Page 2 - Digital Currency

RBI deputy Guv cautions against use of CBDC as 'safe havens' during crisis

During crises, CBDCs could be perceived as a safe haven, rendering uninsured bank deposits more prone to withdrawal and increasing risk of bank runs, says Patra

Google Pay, PhonePe, and Amazon Pay seek entry into RBI's digital rupee

These payment firms are collaborating with the RBI and the NPCI and are anticipated to introduce e-rupee access within the next three to four months, according to a Reuters report

CBDC retail pilot customers grow to 5 million till June 2024: RBI report

India is among 36 countries where the CBDC is currently in the pilot stage. RBI started the CBDC pilot during the end of 2022

Digital currency transactions slump after reaching initial RBI's target

RBI started a pilot for the e-rupee, devised as a digital alternative to physical cash, in December 2022, and successfully reached a target of 1 million retail transactions per day

How ditching paper money has made Sweden a haven for digital criminals

Online fraud and digital crime in Sweden have surged, with criminals taking 1.2 billion kronor in 2023 through scams

Sebi open to oversight of cryptocurrencies trade, in contrast to RBI

India has taken a tough stance against cryptocurrencies since 2018, when RBI prohibited lenders and other financial intermediaries from dealing with crypto users or exchanges

CBDC pilot programmes for CPs, CDs likely: RBI governor Shaktikanta Das

Says permanent deletion of transactions can make e-rupee anonymous and at par with cash

Cenbank under Taliban control 'prohibits' online currency exchange

The prohibition of online currency exchanges has been put in place under the Taliban's supervisory and security administration, according to Khaama Press

Govt to broaden e-rupee distribution beyond banks to boost retail use: RBI

It has now proposed that non-bank payment system operators, which include third-party payment app providers like PhonePe, Google Pay and Paytm, offer the e-rupee through CBDC wallets

Bitcoin tops $53,000 to reach highest in more than two years: Report

It last traded at this level in December 2021, and reached an all-time high of almost $59,000 the prior month

Digital future

New features will increase digital currency adoption

'Virtual currency, e-payments, dark web attracts terrorist organisations'

According to a Financial Action Task Force (FATF) report, virtual currencies such as Bitcoin have increasingly been used in various illegal and criminal activities and terror financing

E-rupee to cut cost of cross-border remittances to 2-3%, says DEA secy

CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman. The RBI began the pilot wholesale CBDC project on November 1, 2022

IndusInd Bank to allow CNG bill payments through CBDC in Delhi-NCR

The users will also be allowed to scan any UPI QR using their digital Rupee app across all IGL stations in the region

State Bank of India, BoB target 1 million user base in retail CBDC

Separately, Balaji Rajagopalan, SBI's Chief Technology Officer, said that the target is to achieve 1,000,000 users by the end of December from the existing 400,000 users

CBDC can play important role in cross-border payment, says RBI Guv

Reserve Bank Governor Shaktikanta Das has said that the Central Bank Digital Currency (CBDC), which is being promoted by the central bank, can play an important role in cross-border payments without much difficulty. The Reserve Bank, he said, has undertaken pilot projects with regard to promotion of the CBDC and the results have been "excellent". The CBDC as a pilot was introduced in the wholesale and retail segments and will now be extended to overnight money markets. "The learning has been excellent and more than what it was one year ago. We are even more convinced that CBDC can prove to be the most effective and efficient mode for cross-border payments in particular, other than of course domestic transactions. And this is not something which is very difficult," he said at an interaction at IMF Governor Talks at Marrakesh, Morocco early this month. He emphasised that while paper currency will continue, the CBDC is going to be the future currency of the world. "CBDC is going to be

India's crypto landscape on verge of transformation, says WazirX VP

Rajagopal Menon, vice president at WazirX, discusses the impact of recent G20 agreements on India's evolving crypto industry and predicts a transformative year ahead

Retail CBDC adoption: Long winding road to 1 million transactions

Central Bank Digital Currency (CBDC) is a digital form of currency notes issued by a central bank. RBI broadly defines e-Re as the legal tender issued by a central bank in digital form

RBI, banks plan new feature to popularise digital currency transactions

Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end

India digital rupee transactions hits 18,000 a day, still below target

The central bank last year began pilot programmes to use the e-rupee in retail and wholesale markets as an alternative to cash