INDIA BAN CRYPTO đŽâ
India is currently considering a ban on private cryptocurrencies like Bitcoin and Ether, while promoting the adoption of a Central Bank Digital Currency (CBDC), also known as the digital rupee. This shift comes as Indian regulators express concerns over the risks posed by decentralized digital assets. The digital rupee, they argue, can offer the same advantages as cryptocurrencies but with fewer risks.
The Reserve Bank of India (RBI) has been actively working on expanding the adoption of the digital rupee, though transaction volumes remain low, with only about 18,000 daily transactions compared to the RBI's target of one million by the end of 2024. To boost usage, the RBI is exploring new features, such as offline transactions and integration with India's popular Unified Payments Interface (UPI).
India's relationship with cryptocurrencies has been turbulent. In 2018, the RBI banned banks from facilitating crypto transactions, a decision later overturned by the Supreme Court in 2020. Since then, the government has remained cautious about regulating cryptocurrencies, imposing a 30% tax on crypto transactions in 2022.
As Indian regulators, including the RBI and the Securities and Exchange Board of India (SEBI), work on a policy paper addressing the future of cryptocurrencies, the nation faces a critical moment. A potential ban on private cryptocurrencies could have significant global implications, especially given India's large population of crypto users. Meanwhile, the digital rupee could emerge as a key player in India's evolving financial landscape.
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