BSV blockchain will be at the center of the first BSV Global Blockchain Convention. The three-day event will be held in Dubai from May 24 to 26 at the Grand Hyatt Hotel.
The digital rupee will be launched on April 1, while the Indian government proposes a 30% tax on digital currency sales and a 1% tax on digital currency transactions.
A basic form of a digital rupee would provide a safe, robust, and convenient alternative to cash in liquidity and scalability, the Reserve Bank of India noted in its report.
The Lok Sabha left out a bill that could have imposed a blanket ban on “private cryptocurrencies” for its winter session, which closes on December 23.
India plans to launch its first digital rupee pilot in first quarter of fiscal year 2023, with the slow implementation giving the central bank more assurance.
The project will be the country's first digital currency trial initiative according to the 25th Governor of the Reserve Bank of India, Shaktikanta Das.
Rabi Sankar, deputy governor at the Reserve Bank of India, noted the need for India to keep pace with other major economies in financial innovation, especially with 86% of central banks researching CBDCs.
The governor of the State Bank of Pakistan believes that a state-back digital rupee can bring two-fold benefits to the country.
Finance Minister Nirmala Sitharaman assured that despite reports of government hostility against the industry, it will take a measured approach.
India’s digital currency industry faces an uncertain future, with a proposed draft bill threatening to impose a blanket ban on the entire industry.