Launch of blockchain-based trade finance scheme by RBI and Indian banks
The project is being led by the central bank’s Innovation Hub in Bangalore, which is supported technologically by IBM, SettleMint in Belgium, and Corda Technologies in the United States. Fast facts on blockchain-based trade finance The central bank’s project aims to stop letters of credit fraud by integrating blockchain technology into the fundamental banking system. […]
India’s CBDC will be gradually launched in FY23, according to the RBI’s deputy governor.
T Rabi Shankar, deputy governor of the Reserve Bank of India (RBI), stated in a news conference on Wednesday that the central bank is intending to deploy a central bank digital currency (CBDC) in stages this fiscal year. India’s CBDC Fast facts According to the Economic Times, Sankar stated, “The process of [the] adoption of […]
The reduction in India’s crypto tax to 0.1 percent was a ‘typo,’ and the government has issued a clarification.
The Income Tax Department said on Wednesday that a spelling issue on its website incorrectly changed a 1% tax-deducted-at-source (TDS) amount to 0.1 percent, which has subsequently been corrected. Fast Facts on the crypto tax typo “Some media reports have come to the notice of CBDT (Central Board of Direct Taxes) claiming that the rate […]
Crypto Volatility ; The Government’s Skepticism: Will It Achieve Legitimacy in 2022?
The argument regarding the legalization of cryptocurrencies in India has been ongoing for some time, with the finance ministry and the Reserve Bank of India (RBI) debating the best course of action. Bitcoin is unquestionably the most successful, although volatile, digital money based on price swings. According to statistics gathered by coinmarketcap.com, Bitcoin’s lowest trading […]