Indian angel investors and venture capitalists are getting more interested in bitcoin start-ups.
Per the RBI, the e-rupee will not only be an alternative to paper money but also an alternative to cryptocurrencies.
According to the RBI, the phased introduction of the CBDC is high on the agenda for 2022-23.
RBI notifies that its 2018 circular banning local banks from establishing ties with crypto businesses is no longer valid after the Supreme Court circular released in March 2020.
After a two-year crypto ban imposed by the Reserve bank of India, the Supreme Court has decided to allow cryptocurrency trading.
On the wake of India’s proposed cryptocurrency ban, it has been estimated that the country will lose an almost $13 billion market if it follows through with the ban.
The global cryptosphere might take hit in the near future as according to a leaked bill circulating online, India plans to completely outlaw the use of cryptocurrency except its own Digital Rupee.
Though there is still little clarity regarding the future of cryptocurrencies in India, the authorities promise to present crypto regulations in July.
Indian authorities are discussing the proposal to set up state-cryptocurrency ‘Lakshmi’ based on blockchain technology and backed by the Reserve Bank of India (RBI).
Indian angel investors and venture capitalists are getting more interested in bitcoin start-ups.