The global grouping celebrates 20 years at the New Delhi summit on September 12-13. A high-level meeting ...More

The global grouping celebrates 20 years at the New Delhi summit on September 12-13. A high-level meeting would be held next week to thrash out mechanisms for use of digital currencies, and explore ways to increase intra-BRICS trade using national currencies, said the people mentioned above. ...Less

India will launch tokenized corporate bonds next week using blockchain technology. State-run REC aims to ...More

India will launch tokenized corporate bonds next week using blockchain technology. State-run REC aims to raise five billion rupees through these innovative debt instruments. This marks India's first debt issue with instant settlement capabilities on a blockchain. The Reserve Bank of India's digital currency will facilitate these bond transactions. Only investors with active digital wallets can participate in this upcoming sale. ...Less

The Delhi Lakshmi Yojana's recurring deposit matures on July 31, 2029. Eligible women receive Rs 2,500 mo ...More

The Delhi Lakshmi Yojana's recurring deposit matures on July 31, 2029. Eligible women receive Rs 2,500 monthly, with Rs 1,500 in RD and Rs 1,000 via digital currency. Aadhaar enrolment is facilitated for beneficiaries without the identity number. The Council of Ministers can review and change the maturity period after two years. This scheme supports up to 17 lakh eligible women across Delhi. ...Less

Despite government promotion of digital transactions like UPI and e-Rupee, cash remains prevalent, especi ...More

Despite government promotion of digital transactions like UPI and e-Rupee, cash remains prevalent, especially in rural areas and for large-value transactions. While digital payments offer convenience, they have also led to increased cyber fraud and financial exclusion, particularly for women. The article suggests the government's push for digitalization may stem from a desire for control and programmatic payment disbursement rather than genuine welfare improvement. ...Less

India is set to roll out tokenised corporate bonds next month, utilizing blockchain technology to facilit ...More

India is set to roll out tokenised corporate bonds next month, utilizing blockchain technology to facilitate immediate transaction settlements. The state-owned REC will be at the forefront of issuing these innovative bonds, which will require investors to possess both digital currency and securities wallets. This initial phase is designed for a limited number of selected investors, showcasing the potential of modern financial practices. ...Less

Around 4,000 women will receive sanction letters for the Lakshmi Yojana scheme. Eligible women will recei ...More

Around 4,000 women will receive sanction letters for the Lakshmi Yojana scheme. Eligible women will receive Rs 2,500 monthly financial assistance starting September 1. Beneficiaries can choose digital currency or deposit options for the funds. The scheme targets women aged 21 to 60, with specific exclusions. Registration has seen over 6.5 lakh completed applications submitted so far. ...Less

India’s next Modi-Xi-Putin photograph at the SCO summit in Bishkek is likely to carry geopolitical weight ...More

India’s next Modi-Xi-Putin photograph at the SCO summit in Bishkek is likely to carry geopolitical weight, but it should not be read as evidence of a new India-China-Russia alliance. ...Less

Xi Jinping's potential visit to India for the BRICS summit is a key development. This meeting could foste ...More

Xi Jinping's potential visit to India for the BRICS summit is a key development. This meeting could foster cooperation and enable concrete economic decisions for the bloc. Discussions are expected on payment systems and agricultural commerce among member nations. Improved India-China ties may reduce obstacles to collective action within BRICS. This summit's success hinges on sustained cooperation between its influential Asian members. ...Less

Delhi's Lakshmi Yojana is designed to assist women between the ages of twenty-one and sixty with financia ...More

Delhi's Lakshmi Yojana is designed to assist women between the ages of twenty-one and sixty with financial resources. Ongoing applications can be processed at any time through the dedicated online portal. Ineligibility will lead to the cutoff of funds and possible legal implications for individuals involved. In the event of a beneficiary's demise, the funds will be allocated to their heirs or reverted to state ownership. ...Less

Know about history of Indian rupee: India's currency evolved from diverse regional money to a unified rup ...More

Know about history of Indian rupee: India's currency evolved from diverse regional money to a unified rupee. The Reserve Bank of India was established in 1935 to manage currency issuance. Decimalisation in 1957 changed how Indians counted their money. Today, digital payments and CBDC are transforming transactions. Polymer banknotes are now being trialled for future use. ...Less

India's economy shows resilience against US sanctions on Russian crude oil. Potential tariffs on nations ...More

