India’s Central Bank RBI Still Has ‘Serious Concerns’ About Cryptocurrency

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has clarified the central bank’s position regarding cryptocurrency. His statements followed a notice published by the RBI telling banks that its crypto banking restriction is no longer valid and cannot be cited. RBI Still Has Major Concerns About Crypto RBI Governor Shaktikanta Das clarified the central bank’s position on cryptocurrency In a post monetary policy press meeting Friday. Emphasizing that “There is no change in RBI’s position” regarding cryptocurrencies, Das said: With regards to....

India’s central bank, the Reserve Bank of India (RBI), still has “serious concerns” about cryptocurrency from a macroeconomic and financial stability standpoint. Furthermore, RBI Governor Shaktikanta Das says he doubts the veracity of the number of Indian crypto investors reported by the media. RBI Has Serious Concerns About Crypto, Governor Doubts Veracity of Media Reports on Crypto Sector The governor of the Reserve Bank of India (RBI), Shaktikanta Das, reiterated that the central bank still has “serious concerns” about cryptocurrencies at Business....

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 […]

India’s largest bank by assets, the State Bank of India (SBI), will be the first in the country to embrace branch-less banking by launching its digital-only bank, SBI Digi Bank. The move by India’s largest bank is significant, in a country that is exhaustingly reliant on banking at physical locations. The digital bank will see a launch sometime in the next 3-6 months, according to a report in Indian daily the Economic Times. The country’s largest lender is initiating its 100% digital banking endeavor within months of an unprecedented demonetization drive enforced by the Indian central....

In a significant endorsement of blockchain technology, bitcoin’s underlying innovation, the research arm of the Reserve Bank of India (RBI) – India’s central bank – has tested blockchain solutions for core banking processes in the country. More notably, researchers have determined that blockchain technology has “matured enough” to be the core technology to support the digitization of India’s fiat currency, the rupee. Established by the central bank, the Institute for Development & Research in Banking Technology (IDRBT) is the research arm of the RBI and the foremost banking research....