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👉👉👉 #RBI Chief: Crypto Threatens Rupee Stability, Urges Investors to Be Cautious
The head of India's central bank, Shaktikanta Das, issued stern warnings about the significant risks associated with cryptocurrencies, particularly for emerging market economies, during the World Economic Forum in Davos. Das emphasized the lack of underlying value in #cryptocurrencies , stating that while they are not currencies, they have the potential to become part of the payment system, posing risks to financial stability, currency stability, and the monetary system.
Commenting on the U.S. Securities and Exchange Commission's approval of spot bitcoin exchange-traded funds (ETFs), Das expressed caution, noting that while some may see it as a cryptocurrency party, there are substantial risks involved. He highlighted the U.S. #SEC's responsibility for their nation's well-being, drawing a distinction from India's perspective.
Das, a longstanding critic of bitcoin and cryptocurrencies, reiterated concerns about volatility, money laundering, and terror financing risks inherent in these assets. He recalled the cryptocurrency crash from a few years ago and stressed the need for careful consideration, stating that celebrating new developments in the crypto space without acknowledging the associated risks could be shortsighted.
In January of the previous year, Das had strongly recommended a complete ban on cryptocurrencies in India, expressing concerns about their potential impact on the economy and the authority of the Reserve Bank. He argued that allowing cryptocurrencies would undermine the central bank's control over the money supply and could lead to the dollarization of the economy.
Source - news.bitcoin.com
#CryptoNews #BinanceSquare
The head of India's central bank, Shaktikanta Das, issued stern warnings about the significant risks associated with cryptocurrencies, particularly for emerging market economies, during the World Economic Forum in Davos. Das emphasized the lack of underlying value in #cryptocurrencies , stating that while they are not currencies, they have the potential to become part of the payment system, posing risks to financial stability, currency stability, and the monetary system.
Commenting on the U.S. Securities and Exchange Commission's approval of spot bitcoin exchange-traded funds (ETFs), Das expressed caution, noting that while some may see it as a cryptocurrency party, there are substantial risks involved. He highlighted the U.S. #SEC's responsibility for their nation's well-being, drawing a distinction from India's perspective.
Das, a longstanding critic of bitcoin and cryptocurrencies, reiterated concerns about volatility, money laundering, and terror financing risks inherent in these assets. He recalled the cryptocurrency crash from a few years ago and stressed the need for careful consideration, stating that celebrating new developments in the crypto space without acknowledging the associated risks could be shortsighted.
In January of the previous year, Das had strongly recommended a complete ban on cryptocurrencies in India, expressing concerns about their potential impact on the economy and the authority of the Reserve Bank. He argued that allowing cryptocurrencies would undermine the central bank's control over the money supply and could lead to the dollarization of the economy.
Source - news.bitcoin.com
#CryptoNews #BinanceSquare
India's Central Bank announces its partnership with the Central Bank of #UAE
https://thenewscrypto.com/india-and-uae-to-test-cbdc-interoperability/
#cbdc #india #RBI #Regulation
https://thenewscrypto.com/india-and-uae-to-test-cbdc-interoperability/
#cbdc #india #RBI #Regulation
Reserve Bank Of India And Central Bank Of Sign MoU To Enhance CBDC Transactions
The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) have announced a partnership to enhance their Central Bank Digital Currency (CBDC) transactions of remittances and trade.
The collaboration aims to increase the efficiency of cross-border transactions and reduce costs. The two central banks signed a Memorandum of Understanding (MoU) on Wednesday in Abu Dhabi to enhance cooperation and jointly enable innovation in financial products and services.
Under the MoU, the RBI and CBUAE will collaborate on various emerging areas of FinTech, particularly CBDCs, and explore interoperability between the CBDCs of the two central banks. This initiative is expected to further economic ties between India and UAE and bring more transparency to cross-border transactions.
