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RBI Governor talks jarringly about crypto, he calls digital currency a major threat to the financial stability of developing economies like India.
Top 10 events in Crypto the past 24 hours - July 19
RBI to Ban Crypto, Wants Global Support to Regulate It: India FM
India’s Finance Minister Reiterates that RBI seeks Crypto Ban
CryptoIndia: RBI Wants Ban on Virtual Currencies, Govt Needs Global Support, Says FM
RBI seeks ban on cryptos but India needs global support to make that effective: FM Sitharaman
Indian Central Bank RBI: Cryptocurrencies Are a Clear Danger — Financial Stability Risks Likely to Grow
RBI, Indian Banks to Pilot Blockchain Trade Financing: Report
Hard to Oversee Crypto in India, Admits SEBI After RBI Raises Concerns, Bats for Separate Regulator
RBI To Wait For Crypto Government Paper: Central Bank Governor
Crypto Industry Opposes RBI, Declares No Challenge Posed to VDAs by CBDCs
RBI to Adopt Graded Approach to Introduce Digital Currency.
RBI to Adopt Graded Approach to Introduce Digital Currency.
India to roll out CBDC using a graded approach: RBI Annual Report
RBI Governor Shaktikanta Das Reaffirms Stance Citing Recent Crypto Crash
Cryptocurrency Has No Underlying Value: RBI Governor Clears India's Stance on Cryptos
Will RBI Officials Elaboration About Their Concerns Regarding Crypto In India Affect Indian Investors?
Coinbase Sees 44 Percent Dip in Trading Volume, Blames RBI’s ‘Informal Pressure’ For Halting UPI Feature
Coinbase CEO Blames RBI for Botched India Launch Coinbase CEO Blames RBI for Informal Pressure for Botched India Launch
UPI Ban on Coinbase by Indian Govt. authority is the reason why we need Crypto
India has blocked Coinbase in just 3 days! Central Bank RBI has effectively prohibited Coinbase from operating in the country by blocking UPI access
India's Digital Currency to Take 'Very Calibrated, Graduated' Approach, Says RBI Deputy Governor
India Will Not Have A CBDC For Now. I am not surprised
RBI Crypto: Indian Government Says Central Bank Has No Plan to Issue Cryptocurrency
Mentions
To what it's worth - this is not a prosecution against crypto. Some exchanges in the country laundered money OTC using false KYC docs for shady companies that used predatory lending tactics and other scams. The RBI was coming after them so they decided to use crypto to launder funds and paid the exchanges a nice fee. Unfortunately, doing so is highly illegal and exchanges will be fucked. That's what this drama is about-exchanges and their greed not crypto prosecution.
India’s Reserve Bank (RBI) Outlines Phases of a Digital Currency (CBDC)
The quote shows the RBI's concern over crypto and as it grows more and more influence over the banking system, reserve banks feel more inclined to take action. "If cryptocurrencies were to be more widely adopted, they could also present some challenges for the role of the banking sector and raise additional financial stability concerns in a crisis. Furthermore, the vast amounts of electricity used in the mining of cryptocurrency raise concerns about the allocation of resources and environmental consequences of these payment systems." https://www.rba.gov.au/education/resources/explainers/cryptocurrencies.html
tldr; Finance Minister Nirmala Sitharaman on Monday said that the government is in support of a global collaboration if there is a need to prohibit or regulate digital assets, including cryptocurrencies. "Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage," she added. She was responding to a written question by MP Thirumaa Valavan Thol, who asked whether the RBI had issued instructions, circulars, directions, warnings or anything else in relation with the issuance, buying, selling, holding and circulation of cryptocurrencies in the last 10 years. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
In fact, they have never banned. It is just some official from Govt. or RBI makes a claim/intention etc. and move on. The media then says India banned crypto. Nope.
Basically RBI is scared that people will use crypto instead of fiat papers which means their free printing gravy train will fall apart. Imagine feeling so threatened that you want to ban it instead of trying to compete effectively. It's like kid that takes the football away when they're losing the game.
