RBI Financial News

Sitharaman on Monday said discussions with regard to private cryptocurrencies and central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year. She had also announced the government will levy 30 per cent tax on gains made from any other private digital assets from April 1. «On crypto, I have said that we are in the process of consultation. Whatever decision the government is going to take, will be after the consultation,» she said.

Responding to questions posed around Union Budget 2022, particularly around cryptocurrency taxation and legalisation in the Rajya Sabha, FM Nirmala Sitharaman clearly noted that while the "profit emanating from transactions associated to cryptocurrency has been taxed, nothing has been done, at the moment, to legalise, ban or de-legalise it".

crypto assets or virtual digital currencies are a major threat to macroeconomic and financial stability of a country, Reserve Bank of India (RBI) governor Shaktikanta Das said at press conference held on Thursday. I have said that investors are their own judge. But, it is my duty today to tell investors that while betting on cryptos, they should be mindful that they are investing at their own risk. “Cryptocurrencies have no underlying (value), not even a tulip,” Das said at the meeting.

Cryptocurrencies have no underlying value, RBI Governor Shaktikanta Das said.

Shaktikanta Das has time and again flagged issues about the functioning of cryptocurrencies.

Nirmala Sitharaman, an electronic representation of India’s legal tender will give a big boost to its digital economy. How valid is that claim, and how risky is a hasty transition to a central bank digital currency, or CBDC? A digital rupee will be like banknotes, but minus the ATMs. Users will be able to transfer purchasing power from their deposit accounts into their smartphone wallets in the form of online tokens, which will be a direct liability of the Reserve Bank of India — just like cash.

digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed facility, a top government source said. Finance Minister Nirmala Sitharaman in her budget speech last week talked about launching a central bank-backed 'digital rupee' soon. A top government source, who wished not to be identified said, the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number. «The units issued in digital rupee would be included in the currency in circulation. It would not be very different from fiat currency. It would be more like an electronic form of fiat currency, so in a sense it would be a government-mandated electronic wallet,» the source said.

The Digital Rupee, which is supposed to be India’s first Central Bank Digital Currency (CBDC) project, will be a digital form of the rupee – one that will be completely regulated and monitored by the central government. But if you are unsure what CBDCs mean, CoinSwitch Kuber brings the much-needed clarity on it. Such currencies usually have the full faith and backing of the issuing authority. Hence, the Reserve Bank of India will remain the guarantor of the Digital Rupee, just as it is for regular notes and coins.

RBI) will introduce its digital currency in the new financial year. Digital currency will lead to a more efficient and cheaper currency management system, the Finance Minister said during her budget speech in Parliament. «It is, therefore, proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022-2023,» she added.

RBI wants to leverage the blockchain technology that powers the crypto world (Representational)

Private cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) and combating the financing of terrorism (CFT), the Reserve Bank of India (RBI) Financial Stability Report (FSR) noted on December 29.

RBI has said that a basic model for central bank digital currency should be adopted initially

Reserve Bank of India (RBI) has raised fresh concerns over stablecoins and said that any crypto asset pegged to the US

In 2016, when Hiten Malviya (29) bought a bitcoin for the first time, the virtual currency was worth less than $1,000. After an initial investment of Rs 40,000, Malviya had become a ‘crypto millionaire’ within a year as the value of bitcoin hit $20,000 in 2017-end. In 2018, Malviya, however, lost nearly 80% of hi

India (RBI) has conveyed to its central board that it favours a complete ban on cryptocurrencies, people familiar with deliberations at the central bank's board meeting on Friday told ET. The RBI made a detailed presentation to the board highlighting «serious concerns» relating to macroeconomic and financial stability as well as exchange management, said one person.

cryptocurrency framework, a senior government official said. This means that it may not be introduced in the winter session of parliament as planned.

Modi will take a final decision on the regulatory framework for cryptocurrencies amid conflicting views among stakeholders, two persons familiar with the development said. A high-level meeting was held on Thursday to consider all the options as also stakeholder views including the concerns voiced by the Reserve Bank of India.

Sebi), Reserve Bank of India (RBI) and the tax department to scrutinise Know Your Customer (KYC) data of investors that crypto exchanges have collected from clients. According to two people aware of the development, the new regulations would mandate cryptocurrency exchanges to share their KYC data, which mainly includes details of their investors, with the government.

cryptocurrency exchanges that are similar to chit funds, multi-level marketing (MLM) and systematic investment plans (SIP), as it seeks to build a robust regulatory framework to protect vulnerable rural populations buying risky crypto assets.

cryptocurrencies were among the proposals mooted in the course of separate interactions over the past few weeks between lawmakers, Reserve Bank of India (RBI) and the crypto community while exploring a possible regulatory framework if cryptos are allowed to survive with restrictions. The crypto exchanges, brokers and industry bodies this month put across their views before a parliamentary standing panel on finance and banking regulator.

New Delhi: The proposal for a central bank digital currency (CBDC) backed by the country’s banking regulator may be included in the upcoming bill to regulate cryptocurrency, a top government official told ET.