India advocates access to cryptocurrencies

Proposal to boost eRupee

During a session on the 2022 budget in February, Indian Finance Minister Nirmala Sitharaman commented that the launch electronic money issued by the central bank (CBDC) of India (temporarily called eRupee) is a major turning point to promote development of the digital economy.

To achieve its aspirations of developing a central bank-issued cryptocurrency, the RBI has proposed a three-step approach to implementing RBI with “little or no disruption” directly to the financial system. traditions of this country. Therefore, many aspects and factors have been paid special attention by RBI so that CBDC can exist in parallel with the existing fiat money system.

India has made moves to promote CBDC research and development coinquora

Specifically, in the annual report just released by RBI on May 27, this agency has thoroughly analyzed the widespread deployment of CBDCs in India, including its influence, advantages and disadvantages, as well as such as the need for CBDCs in the digital economy to “align with national goals related to policy currency, financial stability and efficiency of monetary and payment systems.” At the same time, RBI proposes to form a separate regulatory framework for the launch of eRupee.

Proposal to “squeeze” cryptographic cryptocurrency (crypto)

The proposed CBDC is very active and urgent, but the RBI is quite wary of cryptocurrencies (crypto). In the same report, the agency proposed to impose a 30% tax on profits from cryptocurrencies and related asset classes.

Back on May 17, a series of senior RBI officials, including Governor Shaktikanta Das, warned of the risk of “USDization” of the Indian economy, when most of the crypto market. dominated by the US dollar.

“Most crypto-currencies are USD-based and issued by private institutions abroad. In the end, it’s [ám chỉ các đồng tiền điện tử mã hóa] could lead to the ‘USDization’ of part of the country’s economy, [và điều này là] against the interests and sovereignty of the country. Cryptocurrencies will severely undermine the RBI’s ability to determine monetary policies and force interference with the existing monetary system,” an unnamed official told CoinTelegraph.

Before that, the US and EU entered the “CBDC race” and began to make moves to tighten activities related to the cryptocurrency market.

Individual, China has long since banned cryptocurrencies and related decentralized assets, this ban has strengthened after the collapse of the LUNA. However, they have entered the phase of large-scale pilot implementation of their sovereign cryptocurrency – e-CNY.