Digital Rupee Might Be An Option For Indian Crypto Users Soon.

Digital Rupee Might Be An Option For Indian Crypto Users Soon.

2021-02-24 | Selina Mathew

Digital Rupee Might Be An Option For Indian Crypto Users Soon.

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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