The Reserve Bank of India Announces Blockchain Committee
The Deputy Governor of the Reserve Bank of India announced the central bank's intention to set up a blockchain committee to reduce the usage of currency notes. India is one of the largest cash dependent nations in the world. A majority of people in the world’s largest democracy have the tendency to use cash for most of the transactions. This has created a challenge for the Indian central bank —The Reserve Bank of India to maintain the liquidity in the country’s monetary system. In order to ensure there are enough bank notes to go around, the premier bank is forced to print more currency....
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Central bankers everywhere are looking wide-eyed at the underlying technology that powers the cryptocurrency Bitcoin. Now with the economic uncertainty brought on by the reality of Brexit, the Reserve Bank of India is preparing by studying blockchain technology and stashing forex reserves. Reserve Bank of India Notes Blockchain ‘Flexibility’. The Reserve....
A number of Indian Bitcoin companies have come together to form the Digital Asset and Blockchain Foundation of India (DABFI). Bitcoin has been remarkably gaining ground in India after the botched up demonetization carried out by the Indian government in November 2016. According to the Times of India, Nishith Desai Associates, an international law firm has been hired to develop “self-regulations” for the industry. No clear regulatory framework in place. The new for self-regulation for the industry arises primarily because there is still no clarity on the legal status of Bitcoin in India. As....
India’s Central Bank, the Reserve Bank of India, is soon to commence the launch of its CBDC, which is the Central Bank Digital Currency aimed at specific use cases. The Reserve Bank of India has stated that there could be “multiple technological options which shall be tested and, based on the outcomes, the final architecture […]
The second most populated country in the world is stepping up to the plate to consider Bitcoin and provide this digital, decentralized cryptocurrency an opportunity to flourish prior to regulating. With a population of over 1,232,530,000, India is a hotspot of potential for growth of the Bitcoin currency and community. Right on the top of the list of the most tech-oriented nations, India will take a leap forward should the Reserve Bank of India truly take a hands off approach towards the Bitcoin currency. As the Indian Rupee is calling for attention with higher rates of inflation, the....
India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.
India’s Central Bank Digital Currency to Be Implemented in Phases
A Reserve Bank of India (RBI) official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a....