The banks will also conduct Proof of Concepts and pilots of bilateral CBDC to facilitate cross-border CBDC transactions of remittances and trade. The initiative is in line with the RBI’s efforts to explore the possibility of launching a digital version of the Indian Rupee.
This move is significant for both countries as India is the UAE’s second-largest trading partner, and the UAE is India’s third-largest trading partner. The two countries have a long-standing economic relationship, and this partnership is expected to enhance it further.
Speaking about the partnership, the Governor of RBI, Shaktikanta Das, said, “This agreement marks a significant milestone in the cooperation between the Reserve Bank of India and the Central Bank of the UAE, and will further strengthen the longstanding relationship between the two countries.”
The partnership between the RBI and CBUAE is expected to pave the way for similar collaborations between other central banks globally. The adoption of CBDCs is gaining momentum worldwide, with several countries exploring the possibility of launching their digital currencies.
In conclusion, the partnership between the RBI and CBUAE is expected to bring more transparency and efficiency to cross-border transactions and further strengthen the economic ties between India and UAE. The collaboration is a significant milestone in the adoption of CBDCs globally and is expected to pave the way for similar collaborations between other central banks worldwide.
#RBI #UAE #azcoinnews
This article was republished from azcoinnews.com
The collaboration aims to increase the efficiency of cross-border transactions and reduce costs. The two central banks signed a Memorandum of Understanding (MoU) on Wednesday in Abu Dhabi to enhance cooperation and jointly enable innovation in financial products and services.
Under the MoU, the RBI and CBUAE will collaborate on various emerging areas of FinTech, particularly CBDCs, and explore interoperability between the CBDCs of the two central banks. This initiative is expected to further economic ties between India and UAE and bring more transparency to cross-border transactions.
The banks will also conduct Proof of Concepts and pilots of bilateral CBDC to facilitate cross-border CBDC transactions of remittances and trade. The initiative is in line with the RBI’s efforts to explore the possibility of launching a digital version of the Indian Rupee.
This move is significant for both countries as India is the UAE’s second-largest trading partner, and the UAE is India’s third-largest trading partner. The two countries have a long-standing economic relationship, and this partnership is expected to enhance it further.
Speaking about the partnership, the Governor of RBI, Shaktikanta Das, said, “This agreement marks a significant milestone in the cooperation between the Reserve Bank of India and the Central Bank of the UAE, and will further strengthen the longstanding relationship between the two countries.”
The partnership between the RBI and CBUAE is expected to pave the way for similar collaborations between other central banks globally. The adoption of CBDCs is gaining momentum worldwide, with several countries exploring the possibility of launching their digital currencies.
In conclusion, the partnership between the RBI and CBUAE is expected to bring more transparency and efficiency to cross-border transactions and further strengthen the economic ties between India and UAE. The collaboration is a significant milestone in the adoption of CBDCs globally and is expected to pave the way for similar collaborations between other central banks worldwide.
#RBI #UAE #azcoinnews
This article was republished from azcoinnews.com
The Eminent Tale of Indian CBDCs
CBDC stands for digitised or virtual cash that can be used everywhere nationwide
Many popular banks have joined hands in this project
It's necessary to make the economic system more effective and paper-free
Nobody needs a bank account to transfer this form of money
The Reserve Bank of India wants to use digital currency all over the country by the end of the year. However, multiple sources say the pilot program has already shown some problems.
India held two CBDC trials in 2022
On November 1, nine financial institutions joined a CBDC wholesale initiative for the first time (CBDC-W). The second is a pilot program for CBDC stores (CBDC-R) that started on December 1 in Mumbai, New Delhi, Bangalore, and Bhubaneswar. The first four banks to join were the State Bank of India, the ICICI Bank, the Yes Bank, and the IDFC First Bank.
It is now in 15 places, with Chandigarh being the most recent. Reliance Retail is the biggest store in the country, one of the more than 50,000 customers and 10,000 small and large merchants who have signed up for the service.