RBI will ban anything that doesn't make them money. And they aren't able to ban crypto so it's fun being an indian and watching their meltdown lmao.
tldr; The Reserve Bank of India (RBI) has expressed concerns about the "destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country," Finance Minister Nirmala Sitharaman said on Monday. "RBI is of the view that cryptocurrencies should be prohibited," she added. Formulating any legislation for regulation or banning of crypto will require "significant international collaboration," she further said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I actually read their complete paper and it was basically saying 'burn it with fire ' to all crypto. They said all crypto is ponzi scheme. India already has free digital transactions, so crypto doesn't really have any usecases receipt criminals activity. RBI is choking out exchanges by refusing digital payments, so many crypto exchanges are reduced to P2P only. You can't add funds to your exchange account easily.
1. 30% tax is on higher side, yes, but it is on par with many countries. Losses not adjusted was necessary to stop people trading shitcoins and then adjusting it. 2. 1% TDS is what most people have problems with. It is excessively high. It will kill traders. Crypto industry want this to be .1% or lower. 3. Crypto industry need to stop or at least reduce considerably) scams, Ponzi and useless coins. Either they themselves do it, or governments will regulate heavily. Indian govt took stand because of low level of financial literacy in India, and the advertisement/scams of people/influencers (cough* Youtube, Telegram, Tik fucking Tok) telling them to get your money 10X-100X easily. 4. RBI governor once said most crypto coins add no value, don't solve any real world problem and are just "dangerously speculative shit". I agree with him. And by most, I mean 95% + coins.
RBI - Reserve Bank of India. Ofc he is saying shit like this. He is getting paid for it.
I don't think this unibrow is aware of that even though he is a RBI governor lol.
tldr; RBI Governor Shaktikanta Das has said cryptocurrencies are a "clear danger" and anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. "As the financial system gets increasingly digitalised, cyber risks are growing and need special attention," he added. The market value for cryptoassets grew 10-fold from early 2020 to late 2021 when it peaked at $3.0 trillion. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Finance Minister Nirmala Sitharaman has said she doesn’t intend to bestow legitimacy on the crypto industry. India’s official concerns relating to crypto since 2018 have been the dangers of money-laundering and terrorism-financing, as well as the prospect that the financial system might be undermined. The Reserve Bank of India (RBI) has remained uneasy about cryptocurrency ever since. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Reserve Bank of India (RBI) is to develop a proof-of-concept blockchain project focused on trade financing alongside various top Indian banks, the Economic Times reported Thursday. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The Reserve Bank of India (RBI) is looking to develop a proof-of-concept blockchain project focused on trade financing, alongside multiple top Indian banks, the Economic Times reported on Thursday. HDFC Bank (HDFCBANK), ICICI Bank (ICICIBANK) and State Bank of India (SBIN) are among the the banks participating in the project designed to tackle loan fraud. the report said. The project will aim to prevent the tampering of documents like Letters of Credits (LC) by issuing digital versions of them. Digital documents could prevent frauds likes the ones committed by Nirav Modi and Mehul Choksi, in which billions of rupees were siphoned.
tldr; RBI Governor Shaktikanta Das on Wednesday said that the central bank has submitted its views to the government regarding the consultation paper on cryptocurrencies and will wait for it to come. "There is constant engagement between RBI and the Government on cryptocurrencies. We have given our views to Government. Let us wait for consultation paper to come out," he added. Das has always expressed skepticism over crypto, citing its volatility. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
"No fake notes till date?" Fake Rs. 2000 has been available for a long time. 2018 article - https://timesofindia.indiatimes.com/city/chennai/tn-tops-in-fake-rs-2k-notes-seized-in-18/articleshow/73340658.cms 2020 article - https://www.thehindu.com/news/national/most-fakes-are-2000-notes-ncrb/article32743045.ece Fake Currency Notes Of Rs 500 & 2,000 Surge 101% & 54% In FY22, Says RBI Annual Report [https://www.indiatimes.com/worth/news/fy22-spike-in-500-and-2000-fake-currency-notes-570846.html](https://www.indiatimes.com/worth/news/fy22-spike-in-500-and-2000-fake-currency-notes-570846.html)
tldr; RBI Deputy Governor Rabi Sankar has said that Central Bank Digital Currencies (CBDCs) could "kill whatever little case there could be" for private cryptocurrencies. "Technology, at the end of the day, is a tool. Any tool that can be used for good can also be put to undesirable uses," he added. This comes ahead of the government's consultation paper on crypto. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Obligatory tldr: The Reserve Bank of India (RBI) has repeatedly expressed its views against cryptocurrencies, saying that it poses serious threats to financial stability. In April this year, RBI deputy Rabi Sankar said the central bank was in a position to begin testing and running pilot projects for a digital rupee. Such projects, he contended, will eventually "kill the case" for private cryptocurrencies.
