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India's central bank RBI has launched its pilot of the digital rupee (e-rupee), the country's own CBDC, in the wholesale segment
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India's central bank RBI has launched its pilot of the digital rupee (e-rupee), the country's own CBDC, in the wholesale segment
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This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.
The Biden administration is also exploring introducing a digital dollar.
The finance minister also indicated the government's stance on digital banking and IP-related concerns.
The government first announced its plans for a CBDC in January 2021, but the progress has been sluggish.
He also revealed that the RBI is working out the chinks in its CBDC project, but stopped short of providing a timeline.
Taking stock of projects in advanced stages, the IMF proposed ways to operationalise CBDCs and navigate their risks.
Recently, PM Modi said that the digital rupee "will be completely controlled and monitored."
CBDCs present the government with the opportunity to counter the surging adoption of private crypto like Bitcoin.