What is CBDC?
In the words of RBI, "To put it simply, a #cbdc is a digital currency issued by a central bank. It functions identically to fiat cash and may be traded for fiat currency one-for-one. It's the same thing below, but in a new guise ". To rephrase, "digital money" refers to a local currency that has been digitized or virtualized and is equivalent to real cash.
CBDC is a digital currency distinct from private crypto because it is supported and given by a government-backed bank. CBDC is equivalent to fiat currency issued by a bank but is not physically minted (or polymer). In the Reserve Bank of India books, it would be recorded as a liability because it is an electronic representation of a sovereign currency.
So, digital money made by the government is:
a currency that the government and central bank recognise.
legal tender
contains digital content.
equivalent to a currency based on faith rather than merit.
use blockchain technology as its foundation.
CBDC is a digital currency that has gained widespread use over the past decade, although not on par with virtual currency or crypto. You must know how CBDC differs from other digital currencies to grasp it well. The term "cryptocurrency" refers to a type of digital currency. It's important to note that not all digital currencies may be classified as cryptocurrencies.
Cryptocurrencies are secure despite the lack of encryption on digital currency since they employ blockchain technology. Because no one may issue their virtual currency, their obligations and liabilities are hidden.
Why has CBDC suddenly become more well-known in India?
From at least 2013, the #RBI has been considering the introduction of a CBDC. It needs to be apparent what the RBI would gain by giving a CBDC. Others maintain that this would lead to domestic monetary monitoring and security. Most countries are still working on CBDCs, while several have already begun using them. Eleven nations have established their digital currencies as of August 2022. Several countries, including China, are still researching and enhancing their CBDCs. A wide range of factors is propelling CBDC in India.
On the other hand, the necessity for CBDC originates from pursuing a more equitable and effective monetary system. Like that used in India's economic system, paper currency may be easily counterfeited or damaged over time. As a result, producing and distributing it is a costly undertaking.
Moreover, paper cash needs to be stronger regarding storage and transportation. This would guarantee that India can stay caught up to other nations when adopting cutting-edge financial innovations, keeping it at the forefront of global financial system innovation.
More people could participate in society if they had easier access to banking and other financial services, thanks to CBDC. Over 1.2 billion Indians do not now have access to formal financial services. Because of this, people cannot save money and secure their financial future. A CBDC might solve this problem by giving customers an alternative to traditional banking that is secure and easy to use.
Last but not least, CBDC has the potential to lessen the financial burden of producing and distributing paper money. As CBDC would be digital, it would be safer and cheaper to make, reducing these losses. As CBDCs eliminate the need for banks to handle transactions, the hefty costs that banks charge for services like international money transfers may be eliminated.
Payment systems could be made more efficient, streamlined, and global through the use of CBDCs. If an Indian buyer wanted to pay a foreign seller in digital dollars, the two parties could do so directly, cutting away any middlemen and completing the transaction immediately.
Why is a CBDC necessary?
CBDCs intrigue many, but thus far, only a few countries have moved past the prototype stage in building their own CBDCs. "A 2021 BIS study of central banks indicated that 86% were actively exploring the possibilities for CBDCs, 60% were experimenting with the technology, and 14% were conducting pilot projects," reads a quote from the RBI website. For what reason has there been a sudden flurry of curiosity? The following justifications have been made for CBDC's implementation: -.
● Central banks, seeing a decline in paper money use, are looking to promote a more widely accepted electronic form of currency;
● Jurisdictions that use a lot of physical cash are trying to streamline the process of issuing currency.
● As private virtual currency use rises, central banks work to provide for this need while avoiding the worst effects of the alternative.
CBDC and Its Significance in India
Reducing reliance on cash, total currency management costs, and settlement risk are potential benefits of introducing CBDC cryptocurrency in India. Entrepreneurs would have a place to launch new ventures, while the public and companies would have access to a secure and liquid electronic version of central bank money. A more secure, trustworthy, regulated, and legally binding payment method would be established by introducing CBDC in India.
