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India being cooked CBDCs Planning for the first time in a while.The country has a love-hate relationship CryptocurrencyThe Reserve Bank of India wants to ban digital assets entirely.On the other hand, citizens tax cryptocurrency 30% tax and 1% TDS.
Although the country has not embraced cryptocurrencies much, blockchain technology has been warmly welcomed and adopted by many government agencies.In addition, the government is working to unlock its own CBDC. On October 7, 2022, RBI announced the concept of CBDC after years of research. The Reserve Bank of India plans to introduce a wholesale CBDC pilot on November 1st.
India’s central bank has said the country’s CBDC’s primary use is in “settlement of secondary market transactions in government securities.” This is primarily to reduce transaction costs.
The central bank has selected nine prominent banks in the country to launch pilot projects. The banks selected for the pilot are HDFC Bank, ICICI Bank, Kotak Mahindra Bank, State Bank of India, Bank of Baroda, Union Bank of India, Yes Bank, IDFC First Bank and HSBC.
The retail version of CBDC will roll out within a month for selected customers and merchants in selected locations.
For many people, India’s position on cryptocurrencies is not clear. At one point, we wanted to ban it, but it was impossible without the cooperation of international regulators.
Earlier this month, cryptocurrency firms also opposed an outdated approach by the Reserve Bank of India. However, they made it clear that CBDC cannot replace digital assets. Despite crypto turmoil and questionable regulations in India, the number of users in the country is growing.
