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Budget 2023-24 Expectation: Will FM provide further clarity, direction on plans for digital rupee?
1 year, 10 months ago

Budget 2023-24 Expectation: Will FM provide further clarity, direction on plans for digital rupee?

Firstpost  

With Union Budget approaching, the talk of securing and ensuring ease of transaction in Central Bank Digital Currencies is further gaining ground. Digital currency could be a gamechanger for financial system The increased interest in CBDCs is also a result of the shift in global budget focus towards digitalization and technology in order to be more efficient and cost-effective. The …

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Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know
1 year, 11 months ago

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know

ABP News  

The 2023 Union Budget is nearly here and the biggest question that’s haunting the mind of crypto enthusiasts is simple — how will the Finance Ministry treat the virtual digital assets sector this time around? While 2022 saw several important milestones for the crypto sector, from the taxation of gains to the introduction of a central bank digital currency, the …

India Financial Budget Assets Digital Cryptocurrencies Sector
RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
2 years, 1 month ago

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?

Firstpost  

The Reserve Bank of India will roll out the digital rupee for the wholesale segment today as part of its pilot project. The digital rupee will give a big boost to the economy and positively change the banking scenario of the country After months of talks and rumours swirling, the Reserve Bank of India will roll out the digital rupee …

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Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 4 months ago

Digital Rupee: Why India Is Keen On Introducing A CBDC

ABP News  

Earlier this year, India announced plans to have its own central bank digital currency. The RBI has defined CBDC as a “legal tender issued by a central bank in a digital form. It will seem like any other digital payment service to users but since the CBDC will be a direct liability of the central bank, it would be more …

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Discussions on with RBI over digital currency, says Finance Minister Sitharaman
2 years, 10 months ago

Discussions on with RBI over digital currency, says Finance Minister Sitharaman

India TV News  

Highlights FM said discussions with regard to central bank-backed digital currency have been going on with RBI. 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 …

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Sanjeev Ahluwalia | Will digital rupee take India higher, faster?
2 years, 10 months ago

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?

Deccan Chronicle  

Expectations are sky-high that the “digital rupee” — a central bank digital currency announced by finance minister Nirmala Sitharaman in her Budget speech this year — will ensure a quantum jump to the digital economy, enhance GDP growth and boost financial inclusion. Transactions, within and between blocks, take place across multiple “nodes” — functionally akin to transaction termination points. A …

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Explained: RBI’s digital currency plans
2 years, 10 months ago

Explained: RBI’s digital currency plans

The Hindu  

The story so far: In the Budget presented for 2022-23, Finance Minister Nirmala Sitharaman had announced the introduction of India’s Central Bank Digital Currency and that the digital rupee would give a ‘big boost’ to digital economy. Central banks also believe that the cost of issuing digital currencies is far lower than the cost of printing and distributing physical cash. …

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India's official digital currency likely to debut by early 2023, says top government source
2 years, 10 months ago

India's official digital currency likely to debut by early 2023, says top government source

Firstpost  

He said the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number New Delhi: India’s very own official digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed …

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India's digital currency to debut by early 2023: Government source
2 years, 10 months ago

India's digital currency to debut by early 2023: Government source

India TV News  

India's very own official digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed facility, a top government source said. A top government source, who wished not to be identified said, the digital currency issued by the RBI would …

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30% tax on cryptocurrency: India’s plunge in the realm of digital currency
2 years, 10 months ago

30% tax on cryptocurrency: India’s plunge in the realm of digital currency

Op India  

The exponential growth of the cryptocurrency in India was just a phenomenon until it was given a considerable attention by the government. Taking a conservative stand on the taxation of digital currency, Finance Minister Nirmala Sitharaman on Tuesday announced that government would earn 30% behind every penny of profit earned by way of transfer of virtual money. The launch of …

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RBI to issue Digital Rupee in FY23: Sitharaman
2 years, 10 months ago

RBI to issue Digital Rupee in FY23: Sitharaman

Deccan Chronicle  

Mumbai: The Reserve Bank of India will issue the much-awaited digital rupee in the next financial year, finance minister Nirmala Sitharaman said in the Union Budget on Tuesday. The digital rupee or the Central Bank Digital Currency will be based on blockchain technology, the tech behind Bitcoin and other popular cryptocurrencies. Sitharaman said, "Introduction of Central Bank Digital Currency will …

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How India’s crypto industry reacted to Budget 2022
2 years, 10 months ago

How India’s crypto industry reacted to Budget 2022

Live Mint  

Union Finance Minister Nirmala Sitharaman, in her Budget 2022-23 speech on Tuesday, announced plans to start a digital currency and tax crypto assets, as the country keeps pace with the global move toward virtual financial instruments. Here's how India's crypto industry has reacted to Budget 2022: CoinSwitch CEO Ashish Singhal We welcome the government's decision to introduce central bank digital …

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Union Budget 2022: The Rise of RBI-backed Digital Rupee and Stablecoins
3 years, 1 month ago

Union Budget 2022: The Rise of RBI-backed Digital Rupee and Stablecoins

News 18  

For several months, my stand on cryptocurrencies, assets, and exchanges has been unambiguous and unwavering — that they should be banned outright, without further ado or delay; instead, a comprehensive regulatory framework should be built around the Central Bank Digital Currency. Finance Minister Nirmala Sitharaman in her Budget speech announced that India’s very own digital rupee backed by blockchain technology …

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