Here are some of CBDC's features:
● By monetary policy, a central bank issues a sovereign currency.
● The easily transferable legal currency that doesn't require a bank account to be held.
● To reduce the price of creating a new currency and doing business
● Appears as a liability on the books of the central bank
● The currency that may be exchanged directly with cash or commercial bank accounts
● To be widely recognised as a means of exchange, legal tender, and reliable store of value throughout all segments of society
Take Aways
Thanks to technological advances, more services and ways of making things are becoming digital. We are on the verge of a new era in banking, and the digitisation of money is the first step toward a more advanced way of handling money.
Several central banks have started making their digital currencies. These are called "central bank digital currencies" (CBDCs). By the beginning of 2023, India wants to have its digital currency. This currency would work like the electronic wallets that private companies already offer.
The CBDC will be the first digital currency supported by the government. The Reserve Bank of India (RBI) will make digital rupees, a digital currency issued by a central bank and backed by RBI reserves.
The digital rupee will be similar to other virtual currencies in many ways but also have unique traits. It will also make it easier for more people to use banking services and make printing and circulating money cheaper. CBDC has the potential to be better for users than traditional payment systems in the following ways: liquidity, scalability, adoption, ease of transactions, privacy, and speed of settlement.
The government's help with CBDC infrastructure is important for its growth, improvement, and ease of use. This change will make it easier for more people to use digital currencies, just like UPI did.
#coingabbar #Binance
Many popular banks have joined hands in this project
It's necessary to make the economic system more effective and paper-free
Nobody needs a bank account to transfer this form of money
The Reserve Bank of India wants to use digital currency all over the country by the end of the year. However, multiple sources say the pilot program has already shown some problems.
India held two CBDC trials in 2022
On November 1, nine financial institutions joined a CBDC wholesale initiative for the first time (CBDC-W). The second is a pilot program for CBDC stores (CBDC-R) that started on December 1 in Mumbai, New Delhi, Bangalore, and Bhubaneswar. The first four banks to join were the State Bank of India, the ICICI Bank, the Yes Bank, and the IDFC First Bank.
It is now in 15 places, with Chandigarh being the most recent. Reliance Retail is the biggest store in the country, one of the more than 50,000 customers and 10,000 small and large merchants who have signed up for the service.
What is CBDC?
In the words of RBI, "To put it simply, a #cbdc is a digital currency issued by a central bank. It functions identically to fiat cash and may be traded for fiat currency one-for-one. It's the same thing below, but in a new guise ". To rephrase, "digital money" refers to a local currency that has been digitized or virtualized and is equivalent to real cash.
CBDC is a digital currency distinct from private crypto because it is supported and given by a government-backed bank. CBDC is equivalent to fiat currency issued by a bank but is not physically minted (or polymer). In the Reserve Bank of India books, it would be recorded as a liability because it is an electronic representation of a sovereign currency.
So, digital money made by the government is:
a currency that the government and central bank recognise.
legal tender
contains digital content.
equivalent to a currency based on faith rather than merit.
use blockchain technology as its foundation.
CBDC is a digital currency that has gained widespread use over the past decade, although not on par with virtual currency or crypto. You must know how CBDC differs from other digital currencies to grasp it well. The term "cryptocurrency" refers to a type of digital currency. It's important to note that not all digital currencies may be classified as cryptocurrencies.
Cryptocurrencies are secure despite the lack of encryption on digital currency since they employ blockchain technology. Because no one may issue their virtual currency, their obligations and liabilities are hidden.
Why has CBDC suddenly become more well-known in India?
From at least 2013, the #RBI has been considering the introduction of a CBDC. It needs to be apparent what the RBI would gain by giving a CBDC. Others maintain that this would lead to domestic monetary monitoring and security. Most countries are still working on CBDCs, while several have already begun using them. Eleven nations have established their digital currencies as of August 2022. Several countries, including China, are still researching and enhancing their CBDCs. A wide range of factors is propelling CBDC in India.
