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’s Digital Rupee Crossed a Million Transactions in 1 Day With Some Help From Banks
CoinDesk has viewed a letter dated Dec. 29 by the Reserve Bank of India (RBI) Governor Shaktikanta Das to staff that said the usage of the e-rupee (CBDC) “exceeded the milestone of 1 million transactions in a day on Dec. 27, 2023.” A separate letter from one of the banks participating in the e-rupee pilot said it had been encouraged it to deposit employee funds and benefits using the CBDC, rather than use the existing fiat currency.
India working on 5-point crypto legislation as ban is ruled out
Indian crypto platforms could attain similar status as authorized dealers (similar to banks) under the guidelines of the Indian Central Bank RBI.
Indian central bank-backed NPCI begins blockchain recruitment
Singapore, Malaysia, UAE, France, BENELUX countries, Nepal and the UK have adopted the NPCI’s UPI payments system in varying degrees.
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.
India plans to use crypto tokens in upcoming native web browser
The feature is envisaged as part of the country’s national web browser project.
Indian Supreme Court raps Union government on crypto rules delay: Report
The Supreme Court bench asked the union government to file a report on whether the latter is capable of setting up a federal agency to investigate crypto-related crimes.
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.
De-dollarization: Is it really happening?
In our latest Cointelegraph Report, we analyze the causes leading to the decline of the U.S. dollar as the world reserve currency and its potential implications.
Indian banks asked ‘to prepare for the future’ with AI and blockchain
In an RBI-organized conference for the directors of Indian banks, deputy governor Mahesh Kumar Jain discussed risk strategies around sustainable growth and stability.
Indian banks asked ‘to prepare for the future’ with AI and blockchain
In an RBI-organized conference for the directors of Indian banks, deputy governor Mahesh Kumar Jain discussed risk strategies around sustainable growth and stability.
India explores offline functionality of CBDCs — RBI executive director
In addition to offline functionality, RBI is gauging CBDC’s potential for cross-border transactions and linkage with legacy systems of other countries.
India expands national payment network to Singapore: What’s in it for crypto?
One of the banking partners in the cross-border remittance service is also part of the government’s CBDC program.
India in ‘no hurry’ for CBDC as digital rupee pilot onboards 50k users
The central bank of India wants to proceed with CBDC testing in the smoothest way possible, deputy governor Rabi Sankar said.
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.
First US State where you can no longer mine crypto: Law Decoded, Nov. 21-28
New York governor Kathy Hochul signed the moratorium, prohibiting any new mining operations that aren’t based on 100% renewable energy.
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.
India needs global collaboration to decide on crypto’s future, says finance minister
Indian finance minister reiterated RBI’s stance on the crypto market, claiming it’s driven by speculation.
CBDCs can “kill” private crypto: India’s RBI deputy governor to IMF
“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.
India cooperates with IMF on crypto consultation paper
The document, which could define a national framework for digital assets, is almost ready.