In a recent study, the well-connected Iranian Presidential Center for Strategic Studies suggested that developing a regulated crypto mining industry could help the country circumvent sanctions without spending precious foreign currency reserves, as local buyers could obtain Bitcoin for rials instead of dollars.
Speaking before the House Financial Services Committee on Feb. 24, Powell said 2021 “is going to be the year that we engage with the public pretty actively” on the digital dollar project. He added that there are still significant technical challenges to be met, as well as major policy decisions to be made, before the U.S. decides to create a digital dollar.
Central bank governor Shaktikanta Das said that there is still no set date for the launch of the digital rupee, but highlighted that the project is “receiving our full attention” and that the central bank is already tying up loose ends by working on the technology and the procedural aspects of the system.
The State Bank of India, which manages nearly a quarter of the nation’s assets as well as its loan and deposits market, decided to join JPMorgan’s blockchain payments system. Meanwhiles, the State Bank of India, a nationally owned retail bank, will use JPMorgan’s Liink blockchain system to make its cross border-payments faster and cheaper.