On the other hand, the necessity for CBDC originates from pursuing a more equitable and effective monetary system. Like that used in India's economic system, paper currency may be easily counterfeited or damaged over time. As a result, producing and distributing it is a costly undertaking.
Moreover, paper cash needs to be stronger regarding storage and transportation. This would guarantee that India can stay caught up to other nations when adopting cutting-edge financial innovations, keeping it at the forefront of global financial system innovation.
More people could participate in society if they had easier access to banking and other financial services, thanks to CBDC. Over 1.2 billion Indians do not now have access to formal financial services. Because of this, people cannot save money and secure their financial future. A CBDC might solve this problem by giving customers an alternative to traditional banking that is secure and easy to use.
Last but not least, CBDC has the potential to lessen the financial burden of producing and distributing paper money. As CBDC would be digital, it would be safer and cheaper to make, reducing these losses. As CBDCs eliminate the need for banks to handle transactions, the hefty costs that banks charge for services like international money transfers may be eliminated.
Payment systems could be made more efficient, streamlined, and global through the use of CBDCs. If an Indian buyer wanted to pay a foreign seller in digital dollars, the two parties could do so directly, cutting away any middlemen and completing the transaction immediately.
Why is a CBDC necessary?
CBDCs intrigue many, but thus far, only a few countries have moved past the prototype stage in building their own CBDCs. "A 2021 BIS study of central banks indicated that 86% were actively exploring the possibilities for CBDCs, 60% were experimenting with the technology, and 14% were conducting pilot projects," reads a quote from the RBI website. For what reason has there been a sudden flurry of curiosity? The following justifications have been made for CBDC's implementation: -.
● Central banks, seeing a decline in paper money use, are looking to promote a more widely accepted electronic form of currency;
● Jurisdictions that use a lot of physical cash are trying to streamline the process of issuing currency.
● As private virtual currency use rises, central banks work to provide for this need while avoiding the worst effects of the alternative.
CBDC and Its Significance in India
Reducing reliance on cash, total currency management costs, and settlement risk are potential benefits of introducing CBDC cryptocurrency in India. Entrepreneurs would have a place to launch new ventures, while the public and companies would have access to a secure and liquid electronic version of central bank money. A more secure, trustworthy, regulated, and legally binding payment method would be established by introducing CBDC in India.
Here are some of CBDC's features:
● By monetary policy, a central bank issues a sovereign currency.
● The easily transferable legal currency that doesn't require a bank account to be held.
● To reduce the price of creating a new currency and doing business
● Appears as a liability on the books of the central bank
● The currency that may be exchanged directly with cash or commercial bank accounts
● To be widely recognised as a means of exchange, legal tender, and reliable store of value throughout all segments of society
Take Aways
Thanks to technological advances, more services and ways of making things are becoming digital. We are on the verge of a new era in banking, and the digitisation of money is the first step toward a more advanced way of handling money.
Several central banks have started making their digital currencies. These are called "central bank digital currencies" (CBDCs). By the beginning of 2023, India wants to have its digital currency. This currency would work like the electronic wallets that private companies already offer.
The CBDC will be the first digital currency supported by the government. The Reserve Bank of India (RBI) will make digital rupees, a digital currency issued by a central bank and backed by RBI reserves.
The digital rupee will be similar to other virtual currencies in many ways but also have unique traits. It will also make it easier for more people to use banking services and make printing and circulating money cheaper. CBDC has the potential to be better for users than traditional payment systems in the following ways: liquidity, scalability, adoption, ease of transactions, privacy, and speed of settlement.
The government's help with CBDC infrastructure is important for its growth, improvement, and ease of use. This change will make it easier for more people to use digital currencies, just like UPI did.
