The Reserve Bank of India (RBI) has begun studying the potential of the digital rupee, according to a report on the country’s payment systems.
Regulator experts acknowledged the growing popularity of cryptocurrencies. However, authorities remain sceptical of new assets. The RBI noted a CAGR of 12.5% in digital payments.
Overall, the RBI is not opposed to a central bank digital currency (CBDC), but is not rushing to launch one. The regulator is interested in the viability of such a move and its potential, the report says.
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In 2018, India barred banks and financial institutions from providing services to companies dealing with cryptocurrencies. In March last year, the Supreme Court lifted the ban.
In December 2020, the Central Bureau of Economic Intelligence of India proposed to tax cryptocurrency trading at a rate of 18%.
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