CBDC
Is RBI's CBDC initiative just another digital mirage?
Launched by RBI in 2022, CBDC aimed to reduce India's reliance on the dollar and counter cryptocurrencies. Despite lackluster adoption, fintech companies like CRED and MobiKwik are introducing CBDC wallets, envisioning potential to challenge UPI giants like PhonePe and Google Pay.
Fintech startup Mintoak buys payments company Digiledge
The startup, which is backed by Pravega Ventures, HDFC Bank, and PayPal, will use the funds to acquire firms that offer complimentary services to small enterprises. Its first buy, Digiledge, offers bill payments and CBDC.
Dubai’s blockchain revolution in 2024: Growth and challenges explained
The UAE’s proactive approach to blockchain and crypto innovation drove record-breaking growth in 2024. Here is how Dubai has been innovating and spearheading growth in the sector.
Digital currency wallets to be used for study loan subsidies
The government is collaborating with banks to implement a system for routing and settling interest subsidies on education loans through digital currency wallets. This initiative aims to integrate with the Unified Portal for Education Loan, enhance the efficiency of subsidy claims, and reduce fraud by using Central Bank Digital Currency (CBDC).
Crypto Price Today: Bitcoin falls below $96,000; Dogecoin, Sui drop up to 8%
Bitcoin and major altcoins declined up to 8% after Fed Chair Powell's comments on stablecoin regulation. Bitcoin fell 2.5% to $95,892, while Ethereum dropped 4.14%. Market sentiment remains cautious ahead of CPI data. Experts highlight key resistance at $98,200 for Bitcoin’s next move. Stablecoins dominated trading volume at $94.9 billion.
The relevance of global cryptocurrency trends with American political movements
Cryptocurrency has evolved from a niche experiment to a dominant force in global finance and US politics. Its influence shapes legislation, campaigns, and public opinion. The intersection of digital assets and political agendas continues to grow, as seen in initiatives like Trump's executive order and politically-themed cryptocurrencies. The industry's impact on elections and financial regulation remains significant.
- Go To Page 1
Mobikwik partners with RBI, Yes Bank to roll out CBDC e-rupees
MobiKwik has made the e-rupee wallet accessible to all Android users, enabling peer-to-peer and peer-to-merchant transactions.
Cred joins RBI's digital currency project; first fintech to give access to CBDC
Cred becomes the first fintech platform in India to offer access to the e-rupee, a digital currency launched by the Reserve Bank of India. The rollout will initially target a select set of users with YES Bank facilitating the issuance of e-rupee tokens. Adoption of the digital currency has faced challenges globally.
Eric Trump’s tax-free proposal: What It means for global crypto market
Eric Trump proposed a 0% tax rate for US-based cryptocurrency projects to boost blockchain innovation, while foreign crypto companies face higher taxes. Critics warn of potential market imbalances and government revenue loss.
Digital initiatives not just RBI's but public infra, banks need to do more says Rabi Sankar
Banks must collaborate with the RBI to expedite the implementation of digital initiatives like CBDC and ULI, emphasized deputy governor T Rabi Sankar. He stressed the importance of creating a framework for cooperation to enhance the efficiency and speed of introducing new digital infrastructures.
ECB pitches digital euro as response to Trump's crypto push
Trump said he would "promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide" as part of a broader crypto strategy that he sketched out in an executive order issued on Thursday.
ECB pitches digital euro as response to Trump's crypto push
Trump said he would "promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide" as part of a broader crypto strategy that he sketched out in an executive order issued on Thursday.
RBI to test CBDC by crediting a portion of allowances to its officers’ digital wallets
The Reserve Bank of India will initiate a test by crediting reimbursement allowances to the digital currency wallets of its officers. This move aims to popularize the central bank digital currency, which could potentially ease and make cross-border fund transfers more cost-effective. The CBDC does not yield interest, posing a challenge for wider adoption.
Biggest potential for CBDC will be cross-border money transfer
He has also outlined the possible risks - CDBC can create a situation of faster transmission of shocks across countries, can be used for currency substitution and can create capital flow volatility because of faster flow of money across countries; and has stressed on the need for finding technological and systematic solutions for these risks. Das has dismissed the apprehension on whether CBDC and the fast payment system like UPI can work together.
Retail users power up e-Rupee transactions
The Central Bank Digital Currency (CBDC), or e-rupee, has seen significant growth among retail users. As of March 2024, e-rupee circulation reached ₹234.12 crore, up from ₹16.3 crore a year earlier. The increase is attributed to big banks promoting CBDC wallets and the RBI allowing interoperability with the Unified Payments Interface.