#coingabbar #Binance
#RBI to cancel #Paytm Payments Bank's license after Feb 29?
The Reserve Bank of India directed Paytm's payments bank subsidiary to cease accepting new deposits in its accounts or widely-used wallets starting from March.
The Reserve Bank of India might take action following its February 29 deadline, beyond which customers will be unable to add funds to their savings accounts or the widely-used digital payment wallet of Paytm Payments Bank, according to sources.
Violations involved the improper use of customer documentation regulations and failure to disclose significant transactions, as stated by undisclosed sources to protect the confidentiality of the information.
Hundreds of thousands of Paytm Payments Bank customers hadn’t submitted know-your-customer documentation, a single identity document was used to register thousands of customers in some cases, and transactions running into tens of millions of rupees — far beyond regulatory limits — were being done in minimum-KYC accounts, which raised money-laundering concerns, according to the people. #IndiaBan #Vijayshekharsharma
The Reserve Bank of India directed Paytm's payments bank subsidiary to cease accepting new deposits in its accounts or widely-used wallets starting from March.
The Reserve Bank of India might take action following its February 29 deadline, beyond which customers will be unable to add funds to their savings accounts or the widely-used digital payment wallet of Paytm Payments Bank, according to sources.
Violations involved the improper use of customer documentation regulations and failure to disclose significant transactions, as stated by undisclosed sources to protect the confidentiality of the information.
Hundreds of thousands of Paytm Payments Bank customers hadn’t submitted know-your-customer documentation, a single identity document was used to register thousands of customers in some cases, and transactions running into tens of millions of rupees — far beyond regulatory limits — were being done in minimum-KYC accounts, which raised money-laundering concerns, according to the people. #IndiaBan #Vijayshekharsharma
🔥 𝗨𝗿𝗴𝗲𝗻𝘁 𝗔𝗹𝗲𝗿𝘁! RBI Throws Down the Gauntlet: Bitcoin & Crypto Stripped of Currency Status! 🔥
😱 Brace yourselves for a seismic shift! In a jaw-dropping revelation at IIM-Kozhikode, RBI's Executive Director P. Vasudevan dropped a bombshell: "Cryptos don't make the cut as currencies – they're devoid of any real value." 😱 #Bitcoin #RBI #CryptoShocker
💔 Prepare for turbulence in the crypto-sphere! Join the heated debate now to navigate the stormy seas ahead! Don't be caught off guard! #FIU_IND 🌐
#reducecryptotax #Binance #Write2Earn
😱 Brace yourselves for a seismic shift! In a jaw-dropping revelation at IIM-Kozhikode, RBI's Executive Director P. Vasudevan dropped a bombshell: "Cryptos don't make the cut as currencies – they're devoid of any real value." 😱 #Bitcoin #RBI #CryptoShocker
💔 Prepare for turbulence in the crypto-sphere! Join the heated debate now to navigate the stormy seas ahead! Don't be caught off guard! #FIU_IND 🌐
#reducecryptotax #Binance #Write2Earn
BIG NEWS FROM INDIA 🔥🔥
- The Reserve Bank of India (RBI) has announced plans to introduce offline functionality for its Central Bank Digital Currency (CBDC) pilot project.
- The move is aimed at expanding the accessibility and usability of the digital rupee, allowing users to conduct transactions in areas with limited or no internet coverage.
- The introduction of offline functionality is seen as a step towards promoting financial inclusion by catering to a wider range of users across different regions of the country.
#indiaceyptotax #cbdc #RBI
- The Reserve Bank of India (RBI) has announced plans to introduce offline functionality for its Central Bank Digital Currency (CBDC) pilot project.
- The move is aimed at expanding the accessibility and usability of the digital rupee, allowing users to conduct transactions in areas with limited or no internet coverage.
- The introduction of offline functionality is seen as a step towards promoting financial inclusion by catering to a wider range of users across different regions of the country.
