Tag: RBI

The Reserve Bank of India (RBI) sold US dollars in the foreign exchange market to prevent the rupee from sliding to a fresh record low, showing the pressure on one of Asia's largest economies as a stronger dollar and rising oil prices weigh on emerging market currencies. The intervention came ...

India's central bank has reportedly renewed its push to keep cryptocurrencies away from the country's banking system, recommending a policy that limits exposure to digital assets and privately issued stablecoins. The recommendation comes alongside new concerns from tax authorities, who say crypto activity remains difficult to monitor through offshore platforms ...

India’s central bank has reportedly renewed its push to keep cryptocurrencies away from the country’s banking system, recommending a strategy that limits exposure to digital assets and privately issued stablecoins. According to The Economic Times, the Reserve Bank of India (RBI) presented its position to the Parliamentary Standing Committee on ...

The Reserve Bank of India (RBI) has not been shy about voicing its concerns over cryptocurrencies, boldly claiming that "crypto poses risks to India's financial stability." This might sound dramatic, but it reveals the central bank's apprehensions over how digital assets could shake up the country's financial ecosystem. India's crypto ...

The Reserve Bank of India (RBI) has raised concerns about cryptocurrencies, including stablecoins, warning they pose significant risks to the country’s financial stability. In its latest 2024 Financial Stability Report, the RBI noted that despite a surge in crypto adoption across India, the unregulated use of digital assets could undermine ...

The Reserve Bank of India (RBI) Governor Shaktikanta Das voiced strong concerns over stablecoins, which he described as "private money" that could undermine government sovereignty by allowing private issuers to dominate the payments system. Speaking at the G30 39th Annual International Banking Seminar in Washington, DC, Das argued that the ...

Governor Shaktikanta Das of the Reserve Bank of India (RBI) continues to champion the country's Central Bank Digital Currency (CBDC), known as the Digital Rupee, positioning it as a crucial tool for addressing the risks posed by cryptocurrencies.  During his speech at the Central Banking at Crossroads conference, Das highlighted ...

Google Pay, Walmart-backed PhonePe, and Amazon Pay are among five payment firms seeking to participate in India's central bank digital currency (CBDC) pilot, according to a new report from Reuters. Sources, speaking on condition of anonymity, told Reuters that these firms are working with the Reserve Bank of India (RBI) ...

The future of the monetary system, as envisioned by Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), will consist of three crucial elements: central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. Menon shared this insight in a panel session on the Future of ...

The State Bank of India (SBI) has added support for the Unified Payment Interface to its Central Bank Digital Currency (CBDC) app, 'eRupee by SBI'. The integration will allow the app users to conduct swift and secure transactions by scanning UPI QR codes.  The UPI system is India's foremost instant ...