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RBI Plans to Launch ‘Digital Rupee’ Amidst India’s Crypto Ban

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Dec 7, 2019

Edited by: Sara K check mark

Edited by: right arrow

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Reviewed by: Nidhi Kolhapur check mark

Reviewed by: right arrow

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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RBI Governor Shaktikanta Das, on Thursday, announced that India will soon launch it’s own Central Bank Digital Currency (CBDC). Amidst a court case on the Cryptocurrency ban in India, this news comes as a hope for crypto in the future. 

India is a land of diverse mentality with a constant feud of banning cryptocurrency or not. The crypto regulations in India have been in discussion for a year as of writing, with no inference. However, The Central Bank Governor Shaktikanta Das came forward with plans to launch the national digital currency of India .

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Das said at a press conference,

[top_looser]

SHIBA INU

$0.00

green-dropdown 34.355%

Chiliz

$0.19

green-dropdown 12.356%

Dogecoin

$0.08

green-dropdown 9.414%

Terra

$2.12

green-dropdown 5.814%

Verge

$0.00

green-dropdown 3.827%

HoloToken

$0.00

green-dropdown 3.066%

Zilliqa

$0.05

red-dropdown 0.021 %

Decentraland MANA

$1.08

red-dropdown 0.037 %

IoTeX

$0.04

red-dropdown 0.081 %

TRON

$0.07

red-dropdown 0.728 %

The Sandbox

$1.36

red-dropdown 1.024 %

Harmony

$0.03

red-dropdown 1.316 %

Ankr

$0.05

red-dropdown 2.394 %

HoloToken

$0.00

red-dropdown 3.066 %

Verge

$0.00

red-dropdown 3.827 %

Terra

$2.12

red-dropdown 5.814 %

“The world over, central banks and the governments are against private digital currency because currency issuance is a sovereign function and it has to be done by the sovereign. It is very early to speak on a central bank issuing digital currencies. Some discussions are going on. Technology has not fully evolved yet. It is still in a very incipient stage of discussions and at RBI we have examined it internally.”

Das believes that the technology is still in its nascent stage and it will take time to develop the Digital Rupee . He further said that this digital rupee will not be circulated to any private companies to avoid money laundering in the country. asian paints

Meanwhile, the ban on cryptocurrencies like Bitcoin & altcoins remains in place until the court release another date. Two months ago, the Pune City police in India reportedly seized 85 million Rupees (USD 1.2 million) realized from the sale of 244 confiscated bitcoins due to RBI’s regulation on cryptocurrencies.

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Nischal’s “India Wants Crypto” Movement

As the Government is curbing any cryptocurrencies in the country, Nischal Shetty, WazirX founder has started a hashtag on Twitter, “Indiawantscrypto“. Through this movement, Shetty is educating the masses about the benefits of crypto and urging India to lift the ban on them. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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