currency, there is a risk of dollarization,” RBI Deputy Governor Rabi Sankar has said.
RBI lists risks of stablecoin for developing economies, calls for global regulation
The Reserve Bank of India listed six specific ways stablecoin can undermine emerging markets, adding to its mounting case against crypto.
India’s RBI Intends to Push G-20 to Focus on Crypto’s Macro Risks
India’s central bank is trying to expand the global narrative around cryptocurrencies beyond “financial stability and integrity to macro-financial and cross-sectoral implications and risks of crypto-assets.
India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources
Around 100,000 users have participated in the country’s central bank digital currency pilot since it kicked off in December.
India’s Central Bank Seeking Privacy Legislation for Retail CBDC Users
India’s central bank is advocating for legislation that will allow users of its retail central bank digital currency (CBDC) to delete any transactions in order to maintain anonymity.
India, UAE to explore CBDC bridge to facilitate trade, remittances without USD
The bridge would be the second for the UAE, whose banks successfully participated in the mBridge project last year with Hong Kong, China and Thailand.
Crypto could spark the next financial crisis, says India’s RBI head
Reserve Bank of India Governor Shaktikanta Das warned that if crypto becomes regulated and is allowed to grow, it could cause the next financial meltdown.
The Reserve Bank of India to launch a retail CBDC pilot in December
The digital rupee is intended as a supplement to the current payment system and not its replacement.
Reserve Bank of India to reportedly launch digital rupee pilot in November
Now debuting a wholesale CBDC, the RBI plans to launch the digital rupee for the retail segment within a month in select locations.
Reserve Bank of India preparing to trial a CBDC with public sector banks and fintechs
The trial may lead up to the introduction of a CBDC in India before the end of this fiscal year, most likely in three steps; U.S.-based FIS is reportedly participating.
Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism
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.
RBI warns of crypto ‘dollarization’ of Indian economy
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.
Coinbase suspends crypto payment services days after India launch
America’s largest exchange suspended some payment services on its newly launched Indian exchange due to pressure from the local payment regulators.
Dogecoin Price Falls As India’s Central Bank Bans Cryptos
This morning, the cryptocurrency market saw a significant headline that caused Dogecoin’s price action to drop. The Indian Central Bank came out with firm rejection against adopting cryptocurrencies in the country. There was an announcement from India’s Central Bank (RBI) calling cryptocurrencies “a tool which will wreak havoc on our economy.”
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The Price of Dogecoin Increased Temporarily
Dogecoin’s price action is not in a sweet spot. In just five minutes, comments trashed the planned bull target for next week at $0.1357. As a result, Dogecoin (DOGE) dipped back to its opening level and took another step away from where it had been before.
The price of Dogecoin went down when the news came out. A trend line and an intermediary top-line stopped the bulls from taking the price higher. So instead, the price went back to where it started and looked like it would fall more. A possible target for the price going down is $0.1137 and $0.1100.
Investors may be slow to react, but if they buy the dip, it could increase the price by $0.1197 to the upside. This would open the door towards $0.1242 intraday and possibly again on track for $0.1357.
The US session has only just begun, so economic recovery is time. Maybe even some good news on taxes or regulations before traders move onto other things – providing markets with support at both $0.1197 and psychological levels like barbette above them where buyers seem confident again.
DOGE started the day with a decline as India plans not to regulate cryptos | Source: DOGE/USD chart from Tradingview.com
India To Launch CBDC This Year
The Indian government has revealed its positions on cryptocurrencies and digital currency. They are not going to regulate cryptocurrencies by the central bank. Instead, India’s central bank will be launching central bank digital currency (CBDC) this year.
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On Tuesday, the Indian ministry of finance answered some questions in Rajya Sabha regarding “RBI Cryptocurrency.”
The Finance Minister to state was asked by Rajya Sabha member Sanjay Singh, “whether it is a fact that the government plans on introducing a cryptocurrency regulated by The Reserve Bank of India (RBI).
“No sir,” replied Pankaj Chaudhary, the minister of state in the finance ministry.
Minister Chaudhary explained the difference between the RBI cryptocurrency and traditional paper currency:
RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called central bank digital currency (CBDC).
Indian Finance Minister Sitharaman said during her Feb. 1 budget speech:
The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.
Indian Prime Minister Narendra Modi commented on the upcoming digital rupee launch:
The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash.
Featured image from Pixabay, chart from Tradingview.com