PhonePe, Google Pay, and three other platforms are set to join the RBI e-rupee pilot. The e-rupee is a form of digital legal tender, which will be accepted as a medium of payment, legal tender, and a safe store of value.
Another official of the RBI said users of Central Bank Digital Currency in the retail segment will reach 50,000 by the end of this month.
The RBI has said the e₹-R would offer features of physical cash like trust, safety and settlement finality.
FTX bankruptcy news: Beleaguered crypto exchange FTX recently admitted that "unauthorised transactions" have drained hundreds of millions of dollars from its wallets, saying the company has moved many digital assets to a new "cold wallet custodian".
FTX bankruptcy news: Customers fled the exchange over fears about whether FTX had sufficient capital, and it agreed to sell itself to rival crypto exchange Binance.
The RBI Governor termed the launch of the central bank digital currency (CBDC) as a landmark moment in the history of currencies in the country.
The Reserve Bank of India (RBI) will launch first pilot of Digital Rupee for the wholesale segment on November 1, 2022 (Tuesday), a statement said on Monday.
Digital money: "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank said in a concept note on Central Bank Digital Currency (CBDC).
The introduction of CBDC (Central Bank Digital Currency) was announced in the Union Budget 2022-23 and an appropriate amendment to the RBI Act, 1934 has been included in the Finance Bill, 2022, RBI said in its annual report for 2021-22 released on Friday.
We have seen that crypto-technology is underpinned by a philosophy to evade government controls. Cryptocurrencies have specifically been developed to bypass the regulated financial system. These should be reason enough to treat them with caution, RBI Deputy Governor T Rabi Sankar said.
Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year. She had also announced the government will levy 30 per cent tax on gains made from any other private digital assets from April 1.
Replying to questions after addressing the RBI's Central Board of Directors on Monday, Finance Minister Sitharaman said the central bank and the government are on board regarding digital currencies.
A top government source, who wished not to be identified said, the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number.
Bitcoin, Ethereum, or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by the government, Finance Secretary said.
Finance Minister Nirmala Sitharaman had announced that India will launch a 'digital rupee' in 2022-23 using blockchain and other technologies.
Budget 2022: With this, India will join certain countries that have their own central bank digital currency (CBDC) that refers to the virtual form of a fiat currency. She also said Rs 1 lakh crore financial assistance to states will be provided in 2022-23 to catalyse investments.
While giving her budget speech in the Indian parliament, Nirmala Sitharaman highlighted that the Union Govt has plans to roll out 5G services in the country in the current financial year.
The tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.
Finance Minister Nirmala Sitharaman while announcing the annual budget for the financial year 2022-23, said that RBI will be launching India's very own cryptocurrency soon.
Sitharaman had replaced her signature 'bahi khata', last year. Today, she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover.
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