Reserve Bank of India Governor Shaktikanta Das said the central bank has “major concerns” regarding digital currencies.
Minister Anurag Singh Thakur recently clarified the government’s position on blockchain technology, the development of a digital rupee and the use of digital currencies in India.
India’s digital currency industry faces an uncertain future, with a proposed draft bill threatening to impose a blanket ban on the entire industry.
In a recent outlook on payments in the digital era, the bank justified its earlier apprehension, but revealed that it’s now open to the possibility of a digital rupee.
The instability of the rupee combined with high remittance fees is driving digital currency adoption in India.
India’s central bank has addressed the current ban on banks servicing the sector, noting that “no such prohibition exists.”
An Indian woman has been arrested after she stole 63.5 BTC from a company she cofounded. The culprit left the company in December, only to steal a month later.
India wants to become a global leader in blockchain adoption by 2025, and one of its key targets is a digital rupee to be developed by the Reserve Bank of India.
The Reserve Bank of India has previously refused to work with crypto companies, effectively strangling the crypto sector in India.