Digital Currency

Some analysts argue the token is being viewed as a hedge against the woes in the US and European banking sectors and benefiting from expectations of looser monetary policy

Communique is a consensus document and needs the consent of every member of G-20

The RBI launched the pilot project for retail CBDC on December 1 last year

The recently launched retail central bank digital currency (CBDC) pilot has 50,000 users and 5,000 merchants, the RBI said on Wednesday. "We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly," Deputy Governor T Rabi Sankar said at the post-policy press conference here. "We have our targets in terms of users, in terms of merchants. We will go slowly," he added. The RBI does not want to end up in a situation where it does something without actually understanding the likely impact or would always be desiring to be in a position where it can manage the fallout, Sankar said. He said 50,000 users and 5,000 merchants are transacting through eight banks at present, and another five lenders are set to join soon. The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, he said. There are plans to add nine more cities to the list, Sankar

This comes just days after Binance gave an ultimatum to Zanmai Labs, the parent company of WazirX, to not spread 'false claims' and stop using Binance's wallets by February 3

Digital currency will further bolster the digital economy, make payment system more efficient, reduce cost involved in physical cash management and also contribute to further financial inclusion, RBI Executive Director Ajay Kumar Choudhary said on Wednesday. Chaudhary was addressing an outreach seminar on 'Central Bank Digital Currency: The India Story' organised by the Reserve Bank of India. The event was organised ahead of a two-day International Financial Architecture Working Group meeting of G20 slated to take place on January 30 and 31 here. The RBI has already launched pilots of CBDC (Central Bank Digital Currency) in wholesale and retail segments last year. Chaodhary said the CBDC is just a digital form of the physical currency and will have all its characteristics. It is non-remunerative that is it does not carry any interest like any currency, noted Choudhary, adding, "E-rupee is also expected to offer features of physical cash like safety and settlement of ...

Stakeholders say internet penetration, robust technology, and concerns about data security are key issues they want the govt to address

It took 300 years for trust in currency to become total and unquestioned, and now digital currency brings with it some new challenges for it

Demonetisation of the high value currency notes of Rs 500 and Rs 1,000 did not have any discernible impact on currency in circulation (CIC) in the country, which has soared by almost 83 per cent since its announcement on November 8, 2016. The Supreme Court on Monday upheld the decision of the government on demonetisation. On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows. According to the Reserve Bank data, the CIC in value terms soared from Rs 17.74 lakh crore on November 4, 2016, to Rs 32.42 lakh crore on December 23, 2022. However, soon after demonetisation, the CIC fell precipitously to a low of about Rs 9 lakh crore on January 6, 2017, nearly 50 per cent of Rs 17.74 lakh crore on November 4, 2016. This was the lowest in the past six years following the scrapping of old 500/1,000 bank notes that

Digital currency and fail-safe wireless connectivity should have preceded demonetisation

From 5G launch in India to ChatGPT's inception in November, take a look at the top technology trends that defined the year 2022

The Reserve Bank of India failed to deliver on its contracted inflation target for the first time, started fiat digital currency pilot and finally saw its efforts to improve bank balance sheets see fruition in 2022, making it a mixed year for the central bank. With inflation ebbing into the target band, focus is likely to shift to helping economic growth in the new year, especially given the lagged impact of 2.25 per cent in rate hikes since May 2022, is likely to hamper GDP expansion. The big story of 2022 happened on October 12, when official data showed that headline inflation was above the 6 per cent mark -- the upper end of the tolerance band set for the central bank -- for nine consecutive months. It triggered a letter from RBI to the government enumerating the reasons for the miss and also when it sees the price rise coming to the 4 per cent mark. A bulk of the blame for persistent inflation was placed on the deteriorating global situation following the Russian invasion of ..

Sam Bankman-Fried signed his surrender documents on Tuesday, he will sign a separate set of papers finalising his waiver of rights to fight extradition

It's a landmark achievement, so far as the functioning of the economy is concerned: RBI Governor on CBDC

CoinSwitch is expected to launch its new products by 2023 to become the first Indian crypto company to diversify into other asset classes

The government on Tuesday said an amount of Rs 60.46 crore has been received in tax from entities for transactions in virtual digital assets (VDAs), including cryptocurrencies, since the introduction of TDS provisions in July. The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin. Also, to keep a tab on the money trail, a 1 per cent Tax Deducted at Source (TDS) under section 194S of I-T Act has been brought in on payments over Rs 10,000 towards virtual digital currencies from July 1. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said CBDT conducts outreach/ awareness programmes for deductors/taxpayers and also takes appropriate action, including search & seizure operations, surveys, enquiries etc, as required. "Post insertion of Section 194S in the Income-tax Act, 1961 through Finance Act, 2022, a total of 318 ...

Such payments could be an income source for platforms and content creators hesitant about subscription model

If the payment market is cornered by a few powerful private-sector platforms, they may impose hidden charges and fees

Companies, investors around the world looking at India's policy trajectory, says the professor of trade policy at Cornell University