India's economy shows resilience against US sanctions on Russian crude oil. Potential tariffs on nations buying Russian oil will minimally impact India's economy. Shifting away from Russian supplies offers limited financial benefits now. India has strengthened non-dollar payment channels to mitigate risks. Global price shocks pose a greater threat than changing oil suppliers. ...Less

The revised guidance, issued by the central board of direct taxes (CBDT), lays down an updated compliance ...More

The revised guidance, issued by the central board of direct taxes (CBDT), lays down an updated compliance framework for reporting financial institutions (RFIs), including banks, mutual funds, insurers, custodians and other investment entities, on identifying reportable accounts, validating tax residency and reporting financial information under the country's Automatic Exchange of Information (AEOI) commitments. ...Less

Zaid Khan built a ₹5 crore net worth by age 25 through his branding business. He shared his career journe ...More

Zaid Khan built a ₹5 crore net worth by age 25 through his branding business. He shared his career journey and business growth insights on The Crore Club podcast. Khan emphasized building a strong digital presence and confidence through small business efforts. His company, Zedital Media, offers branding and marketing services to clients. Khan reinvested earnings into his business and is now pursuing studies at IIM Bangalore. ...Less

Delhi's cabinet approved the Delhi Lakshmi Yojana, providing Rs 2,500 monthly to eligible women. The firs ...More

Delhi's cabinet approved the Delhi Lakshmi Yojana, providing Rs 2,500 monthly to eligible women. The first installment will be released on Raksha Bandhan, August 28, for women aged 21 to 60. Beneficiaries can choose how to receive their funds, with options for savings accounts and digital wallets. Applications open August 1, with a district-level mechanism for processing and grievance redressal. ...Less

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty p ...More

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percent TDS. Specific provisions govern the taxation of cryptocurrencies and non-fungible tokens. Airdrops and staking rewards are taxed as income upon receipt. Non-disclosure of overseas holdings can invite severe penalties and prosecution. ...Less

Central bank governor Sanjay Malhotra met bank chief executives on Tuesday. Geopolitical complexities and ...More

Central bank governor Sanjay Malhotra met bank chief executives on Tuesday. Geopolitical complexities and artificial intelligence were key discussion points. New expected credit loss guidelines also featured in the important talks. Some banks shared their FCNR(B) scheme inflow estimates with the governor. Oil prices have spiked over nine percent after recent military actions. ...Less

Crypto industry concerns have grown since March research from Alphabet's Google, one of several tech gian ...More

Crypto industry concerns have grown since March research from Alphabet's Google, one of several tech giants pioneering the technology, suggested quantum computers may be able to break that cryptography sooner than previously expected ...Less

The European Union has begun negotiations on legislation to create the legal framework for a digital euro ...More

The European Union has begun negotiations on legislation to create the legal framework for a digital euro, aiming to finalize the rules by the end of 2026. If approved, the ECB could launch a pilot with around 40 banks and payment firms in 2027, followed by a full rollout in 2029. The digital euro would be an electronic form of cash issued directly by the ECB, offering the public a central bank-backed digital payment option. ...Less

While Trump has held on to some of his crypto proceeds, nine digital asset experts who reviewed the Reute ...More

While Trump has held on to some of his crypto proceeds, nine digital asset experts who reviewed the Reuters analysis said the president’s filings show the personal economic activity of a man who does not trust crypto as a primary store of his personal wealth. In addition to the meme coin and World Liberty, Trump did not report having bought shares in two publicly listed crypto firms that are backed by his sons Eric Trump and Donald Trump Jr. ...Less

The Defence committee will meet to discuss defence public sector undertaking transformation. Earlier, the ...More

The Defence committee will meet to discuss defence public sector undertaking transformation. Earlier, the Finance committee reviewed digital rupee progress and virtual asset regulations. Discussions focused on strengthening India's digital financial ecosystem and consumer safeguards. Senior defence officials also presented on border defence and technology adoption. These meetings highlight ongoing governmental reviews of key national sectors. ...Less

Dilip Asbe, CEO of NPCI, has joined Swift's global supervisory board, a significant step for India's paym ...More

Dilip Asbe, CEO of NPCI, has joined Swift's global supervisory board, a significant step for India's payment ambitions. This appointment, pending regulatory approval, grants India a voice in global payment standards, recognizing the success of UPI. Asbe's leadership has been pivotal in developing India's advanced payment systems, positioning the nation as a key influencer in shaping future cross-border financial infrastructure. ...Less

