In April, NPCI issued a notice that it was unaware of any digital currency exchanges using the UPI system. The statement was given shortly after Coinbase launched its services in India.
Omar Khan, the body's Director of International Offices, disclosed that the deal's focus areas would be blockchain technology and innovation-focused sectors such as AI and Fintech.
According to Archit Gupta, founder and CEO of India-based digital currency tax filing startup Clear, India's tax regime for digital assets has some intricacies that need to be threaded with caution.
T. Rabi Sankar's statement echoes the RBI's revelation in its annual report released earlier this month, where it said it would follow a "graded approach" to introduce the digital rupee.
The clarification came after some observers noted that the TDS rate on the Income Tax Office's website was changed to 0.1%. Kashif Raza, was one of the first observers to point out the change.
Speaking at a webinar series organized by the IMF, RBI Deputy Governor T. Rabi Sankar stated that the Indian central bank believes CBDCs could kill private digital currencies.
The paper is a result of consultations made both with local digital currency industry key players and international organizations like the IMF and the World Bank.
In its annual report published recently, the Reserve Bank of India proposed a three-stage "graded approach" to introduce a central bank digital currency, including proof-of-concept, pilot, and launch.
Reserve Bank of India Governor Shaktikanta Das reminded that before the market crash, the RBI had been warning of the risks involved in investing in digital currencies, according to local reports.
In an interview with Reuters, CoinSwitch CEO Ashish Singhal says proper regulations for digital currencies are the only way to protect consumers and boost the sector.
Timechain Labs founder Rohan Sharan shared his insights about the ongoing chaos on Bitcoin in India, BSV's potential in the country, and the BSV Global Blockchain Convention in Dubai.