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.
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India's biggest bank is looking at blockchain as the government plans to ban crypto (Photo: Wikipedia)Blockchain and digital currencies advance in Asia
India’s largest bank has joined JPMorgan’s Liink payments project as central banks from China, Thailand, and the United Arab Emirates join Hong Kong’s multinational digital currency project
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.
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‘Crypto is a threat’: Central Bank of Nigeria closes exchanges’ bank accounts
An official of the Central Bank suggested that cryptocurrencies are best suited for illegal uses, and said he was alarmed by their use as a speculative asset
“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal," asked Central Bank of Nigeria acting director of corporate communications Osita Nwanisobi. "It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.”
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Indian Prime Minister Narendra Modi's government is close to approving a digital rupee while banning cryptocurrency exchanges (Photo: Wikimedia Commons)India close to deciding on digital rupee as crypto ban advances
The Reserve Bank of India says it will decide “very soon” whether to create a central bank digital currency, while a bill banning cryptocurrencies advances
The announcement comes in the wake of reports last week that prime Minister Narendra Modi’s government plans to pass a “Cryptocurrency and Regulation of Official Digital Currency Bill” that establishes a legal framework for a CBDC while banning private cryptocurrencies—although certain exceptions would be made for tokens used by blockchain projects.