Delhi Laxmi Yojana will provide eligible women Rs 2,500 monthly. The scheme is expected to launch on Augu ...More

Delhi Laxmi Yojana will provide eligible women Rs 2,500 monthly. The scheme is expected to launch on August 28, Raksha Bandhan day. Preparations are in the final stages with banks for fund disbursement. Women aged 21 to 60 and permanent Delhi residents may be eligible. An online portal is ready for applications after criteria finalization. ...Less

The Reserve Bank of India has strongly advised a prohibition strategy for crypto assets, recommending tha ...More

The Reserve Bank of India has strongly advised a prohibition strategy for crypto assets, recommending that banks and financial institutions be completely shielded from them. Officials argued that allowing exposure could legitimize speculative products with no economic benefit and pose financial stability risks. The RBI also questioned India's top crypto adopter ranking and warned stablecoins could threaten monetary sovereignty. ...Less

The value of retail central bank digital currency in circulation saw a significant drop of 24.08 percent ...More

The value of retail central bank digital currency in circulation saw a significant drop of 24.08 percent in 2025-26. Despite this, the Reserve Bank of India continued pilot use cases. Initiatives included direct benefit transfers and public distribution system subsidies. The RBI also explored asset tokenisation and cross-border payment collaborations. ...Less

It, however, pitched for introduction of an official digital currency with a status of a legal tender and ...More

It, however, pitched for introduction of an official digital currency with a status of a legal tender and appropriately regulated by the Reserve Bank of India. ...Less

The Reserve Bank of India has launched a retail sandbox for its central bank digital currency (CBDC), ena ...More

The Reserve Bank of India has launched a retail sandbox for its central bank digital currency (CBDC), enabling fintech firms to develop and test solutions for the ongoing pilot. This initiative follows the commencement of the e-rupee pilot on December 1, 2022, which has already garnered approximately 7 million users in India. ...Less

As India wants to leverage its fintech startup space and reap the benefits of a digital currency -even as ...More

As India wants to leverage its fintech startup space and reap the benefits of a digital currency -even as it seems to have decided to recognise CBDC as the only digital currency - it would do well to exercise the same degree of caution while moving forward to roll out a CBDC. ...Less

Parliament's Standing Committee on Finance is set to scrutinize the regulatory future of Virtual Digital ...More

Parliament's Standing Committee on Finance is set to scrutinize the regulatory future of Virtual Digital Assets (VDAs) on July 2nd. The committee will hear from the Reserve Bank of India regarding financial stability and money laundering concerns, followed by discussions with the Institute of Chartered Accountants of India on taxation and accounting. This crucial meeting aims to gather expert insights to shape India's approach to the burgeoning crypto ecosystem. ...Less

Addressing a roundtable on 'Investing in India's Digital Revolution' in San Francisco, the minister encou ...More

Addressing a roundtable on 'Investing in India's Digital Revolution' in San Francisco, the minister encouraged constant engagement with investors to understand and address their concerns. The Finance Minister said she was open to receive suggestions, understand pain points and offer necessary redressal wherever possible. ...Less

Donald Trump's crypto activities are the main reason for the near tripling of his personal fortune, which ...More

Donald Trump's crypto activities are the main reason for the near tripling of his personal fortune, which rose from $2.3 billion to $6.5 billion between 2024 and 2026, according to Forbes. ...Less

Cryptocurrencies rely on blockchain technology, a database shared across a network of computers, in which ...More

Cryptocurrencies rely on blockchain technology, a database shared across a network of computers, in which records are difficult to change once added. ...Less

Codenamed “Project Dunbar,” the development also proves that financial institutions could use central ban ...More

Codenamed “Project Dunbar,” the development also proves that financial institutions could use central bank digital currencies to transact directly with one another on a shared platform, reducing the need for intermediaries and cutting costs and time. ...Less

The e-rupee—India’s central bank digital currency (CBDC)—is issued in the same denominations as coins and ...More

The e-rupee—India’s central bank digital currency (CBDC)—is issued in the same denominations as coins and bank notes. Users may transact with it through a digital wallet offered by participating banks and stored on mobile phones or similar devices. Unlike savings bank account balance, the e-rupee does not earn any interest income. ...Less

The prototype aims to enable digital currency for interbank settlements for a consortium consisting of th ...More

The prototype aims to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand. ...Less

Britain's competition watchdog is proposing to let app developers direct users to cheaper payment options ...More

