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The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) will today launch the nation's first <keyword id="15195039" type="General" weightage="20" keywordseo="digital-rupee-pilot-project" source="Orion">digital rupee pilot project</keyword> for the <keyword id="3047329" type="General" weightage="20" keywordseo="wholesale-segment" source="Orion">wholesale segment</keyword>. In a statement, the central bank said that it will "soon commence pilot launches of <keyword id="10678165" type="General" weightage="20" keywordseo="digital-rupee" source="Orion">Digital Rupee</keyword> (ea,) for specific use cases. Accordingly, the first pilot in the Digital Rupee - Wholesale segment (ea,-W) shall commence on November 1, 2022". The central bank further informed that "the first pilot in Digital Rupee - Retail segment (ea,-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants. The details regarding operationalisation of ea,-R pilot shall be communicated in due course". RBI has selected nine banks for participation in the digital rupee's wholesale <keyword id="6644808" type="General" weightage="20" keywordseo="pilot-project" source="Orion">pilot project</keyword>. These are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC. Finance Minister Nirmala Sitharaman in her budget speech on February 1 had announced that RBI will launch a Central Bank Digital Currency (CBDC) in this fiscal. CBDC is a digital form of currency notes issued by a central bank. Digital currency or rupee is an electronic form of money, that can be used in contactless transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms" style="">Rupee gains 8 paise to 82.73 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms" style="">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a>

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

The <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> on Tuesday said it will launch the first pilot for retail digital rupee (e₹-R) on December 1, 2022, in which four banks including <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword> and ICICI Bank will initially participate. On November 1, the <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> launched the first pilot in the digital rupee - wholesale segment. Announcing the operationalisation of the Central Bank Digital Currency - Retail (e₹-R) Pilot, the RBI said the pilot would cover select locations in closed user groups (CUG) comprising participating customers and merchants. "The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued," it said. It would be distributed through banks and users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones/devices. Transactions can be both Person to Person (P2P) and Person Merchant (P2M). The RBI further said the e₹-R would offer features of physical cash like trust, safety and settlement finality. "As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks," the central bank said. The pilot would initially cover four cities -- Mumbai, New Delhi, <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and <keyword id="50863" type="General" weightage="50" keywordseo="bhubaneswar" source="Orion">Bhubaneswar</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-creditors-forego-rs-790-626-cr-under-insolvency-resolution-process-care-ratings/articleshow/95850593.cms">Financial creditors forego Rs 790.626 cr under insolvency resolution process: CARE Ratings</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-81-60-against-us-dollar/articleshow/95850197.cms">Rupee gains 8 paise to 81.60 against US dollar</a>

RBI to launch pilot of retail digital rupee on Dec 1

Now, we all know that any profit made from trading in cryptocurrencies will be <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">taxable at 30%</a>. But that’s just the beginning. There’s a lot more that India’s Finance Minister didn’t say, than what she said. The way the government is treating <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> traders in the same way it treats gamblers or lottery enthusiasts. We can’t stop you, so we’ll tax you so much that it might break your spirit. <div type="image" title="30% tax on virtual digital assets" msid="89461919" hostid="261"></div> Crypto critics would say that it is the right thing to do because whether it’s <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-others-have-lost-nearly-40-percent-since-their-record-highs-but-investors-are-still-better-off-than-they-were-a-year-ago/articleshow/88823379.cms">Bitcoin, Ethereum or Solana</a>, they can’t be used as currency. Those who buy any coin or non-fungible token (<a href="https://www.businessinsider.in/investment/news/15-most-expensive-nfts-of-2021-by-pak-beeple-cryptopunks-and-others/slidelist/88540923.cms">NFT</a>) are just hoping that someone else will buy it at a higher price. If that’s not a gamble, then what is. If the argument is that cryptos are inevitable in the <keyword id="50691" type="General" weightage="50" keywordseo="digital" source="Orion">digital</keyword> era, the government is anyway looking to get the <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">digital rupee</a> out in the market this year. So, for them, there isn't a lot of love or trust left to lose. <a href="https://www.instagram.com/p/CZejH5-KZjw/" data-type="tilCustomLink" target="_blank">What is Digital Rupee?</a> That's evident in the 1% tax to be deducted at source (<keyword id="17506" type="General" weightage="20" keywordseo="tds" source="Orion">TDS</keyword>). Every time someone buys crypto they have to deduct a 1% tax on the value of the sale. The question is, why is the government asking for TDS? <div type="image" title="Why is the govt asking for TDS?" msid="89461993" hostid="261"></div> It basically wants to track <a href="https://www.businessinsider.in/investment/news/bitcoin-does-not-make-payments-anonymous-just-really-hard-to-trace/articleshow/85068905.cms">crypto transactions</a> itself, instead of relying on data provided by the exchanges. And, therefore, find out who are the people buying and selling cryptos, how much are they buying/selling, and maybe even, what else they do, financially speaking. These are important signs for you to keep in mind before putting more money into these ‘virtual digital assets’ before the <a href="https://www.businessinsider.in/cryptocurrency/news/no-india-crypto-bill-in-sight-even-after-winter-session-of-parliament-comes-to-a-close/articleshow/88449161.cms">crypto bill</a> makes it through the <keyword id="6354721" type="General" weightage="20" keywordseo="parliament" source="Orion">Parliament</keyword>. Policymakers don’t like crypto — if you didn’t know by now, you should. So, expect very little empathy, and an even lesser amount of mercy if the taxman comes calling. For now, the good news is that the new 30% tax kicks in only from April 1. Until then, you may still have to pay the tax on capital gains ⁠— long-term or short-term ⁠— or business income <a href="https://www.businessinsider.in/investment/news/cryptocurrency-faqs-everything-you-need-to-know-about-the-cryptocurrencies-the-crypto-market-and-everything-in-between/articleshow/87465186.cms">as the case may be</a>. Tightening the noose around crypto can achieve one more thing ⁠— move more money into the stock market. Here’s how. <div type="image" title="There are messages hidden in the crypto tax" msid="89462135" hostid="261"></div>

