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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.
Das said at a press conference,
“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.
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.
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.