RBI never liked crypto.
tldr; The Reserve Bank of India (RBI) has proposed a phased approach to launch India's central bank digital currency (CBDC), starting with proof of concept, pilots, and finally, a full-scale rollout. "The design of CBDC needs to be in conformity monetary policy, financial stability and efficient operations of currency and payment systems," the report said. In February, Finance Minister Nirmala Sitharaman announced a digital currency launch. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Reserve Bank of India (RBI) has proposed a graded approach for the introduction of the Central Bank Digital Currency (CBDC) in 2022-23. This approach shall reportedly happen in a three-step manner which will cause “little to no disruption” to the traditional financial system. This comes after RBI mentioned that it was about to start testing and running pilot projects related to the CBDC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Reserve Bank of India (RBI) has proposed to adopt a graded approach for the launch of the central bank digital currency (CBDC) in India, according to a report. The proposal also aimed to ensure that the CBDC conforms with the existing objectives of monetary policy and financial stability. CBDC will be legal tender like paper currency with all the characteristics of the existing fiat currency. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Reserve Bank of India (RBI) has proposed a three-step graded approach for rolling out a central bank digital currency (CBDC) in 2022-23. The central bank is exploring the pros and cons of introducing a CBDC that can co-exist within the existing fiat system without causing disruptions. The Indian Finance Bill 2022 provides a legal framework for the launch of a digital rupee. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Send the remaining funds to a secure wallet. Why dont you post the adress where its going so the RBI can investigate
tldr; RBI Governor Shaktikanta Das has said that the central bank has been cautioning against investing in cryptocurrencies. "Had we been regulating it already, then people would have raised questions about what happened to regulations," he added. When asked about cryptocurrency’s fundamental worth, Das said, "Not even a tulip." *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Coin switch kuber being the boot licking servant of the govt all this time. They were the first in India to introduce *mandatory 24 hour pre registration of withdrawal address*. And now even that's not available. They have completely stopped crypto transfer services to other addresses. And now since RBI is taking a strong stance against crypto, they are crying and calling for *peace, certainity*. Why didn't their CEO raise concerns before and voiced his opinion?
tldr; RBI Governor Shaktikanta Das on Monday said that the central bank had for long been cautioning against cryptocurrencies and it has now crashed. "Had we been regulating it already, then people would have raised questions about what happened to regulations," he added. He further said that he believes that the Centre seems to be in sync with the RBI's stance on cryptocurrencies. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Yes, RBI Governor doesn't ve value
Your Daily Dose of Crypto • To the chagrin of many Golden Visa seekers, Portuguese Finance Minister Fernando Medina has confirmed that his country will begin taxing cryptocurrency but has not committed to a date. • Crypto investment giant Grayscale is expanding operations by launching a new crypto-linked exchange-traded fund (ETF) in Europe. • Fabio Panetta, an executive board member of the European Central Bank, or ECB, has said that a digital euro could come within four years, potentially designed with a person-to-person payment solution. • Do Kwon proposes Terra hard fork to save ecosystem. Terra’s LUNA shed nearly a quarter of its value in the past 24 hours after the proposed revival plan. • The United States Department of Justice may move forward on a criminal prosecution case against a United States citizen who allegedly violated sanctions through cryptocurrency. • Brazil’s only stock exchange, B3, plans to launch bitcoin futures “in the next three to six months,” Chief Financial Officer André Milanez said during a conference call on Monday. • The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin mining hubs, according to a new report. • Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption, which they claim will ultimately lead to the “dollarization” of the local economy. • BitMEX — one of the longest-running exchanges in digital asset futures space — is hoping that the launch of a spot new market will help it lure retail customers in the midst of the crypto trading doldrums. • S&P Global’s ratings division has created a Decentralized Finance (DeFi) strategy group to help build the company’s decentralized market framework for investors.