Britain's competition watchdog is proposing to let app developers direct users to cheaper payment options outside Apple and Google's app stores. This move aims to boost competition and reduce hefty app store fees. The regulator is also considering forcing Apple to open its contactless payment technology, potentially enabling rival services. Google has already made some concessions, while Apple expresses concerns about user security. ...Less

Finance Minister Nirmala Sitharaman, in her Budget 2022 speech announced that the Reserve Bank of India ( ...More

Finance Minister Nirmala Sitharaman, in her Budget 2022 speech announced that the Reserve Bank of India (RBI) will be launching Central Bank Digital Currency or CBDC. The RBI is yet to come out with a framework for digital currency. Read on to know how Digital currency is likely to change the way you make transactions and digital payments. ...Less

The RBI, he informed, is trying to calibrate policy on digital payments as per the feedback being receive ...More

The RBI, he informed, is trying to calibrate policy on digital payments as per the feedback being received from stakeholders. Highlighting the growing significance of digital payments segment in the country, Sankar noted that it was growing at the rate of 40 to 50 per cent per annum. ...Less

The research by the US-based Atlantic Council think tank highlighted that all G20 countries except for Ar ...More

The research by the US-based Atlantic Council think tank highlighted that all G20 countries except for Argentina are now in one of those far-along phases although, notably, the United States is falling increasingly behind. ...Less

The move on CBDC comes at a time when there has been a huge shift seen towards private virtual currencies ...More

The move on CBDC comes at a time when there has been a huge shift seen towards private virtual currencies called cryptocurrencies. ...Less

Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement ...More

Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February. ...Less

According to M Nagaraju, secretary, department of financial services, ministry of finance, government sch ...More

According to M Nagaraju, secretary, department of financial services, ministry of finance, government schemes can give the central bank digital currency a strong boost. CBDC has been integrated into schemes, such as Subhadra Yojana, which supports women in Odisha, and the Delhi government's cash incentive scheme for women. ...Less

Roughly 100 countries are now looking at CBDCs, the IMF estimates, and it published a study on Wednesday ...More

Roughly 100 countries are now looking at CBDCs, the IMF estimates, and it published a study on Wednesday looking at six nations including China, Sweden and the Bahamas where digital money is already up and running or at an advanced stage. ...Less

The central bank presidents for Honduras and Guatemala both said the banks were studying digital currenci ...More

The central bank presidents for Honduras and Guatemala both said the banks were studying digital currencies with the aim of eventually introducing them into the economy, including via a central bank digital currency. ...Less

The central bank presidents for Honduras and Guatemala both said the banks were studying digital currenci ...More

The central bank presidents for Honduras and Guatemala both said the banks were studying digital currencies with the aim of eventually introducing them into the economy, including via a central bank digital currency ...Less

If issued, a central bank digital currency (CBDC) would complement cash and could act as a liquid, safe s ...More

If issued, a central bank digital currency (CBDC) would complement cash and could act as a liquid, safe settlement asset and an anchor for the payments system ...Less

A federal government panel is examining options such as banning, regulating or limited intervention for v ...More

A federal government panel is examining options such as banning, regulating or limited intervention for virtual currencies in India. ...Less

The EU believes a digital euro is the answer to cutting its addiction to US payment systems like Visa and ...More

The EU believes a digital euro is the answer to cutting its addiction to US payment systems like Visa and Mastercard as well as Apple Pay and Google Pay as the bloc seeks to favour European firms over others. According to the ECB, nearly two-thirds of card payments in the euro area are handled by non-European companies - mostly Visa and Mastercard. ...Less

The Fed official said the US central bank should study the pros and cons of potentially creating an offic ...More

The Fed official said the US central bank should study the pros and cons of potentially creating an official digital currency, a process the Fed is undertaking now. But he said any proposal to create a US central bank digital currency, or CBDC, must clear a "high bar." ...Less

SWIFT plans to trial live transactions of tokenised assets and digital currencies next year. The initiati ...More

SWIFT plans to trial live transactions of tokenised assets and digital currencies next year. The initiative aims to make trading quicker and more efficient. Despite banks exploring tokenisation, market adoption has been slow. Central banks are also testing digital currencies to facilitate these trades. ...Less

The report, titled ‘Future of Money’, said CBDCs have the capacity to boost financial inclusion by offeri ...More

The report, titled ‘Future of Money’, said CBDCs have the capacity to boost financial inclusion by offering a safe and affordable means of making transactions for people with no access to traditional banking services. ...Less