#indiaceyptotax #cbdc #RBI
👉👉👉 Unlimit Jumps into Indian Payments Arena, Clinches #RBI Approval
Unlimit, a leading global fintech firm, has announced its venture into the Indian market, accompanied by the acquisition of its Reserve Bank of India (RBI) Online Payment Aggregator license. This milestone grants Unlimit the official authorization to operate as a payment service provider in the region.
Expanding Payment Services with the License
- With this license in hand, Unlimit is poised to offer a wide array of #payment services and solutions, aimed at aiding local businesses in broadening their customer base. The timing of Unlimit's entry into the Indian market aligns with the significant growth witnessed in digital commerce across the country.
According to projections by Statista, digital commerce is forecasted to emerge as the largest segment within India's electronic payments industry in 2024, with an estimated total transaction value of US$211.30 billion. Moreover, the total value of digital payments transactions in the region is expected to surge to US$254.60 billion by 2024 and further to US$394.40 billion by 2028, showcasing an annual growth rate of 11.56%.
In parallel developments, Revolut India has secured an in-principle authorization from the RBI to issue Prepaid Payment Instruments, expanding its existing permissions to function as an Authorized Dealer Category II (ADII), as reported by Finance Magnates.
The attainment of the RBI license closely follows Unlimit's acquisition of its Bank of Tanzania license, marking its expansion efforts into the African region.
Asheesh Agrawal, CEO of Unlimit India, expressed excitement about the company's debut in India, highlighting it as a strategic step in their global expansion plans. Obtaining the RBI Online Payment Aggregator license is a significant milestone, allowing them to offer comprehensive payment solutions and contribute to the local digital payments ecosystem.
Source - financemagnates.com
#BinanceSquareTalks
Unlimit, a leading global fintech firm, has announced its venture into the Indian market, accompanied by the acquisition of its Reserve Bank of India (RBI) Online Payment Aggregator license. This milestone grants Unlimit the official authorization to operate as a payment service provider in the region.
Expanding Payment Services with the License
- With this license in hand, Unlimit is poised to offer a wide array of #payment services and solutions, aimed at aiding local businesses in broadening their customer base. The timing of Unlimit's entry into the Indian market aligns with the significant growth witnessed in digital commerce across the country.
According to projections by Statista, digital commerce is forecasted to emerge as the largest segment within India's electronic payments industry in 2024, with an estimated total transaction value of US$211.30 billion. Moreover, the total value of digital payments transactions in the region is expected to surge to US$254.60 billion by 2024 and further to US$394.40 billion by 2028, showcasing an annual growth rate of 11.56%.
In parallel developments, Revolut India has secured an in-principle authorization from the RBI to issue Prepaid Payment Instruments, expanding its existing permissions to function as an Authorized Dealer Category II (ADII), as reported by Finance Magnates.
The attainment of the RBI license closely follows Unlimit's acquisition of its Bank of Tanzania license, marking its expansion efforts into the African region.
Asheesh Agrawal, CEO of Unlimit India, expressed excitement about the company's debut in India, highlighting it as a strategic step in their global expansion plans. Obtaining the RBI Online Payment Aggregator license is a significant milestone, allowing them to offer comprehensive payment solutions and contribute to the local digital payments ecosystem.
Source - financemagnates.com
#BinanceSquareTalks
💱 RBI Governor's Take on Digital Rupee: Shaktikanta Das, Governor of the Reserve Bank of India (RBI), expressed increased confidence in the digital rupee's vision after a year of CBDC pilot testing. He believes that central bank-issued digital currencies (CBDCs) will offer more advantages than stablecoins, emphasizing the importance of understanding the risks associated with stablecoins and cryptocurrencies before integrating them into the financial system. 🇮🇳💼 #RBI #DigitalRupee #CBDC #Stablecoins
RBI Executive Director Reveals India's plans to Explore Offline Capabilities of CBDCs
In addition to its offline capabilities, the Reserve Bank of India is assessing the potential of Central Bank Digital Currencies (CBDCs) for cross-border transactions and integration with the legacy systems of other nations.