SIMPLY PUT: There are messages hidden in the crypto tax

A central bank digital currency (CBDC) can play a key role in providing access to digital payments without the requirement of a bank account and the access would be facilitated by a central bank-issued digital wallet, said industry stakeholders. The rollout of the e-rupee has been one of the most sought-after developments, since its announcement in the FY23 Union budget. Jaya <keyword id="3655832" type="General" weightage="80" keywordseo="vaidhyanathan" source="Orion">Vaidhyanathan</keyword>, CEO of BCT Digital, said that the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>'s commencement of the pilot of the digital rupee marks appreciable progress in the journey toward digital payments. "The initiative has started in the low volume, high-value wholesale (interbank) segment from where learnings would be used to roll out reliable, built-to-scale retail payments," said Vaidhyanathan. The pilot announcement involves nine banks, including the SBI, the Bank of Baroda, the HDFC Bank, the Yes Bank, the Kotak Mahindra Bank, and the ICICI Bank, settling secondary market transactions in government securities, thereby reducing settlement risk and transaction costs. "A successful pilot and by extension, a full rollout of the digital rupee is expected to boost the reach of payment and financial needs of a wider category of users while ensuring transparency and low operational cost, and in this regard, it is encouraging to witness the RBI's support for innovation in creating a world-class, future-ready digital ecosystem," Vaidhyanathan stressed. India has one of the most technologically-evolved currencies in the world, and the e-rupee will put it in the forefront of true digital payments and improve financial inclusion. "The popularity of a digital rupee backed by the RBI will help bring legitimacy to other private digital currency like crypto. While we wait for clarity on how it is implemented, it is a positive step towards the acceptance of digital currency," said <keyword id="219963" type="General" weightage="80" keywordseo="prashant-kumar" source="Orion">Prashant Kumar</keyword>, Founder and CEO at weTrade. According to Arjun Khazanchi, Co-Founder and Chief Legal and Strategy Officer at Rooba.Finance, the CBDC is an ambitious project where the government has been silently working to disrupt the financial system which has traditionally been opaque, cash dependent, and highly-inefficient. "The first use case is going to be for the secondary market transactions in government securities. This move may even boost liquidity, remove inefficient and redundant processes while reducing transaction costs. This would also enable increased transparency between the participants," Khazanchi contended. Through this, the government expects to also be able to reduce settlement risk which is one of the biggest use cases for Blockchain in financial markets. There are some fears regarding the privacy and overt control that the government may possess over the CBDCs. "However, some commentary may be over exaggerated with intent being presumed. Retail CBDC is still far away and would require a lot of education and technical training before being imposed," said Khazanchi. The CBDCs could help preserve the role of public fiat in monetary policy, securing central banks' role in protecting financial stability in their markets. It provides a public, digital alternative to cash and private digital money. According to <keyword id="181738" type="General" weightage="80" keywordseo="manish-sharma" source="Orion">Manish Sharma</keyword>, Founding Partner of Centricity Wealth Tech, the CBDCs can play a key role in providing access to digital payments without the requirement of a bank account. "Public-private partnerships will be essential to the success of a CBDC launch, enabling central banks to leverage established infrastructure and client relationships. Such alliances will help central banks implement use cases aligned with end-user needs, complementing their gaps in capabilities and knowledge of consumption habits, particularly in a retail scenario," <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword> said. By engaging commercial banks and other private stakeholders (technology enablers, merchants, users) in the launch process, central banks will also foster a broader sense of ownership, manage fears of displacement, and increase the probability of successful adoption. Mahesh Shukla, CEO and Founder, PayMe India, said the RBI is further looking forward to focus on other wholesale transactions and cross-border payment, which can be projected as steps to ease the ways of financing for the general public. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/niit-acquires-us-based-st-charles-consulting-group-for-23-4-million/articleshow/95320170.cms">NIIT acquires US-based St. Charles Consulting Group for $23.4 million</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-passenger-vehicles-from-november-7/articleshow/95319994.cms">Tata Motors to hike prices of passenger vehicles from November 7</a>

Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders

Here's why ZebPay founder is excited about the upcoming digital rupee

Crypto is back on the discussion table as <a href="https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms" data-type="tilCustomLink">Finance Minister Nirmala Sitharaman </a>and Reserve Bank of India (RBI) Governor Shaktikanta Das deliberated over the issue. The Finance Minister had announced in her Budget speech that the RBI will launch a <a href="https://www.businessinsider.in/cryptocurrency/news/taxes-gst-and-the-digital-rupee-crypto-policy-in-india-is-going-through-a-big-overhaul/slidelist/89499051.cms" data-type="tilCustomLink">block chain based digital currency </a>next year. The government also proposed to tax digital assets. "With RBI &amp; Ministry, not just on crypto but on every other thing as well, I think there's complete harmony with which we're working, respecting each other's domain and also knowing what we've to do with each other's priorities &amp; in the interest of the nation. There's no turfing here," said Sitharaman after the meeting. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "Like several other issues, this particular issue is internally under discussion b/w RBI &amp; the Govt. Whatever points we have, we discussed with the Govt. Beyond that I think I will not like to further elaborate," said Das. RBI Governor Shaktikanta Das had cushioned crypto investors just few days back saying "it is my duty to tell the investors who invest in cryptocurrencies to keep in mind that they are investing at their own risk and also need to keep in mind that the cryptocurrency has no underlying value, not even a tulip". "Yes, the issue that was discussed between the Finance Minister and the RBI governor along with other issues and there's no difference of views on any of these, informed a Finance Ministry official requesting anonymity.

RBI, government working in complete harmony on crypto: Nirmala Sitharaman

<ul class="summary-list"><li>The Indian government will roll out a digital currency over the coming year, the finance minister said. </li><li>India previously suggested banning <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, but now plans to regulate and <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword> it, the minister said.</li><li>India is a major digital trading hub, with an estimated 15 to 20 million crypto investors.</li></ul>India appears to be warming up to cryptocurrencies, with an announcement by the finance minister on Tuesday of plans for a digital currency rolled out by the central bank, along with a framework to regulate and tax crypto assets.Finance minister Nirmala Sitharaman, as part of her annual budget speech, said the central bank would aim to roll out a digital rupee in the coming fiscal year. This marks a major U-turn for the government, which had signaled it <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11?utm_medium=ingest&amp;utm_source=markets&amp;r=US&amp;IR=T">could ban cryptocurrencies</a> outright, until the upper house of parliament <a href="https://markets.businessinsider.com/news/currencies/crypto-ban-india-regulate-bill-fines-sebi-cryptocurrency-digital-asset-2021-12">clarified</a> that digital assets should be kept on exchanges and monitored correctly by a market regulator."The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system," Sitharaman said.According to its budget plans, the government will impose a 30% tax on income from cryptocurrencies and other digital assets, as well as apply a 1% tax deduction at source on payments related to purchasing such assets.Central bank digital currencies (CBDCs) offer a centralized, official alternative to pure cryptocurrencies. Major central banks, such as the Federal Reserve, the Bank of England and the European Central Bank are all looking into developing their own digital currencies.But it is the emerging economies where progress is actually happening. China already has a <a href="https://markets.businessinsider.com/news/currencies/china-digital-yuan-years-ahead-in-development-cbdc-cryptocurrencies-chainalysis-2021-8">digital yuan</a> in circulation through various pilot programs, putting it several years ahead of G7 central banks in this respect. The effect of India creating an official digital currency, along with a framework for crypto trading and investment could be significant. The <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">2021 Global Crypto Market Adoption Index</a> from <keyword id="11902141" type="UNKNOWN" weightage="60" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> <a href="https://markets.businessinsider.com/news/currencies/asia-global-cryptocurrency-adoption-retail-investors-india-pakistan-vietnam-2021-8">showed</a> Asia is leading the way in global crypto adoption and India is second only to Vietnam. It is estimated that there are between 15 and 20 million <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> investors in the country.Cryptocurrency <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were up slightly on Tuesday, gaining some respite from the almost-unbroken pressure during January, when investors booked profits on some of 2021's big winners. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> posted gains of 4% and 9% over the past 24 hours respectively, according to CoinMarketCap. Read more: <a href="https://www.businessinsider.com/bitcoin-price-bear-market-bull-run-experts-reveal-things-watch-2022-1?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">'Hodlers' last stand': Crypto experts at a major exchange say bitcoin and ethereum can still avoid a bear market. Here are the 4 key things they say you need to watch to figure out what's next</a>