The past 18 months have seen turmoil in the crytpo market, including the failure of TerraUSD, an unbacked ...More

The past 18 months have seen turmoil in the crytpo market, including the failure of TerraUSD, an unbacked stablecoin, in May 2022, the collapse of crytpo exchange FTX in November and the bankruptcy of banks such as Silicon Valley Bank and Signature Bank, which serviced crypto providers. ...Less

Digital currency, backed by an asset such as gold or fiat is known as stable coin –– whose value is not a ...More

Digital currency, backed by an asset such as gold or fiat is known as stable coin –– whose value is not as volatile as cryptocurrencies like bitcoin or ethereum. ...Less

The growing use of digital currency will result in rise in cyber laundering as hacking attacks and online ...More

The growing use of digital currency will result in rise in cyber laundering as hacking attacks and online scams take centre stage on Internet. ...Less

A top government source said the digital currency issued by the RBI would be numbered in units, just like ...More

A top government source said the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number. ...Less

January 3 marked the seventh anniversary of Bitcoins. ET takes a look at the current status of this digit ...More

January 3 marked the seventh anniversary of Bitcoins. ET takes a look at the current status of this digital currency. ...Less

As a financial services innovation, CBDCs are likely to play a pivotal role in shaping the 'future of val ...More

As a financial services innovation, CBDCs are likely to play a pivotal role in shaping the 'future of value transfer', the report said, adding that most central banks worldwide are now in various stages of their evaluation of launching their national digital currencies. ...Less

Visa will begin piloting a programme with blockchain software firm ConsenSys after discussions with 30 ce ...More

Visa will begin piloting a programme with blockchain software firm ConsenSys after discussions with 30 central banks about goals related to government-backed digital currencies, according to a Bloomberg report. ...Less

There are some risks, primarily cyber risks, associated with CBDC, although its introduction seeks to mak ...More

There are some risks, primarily cyber risks, associated with CBDC, although its introduction seeks to make business transactions easier. ET takes a look at the use cases and challenges CBDC could bring. ...Less

The RBI said that it has been exploring the pros and cons of the introduction of CBDC in India and the ap ...More

The RBI said that it has been exploring the pros and cons of the introduction of CBDC in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination. ...Less

"On crypto, I have said that we are in the process of consultation. Whatever decision the government is g ...More

"On crypto, I have said that we are in the process of consultation. Whatever decision the government is going to take, will be after the consultation," she said. ...Less

The creation of the FBI's "virtual asset exploitation" unit comes after the Justice Department's largest- ...More

The creation of the FBI's "virtual asset exploitation" unit comes after the Justice Department's largest-ever financial seizure earlier this month. ...Less

Roughly 100 countries are now looking at CBDCs, the IMF estimates, and it published a study on Wednesday ...More

Roughly 100 countries are now looking at CBDCs, the IMF estimates, and it published a study on Wednesday looking at six nations including China, Sweden and the Bahamas where digital money is already up and running or at an advanced stage. ...Less

Cred becomes the first fintech platform in India to offer access to the e-rupee, a digital currency launc ...More

Cred becomes the first fintech platform in India to offer access to the e-rupee, a digital currency launched by the Reserve Bank of India. The rollout will initially target a select set of users with YES Bank facilitating the issuance of e-rupee tokens. Adoption of the digital currency has faced challenges globally. ...Less

For more such web stories click on the ET icon below ...More

For more such web stories click on the ET icon below ...Less

Sitharaman said the distributed ledger technology is a beautiful technology which will help in democratis ...More

Sitharaman said the distributed ledger technology is a beautiful technology which will help in democratisation but flagged anonymity as an "inherent risk" which we need to guard ourselves from. ...Less

Technology is enabling monetary authorities to give ordinary people access to a kind of electronic cash t ...More

Technology is enabling monetary authorities to give ordinary people access to a kind of electronic cash they have never had before. ...Less

"On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital ...More

"On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future," the Telegraph quoted Bank of England Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report. ...Less

The Survey said the introduction of Central Bank Digital Currency (CBDC) will provide a boost to digital ...More

The Survey said the introduction of Central Bank Digital Currency (CBDC) will provide a boost to digital financial services by laying the framework for “another generation of financial innovation”. ...Less

India is piloting its digital rupee, the e-rupee, for welfare payments. This initiative aims to improve e ...More