By exploring the possibilities of #CBDCs , RBI is looking to revolutionize the way international payments are made, making them faster, more secure, and more cost-effective.
India's recently launched in-house central bank digital currency (CBDC) - the digital rupee - is now being tested for offline functionality, as revealed by Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI).
The #RBI , India's central bank and regulatory body, launched the wholesale segment pilot for the digital rupee on November 1, 2022, onboarding 50,000 users and 5,000 merchants for real-world testing. By February 25, commercial CBDCs had processed about $134 million and 800,000 transactions.
Choudhary said the RBI is investigating the CBDC's offline capability as a way to build on this development. He told CNBC TV18 that the RBI is evaluating the CBDC's potential for international trade and integration with heritage systems in other nations. Added him:
"The involvement of the private sector and fintech in CBDC is something we are anxiously anticipating. We are sure that they will be a huge help, particularly with offline and international CBDC transactions."
Moreover, speaking on behalf of the Reserve Bank of India (RBI), Choudhary stated that the Central Bank Digital Currency (CBDC) would soon become the medium of exchange and require all the features of physical currency, including anonymity.
India’s motivation for launching the CBDC was to improve regional financial inclusion and drive the digital economy forward. Choudhary also informed CNBC TV18 that the CBDC would eventually serve as a substitute for cryptocurrencies.
On February 21, India’s national payment network, the Unified Payments Interface (UPI), extended its services to Singapore, furthering its mission to provide a secure and efficient payment system.
The UPI PayNow integration enables citizens of India and Singapore to transfer money across borders quickly and securely. Initially, four major Indian banks - State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank - will facilitate outgoing remittances, while Axis Bank and DBS Bank India will facilitate incoming remittances.
Singapore's DBS Bank and Liquid Group will provide the service to users in the region, allowing them to take advantage of the convenience and speed of UPI PayNow.
#coingabbar
By exploring the possibilities of #CBDCs , RBI is looking to revolutionize the way international payments are made, making them faster, more secure, and more cost-effective.
India's recently launched in-house central bank digital currency (CBDC) - the digital rupee - is now being tested for offline functionality, as revealed by Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI).
The #RBI , India's central bank and regulatory body, launched the wholesale segment pilot for the digital rupee on November 1, 2022, onboarding 50,000 users and 5,000 merchants for real-world testing. By February 25, commercial CBDCs had processed about $134 million and 800,000 transactions.
Choudhary said the RBI is investigating the CBDC's offline capability as a way to build on this development. He told CNBC TV18 that the RBI is evaluating the CBDC's potential for international trade and integration with heritage systems in other nations. Added him:
"The involvement of the private sector and fintech in CBDC is something we are anxiously anticipating. We are sure that they will be a huge help, particularly with offline and international CBDC transactions."
Moreover, speaking on behalf of the Reserve Bank of India (RBI), Choudhary stated that the Central Bank Digital Currency (CBDC) would soon become the medium of exchange and require all the features of physical currency, including anonymity.
India’s motivation for launching the CBDC was to improve regional financial inclusion and drive the digital economy forward. Choudhary also informed CNBC TV18 that the CBDC would eventually serve as a substitute for cryptocurrencies.
On February 21, India’s national payment network, the Unified Payments Interface (UPI), extended its services to Singapore, furthering its mission to provide a secure and efficient payment system.
The UPI PayNow integration enables citizens of India and Singapore to transfer money across borders quickly and securely. Initially, four major Indian banks - State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank - will facilitate outgoing remittances, while Axis Bank and DBS Bank India will facilitate incoming remittances.
Singapore's DBS Bank and Liquid Group will provide the service to users in the region, allowing them to take advantage of the convenience and speed of UPI PayNow.
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