India will launch a digital rupee in the next year and plans a 30% tax on crypto-related income, according to the finance minister

With the rupee witnessing a downward spiral for the past several weeks, even crossing the 83 mark against the US dollar, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Wednesday said that the Indian currency has behaved in an orderly manner and its trajectory shouldn't be looked at emotionally. Das, while addressing industry body FICCI's banking summit in Mumbai, said that capital flows will resume as the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> will not resort to tightening rates for a long time. The RBI Governor's comments on the rupee came just hours before the US Fed is scheduled to meet later in the day to review key rates. It is anticipated that the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> may hike rates to curb rising inflation. Meanwhile, referring to the RBI's Monetary Policy Committee's (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) scheduled meeting on Thursday to discuss its reply to the government, for failing to keep inflation within its tolerance limit of less than 4 per cent, Das said that the central bank won't immediately release details of the deliberations. The RBI does not have the authority to release these details, he said. The central bank is mandated to keep inflation within the tolerance limit of 2 per cent to 4 per cent. However, its failure to do so for the past nine months has warranted a response from the Centre. Defending the RBI's handling of price rise, Das said that acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Though he agreed that inflation has not been under control, the RBI Governor at the same time added that the central bank prevented a "complete collapse of the economy by keeping rates lower and stayed away from premature tightening". Speaking on the Central Bank Digital Currency (CBDC), Das said that RBI wants to iron out all aspects related to it before its launch. He said that the e-rupee launch was a landmark moment in the history of currency in the country and it will transform the way business is done and the way transactions are conducted. On Tuesday, the RBI launched a trial of the digital rupee. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Rupee has behaved in an orderly manner, says RBI Governor

<ul class="summary-list"><li>India may start a pilot program for a digital currency in December, the head of the Reserve Bank of India told CNBC. </li><li>RBI Governor Das said testing will include scrutiny on security and the impact on monetary policy. </li><li>The majority of the world's central banks are studying the usage of central bank digital currencies, or CBDCs. </li></ul>India may be ready to test a digital rupee as 2021 comes to a close, the head of the Reserve Bank of India told CNBC, underscoring interest among central banks worldwide to experiment with or fully launch digitized currencies. The RBI is on track by at least December to begin a pilot program for a central bank digital currency, or CBDC, RBI Governor Shaktikanta Das said in a pre-recorded Thursday <a href="https://www.cnbc.com/2021/08/27/india-central-bank-rbi-digital-rupee-trials-could-begin-by-december.html">interview with CNBC.</a>"We are being extremely careful about it because it's completely a new product, not just for RBI, but globally," Das said. The security of a digital rupee is a top priority in studying various aspects of operating such an asset, he said. "The possibility of cloning ... should be avoided." The RBI will also examine the impact a CBDC will have on the financial sector, monetary policy and on currency in circulation, and it will assess technological issues. The potential testing at the RBI highlights that five countries have fully launched a digital currency, according to <a href="https://www.atlanticcouncil.org/cbdctracker/">think tank Atlantic Council</a>, with the Bahamian Sand Dollar the first one to become widely available, and 14 other countries are in the pilot stage with CBDCs.86% of central banks are exploring central bank digital currencies, according to a survey by the <a href="https://www.bis.org/publ/bppdf/bispap114.pdf">Bank for International Settlements</a> published in 2020. Federal Reserve Chairman Jerome Powell has said a research paper on whether the Fed should establish a digital currency will likely be published in September.El Salvador thrust itself into the spotlight surrounding digital currencies <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-adoption-poses-network-challenges-blockchain-jpmorgan-2021-7">in becoming the first country to adopt bitcoin as legal tender</a>, with usage set to launch on September 7. The country is <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-cryptocurrency-200-atms-50-branches-adoption-chivo-2021-8">installing 200 bitcoin ATMs</a> ahead of the launch and these will work alongside the government's cryptocurrency app called Chivo.The <a href="https://markets.businessinsider.com/news/stocks/imf-international-monetary-fund-risk-el-salvador-bitcoin-legal-tender-2021-6?utm_source=markets&amp;utm_medium=ingestgest">International Monetary Fund</a> is among the entities to raise concerns about the country's bitcoin adoption. Fitch Ratings this month said the move poses a serious credit <a href="https://www.businessinsider.com/el-salvador-bitcoin-fitch-crypto-insurers-legal-tender-nayib-bukele-2021-08?amp">risk to its local insurance companies. </a>In Venezuela, the central bank <a href="https://www.businessinsider.in/cryptocurrency/news/venezuela-announces-its-own-central-bank-digital-currency/articleshow/85097126.cms">plans to launch a digital bolivar</a> and plans to redenominate its currency in October.

