Digital Currency

Retail CBDC transactions in India have crossed 120 million with a value of over ₹28,000 crore, as RBI works on programmability, new use-cases, and future cross-border capability

RBI Deputy Governor T Rabi Sankar says rupee internationalisation aims to cut risk, not replace the dollar, as he flags stablecoin-linked currency substitution as a key threat

The Reserve Bank of India (RBI) will continue to take a measured approach in developing its Central Bank Digital Currency (CBDC), prioritising careful assessment over speed,

CCIL facilitates the settlement of secondary market transactions in government securities and call money market transactions, using the digital rupee

Vidyawati still had to visit the school to check whether the credit had actually come through, losing a day's work in the process

This comes weeks after the majority of the platform's creditors approved its revised scheme of arrangement, paving the way for the redistribution of virtual digital assets (VDAs) on the platform

That said, the CBDC pilot is progressing well, with the user base in India expanding to about seven million, said RBI Deputy Governor T Rabi Sankar

The Reserve Bank of India will launch a deposit tokenisation pilot on October 8 using its wholesale CBDC as the base layer to test blockchain-backed digital settlements across banks

Goyal clarified that while there is no outright ban on cryptocurrencies without Central government backing, they are heavily taxed to discourage their use

FIU-IND has flagged 25 offshore crypto platforms for operating in India without PMLA registration and ordered takedown of their apps and URLs under IT Act directions

To curb overreliance on a single currency, China is pushing for a multi-polar currency system with the digital renminbi at its centre

6th Leaders' Summit adopts maritime pact to boost shipping ties, joint economic roadmap

Even in 1999, the notion of a digital currency that bypassed nation-states and financial institutions was not a novel one

More non-bank payment system operators are expected to join the bandwagon to extend the e₹

India is among 36 countries where the CBDC is currently in the pilot stage

Singapore doled out 13 crypto licenses in 2024 to a range of crypto operators including top exchanges OKX and Upbit, as well as global heavyweights Anchorage, BitGo and GSR

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

The government is supporting the use of artificial intelligence to strengthen the agriculture sector and increase exports to China, she added

Central Bank Digital Currencies (CBDCs), digital versions of a country's official fiat currency, are also being trialled worldwide

China too, which is running the world's largest pilot scheme, has seen use of its protype e-CNY nearly quadruple to 7 trillion yuan ($987 billion) of transactions according to officials