India is piloting its digital rupee, the e-rupee, for welfare payments. This initiative aims to improve efficiency and reduce corruption in government subsidies. Farmers like Samadhan Sonawane are receiving funds directly for farm equipment. Similar trials are underway for food distribution. The e-rupee offers programmable features to ensure funds are used as intended. ...Less

The move will make the Boston-based asset manager one of a handful of large financial services firms to h ...More

The move will make the Boston-based asset manager one of a handful of large financial services firms to have integrated digital currencies into its website. ...Less

The digital currency project will seek to identify innovative use cases and business models that could be ...More

The digital currency project will seek to identify innovative use cases and business models that could be supported by the issuance of a CBDC. ...Less

The eNaira, which took several years to develop, will “make financial transactions easier and seamless fo ...More

The eNaira, which took several years to develop, will “make financial transactions easier and seamless for every strata of the society,” the Central Bank of Nigeria said in emailed statement on Saturday. The digital currency will complement the physical naira. ...Less

Sitharaman in her Budget speech on February 1 had announced that Digital Rupee or Central Bank Digital Cu ...More

Sitharaman in her Budget speech on February 1 had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year. She had also announced the government will levy 30 per cent tax on gains made from any other private digital assets from April 1. ...Less

Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital ...More

Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year. She had also announced the government will levy 30 per cent tax on gains made from any other private digital assets from April 1. ...Less

On the very first day of the winter session of the Parliament, the government received questions regardin ...More

On the very first day of the winter session of the Parliament, the government received questions regarding the looming ban of cryptocurrency and the RBI’s plans to introduce an official digital currency. ...Less

The government is collaborating with banks to implement a system for routing and settling interest subsid ...More

The government is collaborating with banks to implement a system for routing and settling interest subsidies on education loans through digital currency wallets. This initiative aims to integrate with the Unified Portal for Education Loan, enhance the efficiency of subsidy claims, and reduce fraud by using Central Bank Digital Currency (CBDC). ...Less

A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype y ...More

A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash. ...Less

New Delhi, Jul 20 (PTI) The Reserve Bank of India is in the process of implementing the Central Bank Digi ...More

New Delhi, Jul 20 (PTI) The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency (CBDC) in a phased manner for the wholesale and retail segments, an official said on Wednesday. ...Less

Nirmala Sitharaman, in her statement while moving the amendments, has clarified the tax on private digita ...More

Nirmala Sitharaman, in her statement while moving the amendments, has clarified the tax on private digital assets does not indicate GoI's stance on their legitimacy. ...Less

On Tuesday, Finance Minister Nirmala Sitharaman, while presenting the Union Budget, mooted launch of a di ...More

On Tuesday, Finance Minister Nirmala Sitharaman, while presenting the Union Budget, mooted launch of a digital Rupee by RBI during 2022-23, “using blockchain and other technologies.” ...Less

The multiple central bank digital currency bridge project (mBridge), joined by the monetary authorities i ...More

The multiple central bank digital currency bridge project (mBridge), joined by the monetary authorities in Hong Kong, Thailand, China and the United Arab Emirates, has achieved a prototype that reduces the time of international transfers to seconds from days when using the traditional correspondent banking, according to a BIS report Tuesday. ...Less

While India's early efforts are modest compared with those of China, where more than 200 million people u ...More

While India's early efforts are modest compared with those of China, where more than 200 million people use the e-yuan, the world's most populous nation could in theory become its biggest CBDC issuer if the system gains traction. ...Less

Some degree of anonymity can, perhaps, be built into the blockchain-based model that identifies accounts. ...More

Some degree of anonymity can, perhaps, be built into the blockchain-based model that identifies accounts. A CBDC could prevent private payment system providers from monopolising transaction data, via the self-reinforcing loop of data, network externalities and activities, attracting ever more users. ...Less

Data from Google Ads Transparency Centre shows that parties are shelling out nearly Rs 117 crore on the s ...More

Data from Google Ads Transparency Centre shows that parties are shelling out nearly Rs 117 crore on the search giant alone. This is against the Rs 10 crore spent on political ads in the runup to the 2019 general elections. ...Less

Banks, credit card companies and digital payments processors are nervously watching the push to create an ...More

Banks, credit card companies and digital payments processors are nervously watching the push to create an electronic alternative to the paper bills Americans carry in their wallets, or what some call a digital dollar and others call a Fedcoin. ...Less

Indian payment firms GooglePay, PhonePe, AmazonPay, and Indian fintech firm Cred are among five companies ...More

