Nirmala Sitharaman News

Reserve Bank of India (RBI) said that the central bank will launch its digital currency as a pilot project this year. Addressing the India Ideas Summit, Sankar said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. Though, it reiterated that RBI aims to give viable alternatives and not going for a cashless society. Finance Minister Nirmala Sitharaman had announced the launch of CBDC during her union budget speech, which was tabled earlier this year. Pratik Gauri, Co-founder & CEO, 5ire said that as cautious as the government has been about both VAs and digital currency, it is a novel step to be taken by a central bank.

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.

The Indian rupee has come under intense selling pressure due to a perfect storm of global headwinds which analysts say will continue to pummel the currency in the months ahead.

crypto assets to say the least. A series of unfortunate events have seen the industry take one hit after another, throwing away projections that industry experts had made when the year began on the back of Bitcoin reaching an all-time high last November. Even though it seems difficult to predict what might happen hereon, we’ve listed a few predictions about how the rest of 2022 might look like for both — crypto investors and enthusiasts.

Crypto technology as a means of payment is logical extension of fintech companies but challenges lie on its usage as an asset class and an alternative to currency, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Thursday. Speaking on sidelines of Fintech Festival, Chandrasekhar said the whole world is grappling with the issue of crypto and has to come to an understanding on the ways and means to address it. «Crypto as a means of payment is logical extension of fintech but crypto as an asset class and crypto as a substitute for currency is an area with which all currencies of the world and all regulators of the world are struggling with. We will find our way with prudence, caution. We have completely clear objective as to who will do crypto in India. The government has said that RBI will do crypto the digital rupee as first measure and then we see how market evolves,» Chandrasekhar said. Finance Minister Nirmala Sitharaman has said that the RBI has expressed concerns over cryptocurrencies noting that they should be prohibited as they can have destabilising effect on the monetary and fiscal stability.

India's confused and confusing response to crypto currencies continues to confound. In the latest instance, Finance Minister Nirmala Sitharaman informed Parliament that while the Reserve Bank of India (RBI) wants them banned, the government is of the view that a "global collaboration" is needed for any effective regulation or ban.

Major cryptocurrencies traded in the red early on July 21 as the global crypto market cap declined 3.46 percent to $1.02 trillion over the last day. The total crypto market volume declined 6.03 percent to $95.32 billion over the last 24 hours.

India should not deprive itself from the benefits of cryptocurrencies, experts said, a couple of days after Union Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's apprehensions on the unregulated virtual currencies.

Nirmala Sitharaman's written response in Parliament again brought the 'spotlight' to crypto assets or virtual currencies (VCs) as she called for 'global collaborations' to prohibit these assets. However, the industry, as always, is reading too much between the lines, taking out the positive for the industry with some silver lining for the stakeholders. "Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards," FM's reply said.

Bitcoin holding above the $22,000 mark. Ethereum held above $1,500 levels. Market experts, however, believe it is very early to conclude that the worst is over for the crypto markets. Barring the dollar-pegged USD Coin and Tron, all other crypto tokens were trading higher on Tuesday. Polygon zoomed more than 15 per cent, whereas Ethereum jumped 9 per cent. Avalanche gains about 8 per cent.

Nirmala Sitharaman said that cryptocurrencies could be banned or prohibited only after significant international collaboration on the risks, benefits, evolution of common taxonomy and standards. Sitharaman's statement on cryptocurrencies or Virtual Currencies (VCs) in Parliament was in response to a five-pointer question by Thirumavalavan, a member of Parliament from Tamil Nadu's Chidambaram. The questions were about the Reserve

cryptocurrency — an explicit prohibition — the Indian government wants a global collaboration if such a ban or prohibition has to be put into effect. Addressing queries pertaining to cryptocurrencies in the Lok Sabha today, finance minister Nirmala Sitharaman said, “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” The RBI has time and again pointed out the problems with digital assets questioning their underlying fundamentals and use cases. The RBI governor Shaktikanta Das has gone on the record to even call it a “real danger” in the annual report of the central bank.

A number of  cryptocurrency investors have taken to social media in recent days saying they are facing challenges in withdrawing cash after some exchanges temporarily suspended currency withdrawals. Moneycontrol has seen at least half a dozen of such complaints.

Finance Minister Nirmala Sitharaman on July 18 said the RBI has expressed concerns over cryptocurrencies saying that they should be prohibited as they can have destabilising effect on the monetary and fiscal stability.

Cryptos will have destabilise monetary and fiscal stability: Finance Minister

Indian finance minister Nirmala Sitharaman has called for global collaboration on cryptocurrencies, assessing their pros and cons to form a common standard and taxonomy.

The Reserve Bank of India (RBI) has recommended to the government that it should frame regulations for cryptocurrencies and prohibit them.

The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions.

The 30% crypto income tax policy came into effect in India in February 2022. The country’s finance minister Nirmala Sitharaman described the tax law as another step toward positive crypto regulations. However, local investors didn’t see eye-to-eye nor showed the same enthusiasm. Many investors/traders censured this move.

TDS deduction will be applicable to all virtual digital asset transfers including cryptocurrencies

An Indian ministerial panel will meet next week to discuss a goods and services tax on cryptocurrency transactions, people with knowledge on the matter said.