India’s central bank, the Reserve Bank of India (RBI), has revealed that 50,000 users and 5,000 merchants are now using its central bank digital currency (CBDC). Digital rupee transactions are currently processed by eight banks, with five more banks set to join the pilot soon, said RBI Deputy Governor T. Rabi Sankar. Digital Rupee Now Has…
The country launched an e-rupee pilot for the wholesale segment on November 1. The initial excitement among Indian bankers over the launch of a central bank-sponsored digital rupee seems to be fizzling out. They find it adding to their paper and accounting work without bringing any significant benefits over the existing procedures. Bankers point out…
Sandeep Nailwal, CEO of Mumbai-based ETH scaling startup, was the first to stress self-custody before it became the buzzword. The quick downfall of FTX with an $8-10 billion deficit in its balance sheet has left the broader cryptocurrency market reeling under its cascading effects. Besides Proof of Reserves (PoR) and Reserves to Liability (R2L) Ratio…
The Reserve Bank of India (RBI), the country’s central bank, is finalizing the rollout of the retail digital rupee pilot, the Economic Times of India (ETI) reported on Nov. 19. The RBI initiated the wholesale central bank digital currency (CBDC) pilot on Nov. 1 to test its usage in settling transactions in government securities. At the time, the RBI…
India’s central bank, the Reserve Bank of India (RBI), is launching its first digital rupee pilot on Nov. 1. with the participation of nine banks. “Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” said the central bank. RBI’s First…
Investigations by Indian law enforcement agencies helped reduce cryptocurrency scams in Austria and other European countries. Austria’s Federal Police and Director of Criminal Intelligence Service, General Mag Andreas Holzer, told this and complimented the representatives of India’s Central Bureau of Investigation (CBI) on the sidelines of the Interpol general assembly held during October 18-21 in…
The apex body of India’s tech business, NASSCOM, said in a report that the country is set to emerge as a key player in the global web3 landscape, thanks to the rapid adoption of emerging technologies, a vibrant startup ecosystem, and a digitally skilled talent pool. In a study jointly prepared by web3 venture capital…
Following an alert by India’s Financial Intelligence Unit, agencies are probing these transactions that took place between 2019 and 2021. Indian investigation agencies are probing three crypto exchanges for their roles in illegal drug trade transactions after they were alerted by the Financial Intelligence Unit (FIU), which has zeroed in on nearly 200 such transactions….
India’s Minister of Finance Nirmala Sitharaman has revealed that India is working to develop a framework of global standards for regulating cryptocurrency.Sitharaman disclosed that the government is becoming increasingly concerned about cryptocurrency abuse in illegal activity.The Finance Minister disclosed that India would prioritize discussion of cryptocurrency regulation during the upcoming G-20 meeting.Sitharaman has previously pushed…