The Reserve Bank of India (RBI) has begun exploring the potential of the digital rupee, according to a report on the country’s payment systems.
The regulator’s specialists have recognized the growing popularity of cryptocurrencies. However, according to them, the authorities are still skeptical about new assets. RBI noted a CAGR of 12.5% for digital payments.
Overall, the Reserve Bank of India is not against the central bank digital currency (CBDC), but is in no hurry to issue it either. The regulator is interested in the feasibility of launching and the potential of such a solution, it follows from the report.
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Recall that in 2018, India banned banks and financial institutions from providing services to companies working with cryptocurrencies. The Supreme Court lifted the restriction last March.
In December 2020, India’s Central Economic Intelligence Bureau proposed to impose an 18% goods and services tax on cryptocurrency trading.
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