- The Reserve Bank of India is getting ready to launch its own CBDC.
- There is no official release date for the proposed CBDC.
- RBI: “Cryptos are a threat to India’s financial stability.”
- Government authorities are not the only elements against crypto in India.
The Reserve Bank of India (RBI) is about to launch its own central bank digital currency (CBDC). In line with this, RBI is worried about how crypto might impact financial stability in the country.
RBI Gets Ready to Launch its Own CBDC
However, Indian regulators are yet to make a decision on bitcoin and other cryptos. Also, there are many theories that the authorities are planning to ban all private digital currencies and launch its own official digital currency.
The RBI governor Shaktikanta Das has stated the central bank’s resolve to create a digital rupee project, as per a Bloomberg report.
“India’s central bank is “very much in the game” and wants to emulate China’s digital currency electronic project, the digital yuan.”
The RBI chief also added that the digital rupee is the most crucial project for the central bank. However, there is no official release date for the proposed CBDC yet. Moreover, Das also explained that cryptos are a threat to India’s financial stability.
According to Das, the RBI has reported the concerns on crypto-related issues to the relevant authorities. In order to shape the incoming crypto regulations. In addition, in 2018, RBI banned banks and other entities from giving crypto transaction support.
Earlier in February, Balaji Srinivasan, the former Coinbase CTO, trashed the rumored crypto ban. Stating that banning cryptos would be akin to banning the financial internet.
Recently, Indian banks are giving strict scrutiny to crypto-related accounts. Furthermore, authorities are not the only elements against crypto in India. Recently, billionaire investor Rakesh Jhunjhunwala added that regulators need to step in and ban bitcoin.