India's central bank digital currency (CBDC), the e-rupee, is experiencing a significant decline in activity after local banks ceased efforts to artificially inflate its usage metrics, according to a new report from Reuters. The Reserve Bank of India (RBI) launched the e-rupee pilot in December 2022 as a digital alternative ...
India's Financial Intelligence Unit (FIU) has fined Binance over 188.2 million rupees (approximately 2.25 million USD) for failing to register and comply with the country's anti-money laundering (AML) regulations. The FIU announced that Binance violated multiple AML rules and directives aimed at combating the financing of terrorism, and its investigation ...
Binance is set to re-enter the Indian financial market after a four-month hiatus, during which it temporarily suspended its operations in the country. According to the Economies Times, a local media, the exchange will pay a $2 million fine for noncompliance with local laws before resuming its activities. In January ...
The Indian government has approved a $1.24 billion program to bolster artificial intelligence (AI) startups and innovations in the country for the next five years. The program, tagged "IndiaAI Mission", has an original budget of 10,300 crore rupees and will facilitate nationwide easy access to computing power, which is essential ...
On Thursday, September 7, 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) jointly published a comprehensive paper outlining policy and regulatory frameworks for crypto assets. Alongside these frameworks, the two key players in the global financial sector presented a roadmap for the implementation of these policies. ...
India's Finance Minister, Nirmala Sitharaman, has revealed that the G20 nations are actively discussing the introduction of a unified framework for cryptocurrency regulations in their jurisdictions. Speaking at an event in Mumbai ahead of the upcoming G20 summit on September 5, 2023, Sitharaman stated that "active discussions are happening" on ...
A senior government official representing the Reserve Bank of India (RBI) has advocated for banks' adoption of blockchain and artificial intelligence (AI) technologies to ensure sustainable growth and stability. Governance in Banks: Driving Sustainable Growth and Stability - Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of ...
The Reserve Bank of India (RBI) has unveiled its plans to expand the Central Bank Digital Currency (CBDC) pilot program in the fiscal year 2023-2024. The Indian Central Bank stated in its annual report for the fiscal year 2022-2023 that it aims to enhance the CBDC by incorporating a wider ...
Indian authorities prohibited the Unified Payments Interface (UPI) from facilitating cryptocurrency transactions, and in response, multiple advocacy groups have submitted petitions urging them to reconsider this decision. The public policy advice firm Black Dot has already submitted its proposal to entities such as the National Payments Corporation of India (NPCI), ...
