Indian Bank Blocks Use of RBI’s Remittance System for Crypto While Government...
Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. ICICI, a leading private sector bank in India, has updated its retail outward remittance application to include cryptocurrency. With this update, the bank has asked its customers to declare under India’s Foreign Exchange Management Act 1999 (FEMA) that they will not use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. The bank’s declaration states:....
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Crypto “will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” according to Reserve Bank of India officials. Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption, which they claim will ultimately lead to the “dollarization” of the local economy.According to a Monday report from the Indian branch of the Economic Times — which cited unnamed sources — the RBI’s concerns are focused on U.S. dollar-dominated cryptocurrencies taking away market share from the Indian....
The Indian government is consulting with the Reserve Bank of India (RBI) on crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues. Indian Government and Central Bank Discussing Crypto Policies Internally Indian Finance Minister Nirmala Sitharaman revealed Monday that the government is discussing crypto policies with the central bank, the Reserve Bank of India (RBI). At the conclusion of the RBI’s board meeting, the finance minister told reporters that the government and the central....
The Reserve Bank of India is getting ready to launch its own central bank digital currency. Indian authorities continue to express support for a government-backed digital currency to replace privately-issued cryptocurrencies.According to Bloomberg, RBI governor Shaktikanta Das has expressed the central bank’s determination to create a digital rupee. According to Das, India’s central bank is “very much in the game” and wants to emulate China’s digital currency electronic project, the digital yuan.The RBI chief also revealed that the digital rupee project is a major focus for the central....
Indian finance minister reiterated RBI’s stance on the crypto market, claiming it’s driven by speculation. Indian finance minister Nirmala Sitharaman has called for global collaboration on cryptocurrencies, assessing their pros and cons to form a common standard and taxonomy.Addressing a question on cryptocurrency in the Lok Sabha, the lower house of the Indian parliament, Sitharaman said that the Indian central bank had advised the government to prohibit the use of cryptocurrencies as it poses a risk to financial stability. However, the government is looking for a global approach. She....
India’s largest private sector lender, ICICI Bank, has tied up with Dubai’s largest bank, Emirates NBD, to develop a blockchain platform to facilitate international trade finance and remittance. Indian bank ICICI has announced the successful pilot of transactions executed over a blockchain, developed in partnership with Middle Eastern banking giant Emirates NBD. A custom-made blockchain platform was used for the transactions, developed by a subsidiary of Indian technology powerhouse Infosys. The pilot transactions saw an ICICI Bank branch in India’s industrial capital Mumbai, remit funds....