Crypto could spark the next financial crisis, says India’s RBI head
The governor of the Reserve Bank of India (RBI), Shaktikanta Das, did not mince his words when discussing the crypto sector at a recent conference, asserting that “private” crypto will be behind the next financial crisis. Speaking at the Business Standard BFSI Insight Summit on Dec. 21, Das suggested that private crypto — those which […]
The Reserve Bank of India to launch a retail CBDC pilot in December
Having tested the wholesale usage of its central bank digital currency (CBDC), the Reserve Bank of India (RBI) is preparing to conduct the retail pilot of the “digital rupee.” The pilot should launch within a month. According to the Economic Times of India, the RBI is in the final stage of preparing the rollout of […]
Reserve Bank of India to reportedly launch digital rupee pilot in November
The Reserve Bank of India (RBI) is on track to debut the central bank digital currency (CBDC) after announcing the digital rupee project in February this year. The central bank of India will launch the digital rupee pilot for the wholesale segment on Nov. 1, the RBI reportedly announced on Monday. The pilot will involve […]
Reserve Bank of India preparing to trial a CBDC with public sector banks and fintechs
The Reserve Bank of India (RBI) is in talks with fintech companies and state-controlled banks about a trial run of a central bank digital currency (CBDC), local publication Moneycontrol reported on Sept. 5. An unnamed public sector bank official told the publication that the trial may precede an RBI launch of a CBDC this fiscal year. […]
Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism
In its latest financial stability report published on Thursday, the Reserve Bank of India, or RBI, reiterated its skepticism of digital assets, writing: “We must be mindful of the emerging risks on the horizon. Cryptocurrencies are a clear danger. Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated […]
Coinbase suspends crypto payment services days after India launch
The largest US-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent. The UPI is the payment portal governed by the National Payment Corporation of India (NPCI), which facilitates buy orders on Coinbase’s India services. […]
RBI seemingly wants to ban cryptocurrencies, but not for the reasons you might think
On Thursday, the Reserve Bank of India, or RBI, the country’s central bank, published a critical bulletin regarding the cryptocurrency industry. While the report praised the innovative distributed ledger technology associated with digital currencies, the RBI dismissed arguments calling for the regulation of such assets and called for an outright ban. RBI’s core concerns were related […]