Digital Rupee Might Be An Option For Indian Crypto Users Soon.
2021-02-24 | Selina Mathew
The Indian authorities
still express support for a government-backed digital currency
to replace it with privately-issued crypto assets.
In line with a recent official report by Bloomberg, RBI governor Shaktikanta Das said that the central bank’s determination
to make a digital rupee.
Consistent with Das, India’s central bank is “very much
within the game”
and needs to emulate China’s CBDC project, the digital yuan.
The RBI chief also revealed that the digital rupee project will a major focus for the
financial institution. While there has been no official release date for the proposed CBDC, Das added that the RBI is presently finetuning the technological and procedural protocols of the sovereign digital currency system.
As
a part of the interview, Das maintained the RBI’s anti-cryptocurrency stance expressing concerns that the digital assets are a threat to India’s financial stability.
In line with Das, the RBI has reported these concerns to the authorities in government
and will shape incoming cryptocurrency regulations.
As reported earlier, speculation is rife with an incoming blanket
ban on cryptocurrencies with cryptocurrency holders given a transition period to liquidate their digital assets.
Promoters of IPO’s have reportedly begun issuing affidavits
stating that
they will sell their cryptocurrencies within 24 hours of a government ban.
Crypto stakeholders in India are
once more having
to form the case
for the industry
within the face
of state opposition. Earlier in March last year, the Supreme Court reversed the RBI’s earlier ban on commercial banks servicing cryptocurrency exchanges.
Also earlier in February, former Coinbase CTO Balaji Srinivasan panned the rumored crypto ban.
Consistent with Srinivasan, banning cryptos would be
like prohibiting the “financial internet.”
Additionally, government authorities
aren't the sole anti-cryptocurrency elements in India. Recently, billionaire investor Rakesh Jhunjhunwala referred to as the “Indian Warren Buffett” involved a cryptocurrency ban
adding that the RBI should prioritize the creation of a digital rupee.
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