Central bank rate

Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency. Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them. "In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. "Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'. Central bank digital currencies (CBDC) is a legal tender and a central bank liability in digital form denominated in a sovereign currency and appearing on the central bank's balance sheet. It … [Read more...] about Digital Transformation: RBI says it is open to exploring possibility of digital version of fiat currency

MUMBAI: Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency.Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them."In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks."Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'.Central bank digital currencies (CBDC) is a legal tender and a central bank liability in digital form denominated in a sovereign currency and appearing on the central bank's balance sheet. … [Read more...] about RBI says it is open to exploring possibility of digital version of fiat currency

The 16 violators include parks, public service institutions, parking lots and insurance companies who were disciplined as part of a crackdown on the practice of refusing cash payments launched in October, the central bank said in a Thursday release. Such practice is illegal, authorities say. … [Read more...] about Pork supply, acceptance of cash payments to be guaranteed

Providing loans for micro, small and medium-sized enterprises based on their credit information is a measure that the central bank promoted last year, which facilitated production resumption since the novel coronavirus outbreak, said Tian Di, deputy head of the PBOC's Credit Information System Bureau. … [Read more...] about New system to improve SME lending

Many developed and advanced economies have started experimenting the trading of cryptocurrency and regulating the exchanges who have been enabling the trades. Recently the US Office of the Comptroller of the Currency (OCC) has approved a crypto asset bank which will start offering banking services using crypto assets. Above that OCC had given nod to the banks in the US to offer custody services for crypto assets for their clients. India is yet to take formal steps in recognition of the trading of cryptocurrency and exchanges who enable the trading of it. In the run up to the Budget 2021, which Finance Minister Nirmala Sitharaman has said will be a landmark budget, crypto exchanges in India have also put forward a few demands of their own.Sumit Gupta, CEO and Co-founder at CoinDCX says, “Cryptocurrency has been emerging as one of the fastest-growing digital assets globally and India has seen tremendous traction building up following the Supreme Court lifting the banking ban. With … [Read more...] about Budget 2021: Crypto exchanges seek recognition, clarity on taxation & smart regulations