RBI working on off-line mode to boost retail CBDC volumes: Guv Shaktikanta Das
The Reserve Bank of India (RBI) is working to increase the acceptance of the Central Bank Digital Currency (CBDC) for retail transactions, despite the high number of transactions reaching 1 million per day. The RBI is focusing on making the digital currency transferable offline, introducing programmability features, and promoting financial inclusion. The central bank is also addressing concerns about the CBDC's potential to pose a risk to banks' business models.
CBDC transaction volumes down, P2M transactions growing: RBI
The Central Bank Digital Currency (CBDC) transaction volumes have gone down after crossing 10 lakh in late-December 2023, Reserve Bank of India Governor T Rabi Sankar said on Friday. The overall number of transactions has touched 2.2 crore since the launch of the CBDC pilot on December 1, 2022, Sankar said, adding that the number of participants in the pilot stands at 50 lakh.
RBI proposes distribution of CBDC through non banks; seeks to broaden retail access to digital currency
The Reserve Bank of India (RBI) is expanding the usage of Central Bank Digital Currency (CBDC) by allowing distribution through Non-bank Payment System Operators. CBDC pilots in Retail and Wholesale segments are ongoing with 4.3 million retail users and 4 million merchants. The RBI aims to enhance access by enabling non-bank operators to offer CBDC wallets, testing the platform's resiliency.
Digital Rupee: RBI widens scope of CBDC; non-banking payment companies to facilitate transactions
Digital Rupee transaction: The Reserve Bank of India has proposed that CBDC (Central Bank Digital Currency) or, the eRupee, to be accessible to broader sectors of customers.
CBDC big update: Soon use RBI’s Digital Rupee for offline transactions
Soon, offline transactions can be conducted using the RBI's Digital Rupee. The Reserve Bank of India (RBI) has stated that its Central Bank Digital Currency (CBDC) can be used offline in its RBI monetary policy meeting.
Behold the digital miracle of 1 million CBDC swipes a day!
The article questions the authenticity of the claimed Yuletide miracle of achieving one million retail Central Bank Digital Currency (CBDC) transactions in a day announced by the Reserve Bank of India (RBI). The author argues that the achievement lacks authenticity, as it was allegedly achieved through a combination of creativity and coercion, involving conscripting bank employees to promote CBDC.
SBI, HDFC Bank, Bank of Baroda, other banks allow you to scan UPI QR code and pay via RBI CBDC; how it works
Several banks have recently enabled a new functionality for their customers who are transacting using e-Rupee or Digital Rupee, which is India's Central Bank Digital Currency (CBDC) product. This new functionality enables Digital Rupee users to scan UPI QR codes to make payments in CBDC. Read here for details.
Targeting 1 million CBDC users by June end: RBI
While it has no specific date in mind for a full-fledged launch of the CBDC, the central bank will take a measured approach, it said. The RBI also has plans to make the united payments interface (UPI) platform fully interoperable with the CBDC.
Digital Rupee: RBI plans to expand CBDC pilot to include more banks and locations
Touted as the e-Rupee or Digital Rupee, the RBI CBDC is an electronic form of sovereign currency. "The pilot in CBDC-Retail is proposed to be expanded to more locations and to include more participating banks," said RBI.
Plan to introduce CBDC in India within FY23, but gradually: RBI
As announced in the Union Budget for the ongoing fiscal, the Central Bank Digital Currency (CBDC) will be introduced in India within the ongoing fiscal, albeit in a gradual manner, the Reserve Bank of India's Deputy Governor T Rabi Sankar said in a press conference on Wednesday.
Jamaica's CBDC isn't even launched yet and the crypto Twitter is already up in arms
Jamaica’s central bank intends to call its upcoming digital currency JAM-DEX.The name has drawn flak from crypto Twitter since DEX usually stands for a decentralised exchange — the exact opposite of a CBDC.The centralised digital currency will also have a logo depicting the ackee fruit, which has been criticised as ‘juvenile’.Prime Minister Andrew Holness expects the country’s ‘digital Jamaican dollar’ to launch sometime this year but no date has been specified yet.
More than $300,000 of China’s new CBDC is being spent at the Olympics every day
Head of China’s central bank claims that over $300,000 of China’s new digital yuan is being spent at the Olympics on a daily basis.Since the launch of the CBDC experiment, the country has reportedly clocked in over $14 billion in transactions.Concerns remain around whether China’s digital currency is another way for the country to expand its economic surveillance.
A quick guide for Reserve Bank of India on how to develop digital rupee
The CBDC design is closely linked to its policy motivation. For instance, countries that are exploring a sovereign digital currency to improve the efficiency of retail payments, respond to the decline in cash, and promote financial inclusion are exploring a retail CBDC. Alternatively, some countries are exploring a wholesale CBDC meant for interbank payments, specifically in the context of cross-border payments.
Budget 2022: 'Incredible ... Jai Ho!' Paytm, Snapdeal bosses give thumbs-up to CBDC, hail FM's digital rupee announcement
India Inc. has hailed the introduction of CBDC.
Load More
