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"Currently, we are at the forefront of a watershed movement in the evolution of currency that will decisively change the very nature of money and its functions," the RBI said in its concept note. Original Source
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The Crypto Rupee Index (CRE8) will track the performance of Indian Rupee based on the crypto market. Source
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India’s prime minister, Narendra Modi, says an Indian central bank digital currency will strengthen the digital economy. The digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management, the prime minister reportedly explained. India’s Prime Minister
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The Indian government has announced the upcoming launch of the country’s central bank digital currency. The digital rupee will be issued by the Reserve Bank of India (RBI) in the financial year 2022-23, Indian Finance Minister Nirmala Sitharaman said during her budget speech. RBI’s Digital Currency, the Digital Rupee, Coming Soon India’s
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Indian Finance Minister Nirmala Sitharaman confirmed at the parliament budget session on Tuesday that the Reserve Bank of India (RBI) will issue a digital rupee based on blockchain, as she proposed the issuance for financial year 2022-23. Fast facts “Digital currency will also lead to a more efficient and cheaper currency management
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"Prima facie, self-declaration of crypto ownership and tax filing is a progressive move that displays the government's conviction in monitoring, validating, and regulating the evolution of crypto economy," Gaurav Mehta, founder of Catax, a one-stop-shop for crypto taxes, blockchain auditing and forensics, said. Original Source
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India’s tax authorities have conducted searches at some of India’s biggest cryptocurrency exchanges including “Coinswitch Kuber, CoinDCX, BuyUCoin, and Unocoin after what they deemed tax evasion of Rs. 40.5 Crores (400 million INR or 6 million USD approx.) was detected at cryptocurrency exchange WazirX, according to sources. Source
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India’s central bank is mulling launching a pilot program for a CBDC. RBI Working Toward Phased Implementation of CBDC The Reserve Bank of India (RBI) is contemplating kick-starting a “phased implementation strategy” for a central bank digital currency (CBDC), The Economic Times reports. Specifically, RBI deputy governor – T Rabi Sankar recently said
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