Reserve Bank’s first pilot project for retail digital rupee is a “game changer” with durable effects that should ensure better monetary transmission at much lesser costs, SBI Chairman Dinesh Khara said on Friday. The central bank started the pilot project for retail digital rupee (e₹-R) in Mumbai, New Delhi, Bengaluru and Bhubaneswar on Thursday and … Read more
Union Finance Minister Nirmala Sitharaman on Tuesday said the ‘Digital Rupee’ is a conscious call taken in consultation with the Reserve Bank of India (RBI) and the government sees clear advantages in a central bank driven digital currency. The Minister was speaking at the India Global Forum’s annual summit here. “It was a conscious call … Read more
Finance Minister Nirmala Sitharaman on Monday said discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. Sitharaman in her Budget speech on February 1 had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by … Read more
The Central Board of Reserve Bank on Friday discussed various aspects related to Central Bank Digital Currency and private cryptocurrencies. The government has proposed to bring in legislation on cryptocurrencies. It has listed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for consideration in the ongoing Winter Session of Parliament. However, sources said that … Read more
The Centre has informed Lok Sabha on Monday that Reserve Bank of India (RBI) is working out a phased implementation strategy for introduction of Central Bank Digital Currency (CBDC) by examining use cases, to avoid any disruptions. It further said that the RBI moved a proposal in October seeking to amend the Reserve Bank of … Read more
The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases, three people aware of the development told ET. Cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation and as per user case — payments, investment or … Read more
New Delhi: The RBI is working on phased introduction of its own digital currency and is mulling pilot projects in wholesale and retail segments in the near future, Deputy Governor T Rabi Sankar said on Thursday. He also said several countries have implemented specific purpose Central Bank Digital Currencies (CBDCs) in the wholesale and retail … Read more
NEW YORK: Cryptocurrencies posted inflows last week after hitting record outflows the previous two, as investors took advantage of price declines in the market, data from digital currency manager CoinShares showed late Tuesday. Inflows into crypto investment products and funds totaled $74 million last week. That followed record outflows of $151 million the previous two … Read more
Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases with Bitcoin, triggering a slide in the digital currency. In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are … Read more
By Joanna Ossinger The rise of the cryptocurrency Dogecoin has reached a new level after the token was used to pay for a lunar satellite launch. SpaceX, Elon Musk’s commercial rocket firm, will embark on a Moon voyage in 2022 carrying a so-called cubesat — a mini-satellite used for space research — from Geometric Energy … Read more