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"Looks like VDA [virtual digital asset] services providers are now effectively categorized as `reporting entities’ under the PMLA," said Sumit Gupta, co-founder and CEO of crypto exchange CoinDCX. "We have been voluntarily conducting these compliances for a while now, but happy to see that this has now been made into
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An official of India’s central bank, the Reserve Bank of India (RBI), says that the country’s central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the attributes of physical currency, including anonymity. India’s CBDC Update Reserve Bank of India (RBI)
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India’s central bank, the Reserve Bank of India (RBI), has revealed that 50,000 users and 5,000 merchants are now using its central bank digital currency (CBDC). Digital rupee transactions are currently processed by eight banks, with five more banks set to join the pilot soon, said RBI Deputy Governor T.
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India launched two CBDC pilots last year. The first, a wholesale CBDC effort (CBDC-W), began on Nov. 1 with the participation of nine banks. The other, a retail CBDC (CBDC-R) pilot, launched on Dec. 1 in four cities – Mumbai, New Delhi, Bengaluru and Bhubaneswar. Initially, four banks, including the
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India’s Finance Minister, Nirmala Sitharaman, suggested that regulation “cannot be done” by a single country, it requires an international effort, in a recent television interview.Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, Sitharaman noted that while the central bank is the “authority for issuing cryptocurrency,” the rest
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The RBI is yet to announce when and whether the Digital Rupee will be launched for general use.India’s largest retail chain, Reliance Retail has added support for the country’s Central Bank Digital Currency (CBDC) dubbed the Digital Rupee. As reported by TechCrunch, the company said it had partnered with ICICI
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Meanwhile, India's CBDC appears to have picked up speed. The retail CBDC pilot, which started in December in four cities (Mumbai, New Delhi, Bengaluru and Bhubaneswar), has "now been extended to 15 cities with Chandigarh as the newest addition," the senior official told CoinDesk. "More than 50,000 customers and 10,000
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To prove his point, Schetty attached a partially redacted email chain that began on July 19, 2021, between Brian Schroder, the CEO of Binance US, and Tushar Patel, the vice president of finance at WazirX, about an amended “share purchase agreement.” Source
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The Reserve Bank of India (RBI) says one of the priorities for the G20 under India’s presidency is to “develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins, and defi.” The Indian central bank warned that “turmoil in crypto assets market” is among
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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 argued that private
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