New Delhi [India], July 20 (ANI): The Reserve Bank of India (RBI) is working on a phased implementation of the Central Bank Digital Currency (CBDC) in both wholesale and retail segments, Ajay Kumar Choudhary, Executive Director, RBI, said on Wednesday.

New Delhi [India], May 28 (ANI): The Reserve Bank of India (RBI) on Friday said that it is proposing to adopt a graded approach to the introduction of Central Bank Digital Currency (CBDC) in conformity with the objectives of monetary policy, financial stability and efficient operations of currency and payment systems.

Mumbai Feb 23 PTI Reserve Bank Deputy Governor Michael Patra on Wednesday said the central banks views about cryptocurrencies might have delayed the governments proposed legislation on crypto assets Emphasising that the Central Bank Digital Currency CBDC will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech Patra said India will proceed very gradually on the subject as there are concerns on privacy its impact on monetary policy formulation and energy intensity The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it RBIs view is quite known on crypto I think it is the one of the views that has actually delayed a bill on that subject but we will engage in a fair debate on that subject and will look at all sides of the debate Patra said speaking at an event organised by the Pune International Centre The central bank is in favour of a complete ban on the speculative assets saying they hold no underlying value at all and has also called them a threat to financial stability On the CBDC Patra said there already exists such an instrument on the wholesale front but it is retail where work is required I think we will proceed very gradually We will cross the river by feeling the pebbles There are issues of privacy that are involved there are issues of monetary policy transmission that are involved There is also an issue of energy intensity of the whole process if it is on a certain kind of technology he said RBI is proceeding very very slowly on the subject and will make calibrated moves in the direction he noted A few weeks ago former RBI Governor D Subbarao had flagged concerns on privacy on the CBDC front saying the feature to check the entire movement of a single unit of the digital currency makes it susceptible to be tracked and also pointed to the absence of guardrails like a data protection law Why should RBI or the government know how much ice cream I buy every month or what luxury brands I patronise So there is a certain level of discomfort and I think if you have CBDCs you have to have very robust data protection laws which are credible not only to people within the country but also outside So data protection laws are very important in issuing CBDCs he had said In a country like India where the opposition is very vigorous there can be fake complaints or there can be a government misusing the data and covering it up So I can see a lot of political complications coming out of this the former governor had said PTI AA RAM

New Delhi [India], February 4 (ANI): The proposed digital rupee to be issued by the Reserve Bank of India (RBI) starting from the next financial year will not only give a boost to the digital economy but also help curb the menace of black money, a senior finance ministry official said.

New Delhi [India], February 1 (ANI): In a significant move to bring cryptocurrency transactions under the tax net, Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from the transfer of any virtual digital asset shall be taxed at a rate of 30 per cent.

New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman on Tuesday announced the introduction of Digital Rupee which will be issued by the Reserve Bank of India starting 2022-23, along with the setting up of 75 digital banking units in 75 districts by scheduled commercial banks.