CBDCS

RBI, international counterparts discuss CBDCs for cross-border settlements

An internal Reserve Bank of India (RBI) working group has been exploring the best technology path to develop a roadmap for such direct transactions between two countries.

The future of cryptocurrencies and its legalisation in India

A report from Statista shows that the Indian cryptocurrency market is likely to touch $222.70 million by 2023 making it crystal clear that cryptocurrency is here to stay. Blockchain, and Web 3.0, the core technologies behind crypto have been already implemented across industries and are thought to be the foundation of the next big Metaverse trend.

Central Bank digital currencies to replace cash in the coming decade: report

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.

CBDCs may be important in making cross-border payments cheaper, faster: RBI Guv Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the challenges of cross-border payments, including high costs and limited access. He suggested that Central Bank Digital Currency (CBDC) could make these payments cheaper, faster, and more secure. Das emphasized the need for solutions and technologies to enable smooth operations between countries and reduce costs.

Jio Financial expresses interest in blockchain, CBDC. Here’s what crypto players have to say

Blockchain rose to prominence as the underlying technology for Bitcoin. Blockchain solutions is a distributed database that maintains a continuously growing list of ordered records called blocks and is deemed to be very transparent as all the stakeholders can view progress in real-time

Jio Financial to explore blockchain-based platforms and CBDC: Mukesh Ambani at AGM

The RBI had last year begun experiments on both the wholesale and retail versions of e-rupee using the blockchain distributed-ledger technology, as an alternative to cash.

How governments and central banks are exploring use of CBDCs

Governments have various motivations for exploring CBDCs. One significant reason is the modernization of payment systems. Traditional cash transactions are giving way to digital alternatives, and CBDCs offer a secure and efficient means for central banks to oversee these transactions, thereby reducing reliance on physical cash.

How Japan’s regulatory moves in Web3 can be an example for nations globally

Japan’s largest bank Mitsubishi UFJ Financial Group has also announced the launch of Yen-pegged stablecoins for settlement of securities, taking wholesale digital asset payments to a new paradigm. Last year, it released a legal framework for stablecoins too.

Twenty-four central banks will have digital currencies by 2030 - BIS survey

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.

Nexus or Icebreaker? These two global money transfer ideas deserve a shot

The European payment system recently did a trial linkup with Malaysia and Singapore under the Bank for International Settlements’ Nexus protocol, designed to transfer funds between bank accounts in different countries under 60 seconds. Meanwhile, the monetary authorities of Israel, Norway and Sweden have tested a separate BIS-backed initiative that achieves the same goal of fast cross-border retail payments. Project Icebreaker uses central bank digital currencies, or CBDCs, instead of bank accounts.

Opinion: SVB collapse shows the fickleness of crypto money

Yale School of Management finance professor Gary Gorton and Federal Reserve attorney Jeffery Zhang have highlighted this regulatory vacuum, and how it prevents stablecoins from becoming what they refer to as “no-questions-asked” money.

New look CBDCs and cryptomarket to emerge from turmoil, top BIS official says

Last year's collapse of Sam Bankman-Fried's FTX empire as well as Celcius, Three Arrows Capital and a number of 'stablecoins' saw many of its warnings come true as more than $2 trillion was wiped of the sector's value.

Delhivery stock tanks on muted outlook; forensics firms put moonlighters under the microscope

Ecommerce logistics player Delhivery says it expects the bounce it saw in shipment volumes from festive-season sales during the second quarter to continue into Q3. However, in an exchange filing, the company cautioned that growth would moderate thereafter till the end of the fiscal year. Following this, the company’s stock took a beating and ended 15.42% in the red.

Ahead of govt consultation paper launch, RBI DG says CBDCs can kill case for cryptocurrencies

The RBI has been vehemently opposed to cryptocurrencies like Bitcoin, saying there is no underlying value for such instruments which are essentially speculative in nature. It has gone public with the same, even as the government has yet to make its stance clear.

Can every currency of the world be a stablecoin?

Large currencies have volume, some established form of consistency and track record and tangible backing, and thereby make for a good standard in the virtual currency world, said Raj A Kapoor, Founder, India Blockchain Alliance.

Meme coins, CBDCs, NFTs & ICOs among top crypto fads of 2021

Despite the scepticism and a lethal pandemic, crypto investments have spiked in India. The Chainalysis report pegs India at 11th out of 154 nations in crypto adoption.

Can cryptocurrencies and CBDCs coexist in this era-defining economic landscape?

CBDCs, in their true form, will take centre stage when it comes to making payments simpler and quicker. Standard, decentralized crypto players with their on-chain cryptocurrencies will continue to function and thrive as a part of the crypto asset class.

Cyber security and possibility of digital frauds main concerns before rolling out CBDCs: RBI Governor

Expert View: Eswar Prasad on future of cryptocurrencies and CBDCs

View: Stablecoins threaten financial system, but no one is getting to grips with them

Like other cryptocurrencies, stablecoins move around on the same online ledger technology known as blockchains. The difference is that their value is pegged 1:1 to a financial asset outside the world of crypto, usually the US dollar.

View: A digital rupee and cryptocurrencies can (and should) co-exist

CBDCs are fiat currency in code. They can be programmed for specific use-cases and leveraged for delivery of government benefits and financial inclusion, address concerns around inclusion errors, and strengthen regulation to counter money laundering and terrorist financing.

Will CBDCs help ease cross-border payments?

At a basic technical level, interoperability between separate CBDC systems may be possible through adherence to commonly agreed international standards on different aspects of cross-border payments.

CBDC: Who’s ahead, who’s lagging

As the Indian government has already embraced the blockchain technology in some other areas, it is very much possible that RBI, too, will use the blockchain technology as an underlying architecture for the proposed Digital Rupee.