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RBI Can Monitor Rupee-Crypto Transactions If Exchanges Access CBDCs, says Industry

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The Reserve Bank of India (RBI) can have complete visibility on fiat-to-crypto currency transactions in the country if it opens the proposed digital currency to crypto-exchanges, industry experts told MediaNama. India's crypto-entrepreneurs see the governments' decision ban crypto-currency trading and investing in India as a sign that regulations are coming. Two weeks ago, the government announced that it would introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing the RBI with the requisite legal powers to develop a central bank-backed digital currency (CBDC), according to an official Lok Sabha Bulletin Part II for the Budget Session 2021 of Parliament. As part of proposed legislation, the government plans to give existing investors a window of three to six months to square their holdings. The law will ban all 'private' crypto-currencies which will impact crypto investors, exchanges and any firm dealing with cryptos, according to reports by NDTV and Bloomberg Quint. The reports says that the government will legitimise a 'state-backed' crypto-currency or CBDC. Citing an unnamed Finance Ministry official, BloombergQuint reported that the new law will also include a ban on transacting in cryptos directly through foreign crypto-exchanges. But the ban on 'private' crypto-currencies will not be implemented overnight, which means investors will have some time to liquidate their holdings. There has been a 700% increase in crypto-investing in India with over 7 million Indians hold over $1 billion worth of cryptos, NDTV said citing official estimates. While…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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