Indian payment firms GooglePay, PhonePe, AmazonPay, and Indian fintech firm Cred are among five companies reportedly seeking to join the Reserve Bank of India's digital currency pilot. The e-rupee, a digital alternative to physical currency, was initially allowed only by banks but has since declined to around 100,000-200,000 a day. ...Less

“We are evaluating the issue of scope, technology, distribution and validation mechanism etc.” Sankar sai ...More

“We are evaluating the issue of scope, technology, distribution and validation mechanism etc.” Sankar said. Earlier in July, Sankar had said that RBI is working toward a “phased implementation strategy” of CBDC in India where a pilot to test a general-purpose digital currency is a possibility in the near future. ...Less

Finance Minister Nirmala Sitharaman stated that the government and the Reserve Bank are actively involved ...More

Finance Minister Nirmala Sitharaman stated that the government and the Reserve Bank are actively involved in enhancing the central bank digital currency (CBDC) for cross-border payments. The RBI initiated a pilot project for wholesale CBDC with nine banks, and a retail version of CBDC or e-rupee was launched on December 1, 2022. ...Less

India's central bank has proposed linking BRICS nations' digital currencies to facilitate cross-border tr ...More

India's central bank has proposed linking BRICS nations' digital currencies to facilitate cross-border trade and tourism payments, potentially reducing reliance on the U.S. dollar. This initiative, to be discussed at the 2026 BRICS summit, builds on previous calls for payment system interoperability among member states. ...Less

India will host the summit, which will be held later this year. If the recommendation is accepted, a prop ...More

India will host the summit, which will be held later this year. If the recommendation is accepted, a proposal to link the digital currencies of BRICS members would be put forward for the first time. The RBI's proposal builds on a 2025 declaration at a BRICS summit in Rio de Janeiro, which pushed for interoperability between members' payment systems to make cross-border transactions more efficient. ...Less

Around 130 countries are now exploring central bank digital currencies (CBDC) to keep up with technologic ...More

Around 130 countries are now exploring central bank digital currencies (CBDC) to keep up with technological change, but there are worries that the online nature of them could make them a major target for criminals and hostile states. ...Less

Chaudhary was addressing an outreach seminar on 'Central Bank Digital Currency: The India Story' organise ...More

Chaudhary was addressing an outreach seminar on 'Central Bank Digital Currency: The India Story' organised by the Reserve Bank of India. The event was organised ahead of a two-day International Financial Architecture Working Group meeting of G20 slated to take place on January 30 and 31. ...Less

Digital payments like UPI are electronic instructions that authorise intermediaries such as banks to faci ...More

Digital payments like UPI are electronic instructions that authorise intermediaries such as banks to facilitate transactions. Even if they are ‘cashless’ modes of payment, they involve transfer of fiat money. Now imagine a UPI-like system where digital currency issued by a central bank is transacted instead of bank balances. The need for interbank settlement disappears and you can pay someone securely, without third-party risks. What if money itself could be ‘digital’? ...Less

A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype y ...More

A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash. ...Less

Ownership of digital currencies in Turkey was the highest in the world at 27.1% followed by Argentina at ...More

Ownership of digital currencies in Turkey was the highest in the world at 27.1% followed by Argentina at 23.5% -- well above global crypto ownership rate estimated at 11.9% -- according to data from research firm GWI. ...Less

"These events underscore the need for clear regulatory guardrails to provide consumer and investor protec ...More

"These events underscore the need for clear regulatory guardrails to provide consumer and investor protection, protect financial stability, and ensure a level playing field for competition and innovation across the financial system," Brainard said. ...Less

VDAs—such as cryptocurrencies, non-fungible or governance tokens, gaming coins, etc.—are still not recogn ...More

VDAs—such as cryptocurrencies, non-fungible or governance tokens, gaming coins, etc.—are still not recognised as either Indian currency or foreign currency. And, seeing the crypto market explosion from 17 to 90 million users over March 2021-2022 (Comscore.com, 2022), the govt had to take a regulatory step. ...Less

CBDC is a legal tender issued by a central bank in digital form. It would be your regular, sovereign-back ...More

CBDC is a legal tender issued by a central bank in digital form. It would be your regular, sovereign-backed currency note, only in a digital format. ...Less

Some two dozen central banks across emerging and advanced economies are expected to have digital currenci ...More

Some two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey published on Monday. ...Less