India could begin testing a digital currency in December, says the country's central bank chief

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> looks set to regulate <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> trading, rather than slap an outright <keyword id="11917174" type="UNKNOWN" weightage="60" keywordseo="ban" source="Orion">ban</keyword> on digital currencies as feared.</li><li>People should declare their crypto assets and put them on an exchange, the government suggested, according to an NDTV report.</li></ul>Crypto fans in India can breathe a bit easier, as the country's government looks ready to bring in <keyword id="11929846" type="UNKNOWN" weightage="60" keywordseo="regulation" source="Orion">regulation</keyword> on trading, rather than impose an outright ban on digital currencies, as many had initially feared.Lawmakers in India's lower house last week introduced <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11">a bill to prohibit "all private cryptocurrencies"</a> in the country, except for some tokens with useful underlying technology.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> prices slid on local exchanges, as crypto holders faced the prospect of their holdings becoming outlawed.But the Indian government appears to be taking a less drastic tack, going by a cabinet note on the <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">Lok Sabha bill</a> cited by <a href="https://www.ndtv.com/business/all-private-cryptocurrency-will-be-regulated-not-banned-sources-2634414">local media outlet NDTV</a>.The note said the proposed <keyword id="11899820" type="UNKNOWN" weightage="60" keywordseo="law" source="Orion">law</keyword> should refer to "crypto assets" and not "<keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>," NDTV reported, citing sources, on Thursday.There will be a deadline for people to declare their crypto assets and put them on existing exchange platforms, it said.Those crypto exchanges should be overseen by the market regulator, the Securities and Exchange Board of India, it said.The government suggested any violation of the rules could be punished with prison terms of up to 18 months, or by fines imposed by the SEBI. The penalties could reach as high as 20 crore rupees, equivalent to about $2.6 million dollars.As lawmakers hammer out India's regulatory approach to cryptocurrencies, its central bank is planning to test a "digital rupee" in the next few months. That central bank <keyword id="12086982" type="UNKNOWN" weightage="60" keywordseo="digital-currency" source="Orion">digital currency</keyword>, or CBDC, won't be covered by the proposed measures, according to NDTV.The cabinet note quashed any hope that a private cryptocurrency will be recognized as legal tender in India.

You Searched For "digital rupee" and got 10 results

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

IANS

RBI to launch pilot of retail digital rupee on Dec 1

PTI

SIMPLY PUT: There are messages hidden in the crypto tax

Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders

IANS

Here's why ZebPay founder is excited about the upcoming digital rupee

Business Insider India

RBI, government working in complete harmony on crypto: Nirmala Sitharaman

IANS

India will launch a digital rupee in the next year and plans a 30% tax on crypto-related income, according to the finance minister

Adam Morgan McCarthy

Rupee has behaved in an orderly manner, says RBI Governor

IANS

India could begin testing a digital currency in December, says the country's central bank chief

Carla Mozée

India won't ban private cryptocurrencies, but will regulate them instead: NDTV report

Karen Friar

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