tldr; Top Reserve Bank of India (RBI) officials have told a parliamentary panel that cryptos can lead to "dollarisation" of a part of the economy, which would be against the country's sovereign interest. "It will seriously undermine the RBI's capacity to determine monetary policy and regulate the monetary system of the country," they said. Cryptos have the potential to be a medium of exchange and replace the rupee in financial transactions both domestic and cross-border, they added. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
>A member of the panel quoted RBI officials as saying: "It will seriously undermine the RBI's capacity to determine monetary policy and regulate the monetary system of the country." As in control who stays poor and who continues making more and more money hand over fist, you meant to say? Can't possibly have the plebs getting rich or having a better way of life too, that would be unthinkable... /s
tldr; Coinbase CEO Brian Armstrong has said that the Reserve Bank of India (RBI) applied "informal pressure" on US-based crypto exchange, preventing the exchange from facilitating purchases of crypto assets through the country's online retail payments system. "So few days after launching, we ended up disabling UPI because of some informal pressure from the RBI," Armstrong said. India's United Payments Interface (UPI) facilitates real-time transfer between bank accounts. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Coinbase Co-founder and CEO Brian Armstrong blamed the Reserve Bank of India (RBI) for "informal pressure" and denying the Unified Payments Interface (UPI) services that led to the company halting its trading services in India three days after the launch on April 7, 2022. "India is a unique market, in the sense that the Supreme Court has ruled that they can’t ban crypto," Armstrong said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Coinbase CEO Brian Armstrong has revealed that the top cryptocurrency exchange quit India operations owing to "informal pressure" from the Reserve Bank of India (RBI). "India is a unique market in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at the RBI, who don't seem to be as positive on it," he said. The exchange had halted payments via unified payments interface (UPI) mode on its app in India last month. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Coinbase CEO Brian Armstrong has said there are elements in the government, including at the Reserve Bank of India, who don't seem to be positive on cryptocurrency. He added that the company is working with RBI and exploring other payment options for a relaunch. Armstrong said he exited India crypto market in three days due to "informal pressure from RBI". *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I agree with this thought but what about the ruling elites like Hillary, Warren and some other few who are against crypto Pelosi says she owns crypto but then trying to gain profits whenever she wants by introducing laws that would favour her and her inner circle. Putin (who would be the most hated man by the West) is in favour of crypto and it's adoption. In India the government was first against it now they treat it as security and have started taxing it 30%. Whereas the current RBI(Reserve Bank of India) governor is against it but the previous RBI governor was pro crypto. Pakistan banned it. Macron favours it . China banned it. Majority of EU i think is pro crypto. I'm just saying some of the ruling elites are sociopaths and would definitely be trying to pull such stuff. Trump loves the dollar so he wouldn't like anything that would hurt the dollar value.
tldr; Exchanges in India are offering P2P transfers to avoid using payments platforms. The Reserve Bank of India has issued a number of warnings to them regarding payments to crypto exchanges. India's banking sector maintains a tight grip over the finances of its citizens. The RBI has warned payments companies against working with crypto exchanges *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Payment providers are pretty spooked about working with crypto companies. Maybe the payment provider that Wazirx uses might have the limitation. On Zebpay, you can transfer directly to their bank accounts. Since the taxation law has been passed, RBI will issue directions soon to bank to not limit transactions. It'll work out in a while, IMO.
RBI: CrYpTo is a THreaT tO oUr eCoNoMiC sTaBiliTy
NPCI is controlled by RBI, not the government
Reserve Bank of India (Central Bank of India) stopped the UPI services, not the government. RBI is an autonomous body not controlled by the government.
tldr; RBI Deputy Governor T. Rabi Sankar has outlined the implications of India issuing a central bank digital currency, the digital rupee. "I think central banks would go about it in a very calibrated, graduated manner, assessing impact all along the line," he said. The RBI will issue a digital currency this financial year. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Nirmala Sitharaman said that there was complete harmony between her department and the Reserve Bank of India (RBI) on all matters including cryptocurrencies.
You do realise RBI has been the strongest and Indian foreign reserves are soaring under him?🤡🤡
Too old, they have not thumbs down it completely. It is unregulated and not illegal. Government knows the youth in India is into crypto and will be too foolish to declare it is as illegal whatever that dumb RBI governor says.
tldr; The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India (RBI). The government also clarified that India’s central bank digital currency (CBDC), that the RBI will launch this financial year, is “a digital version of traditional paper currency.” *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*