Bitcoin News and Finance
India’s Central Bank RBI Close to Digital Currency Decision as Paypal Exits Indian Payments Market Skip to main content

India’s Central Bank RBI Close to Digital Currency Decision as Paypal Exits Indian Payments Market

India's Central Bank RBI Close to Digital Currency Decision as Paypal Exits Indian Payments Market

The Reserve Bank of India (RBI) is actively working on a digital currency and will make a decision “very soon,” the central bank has reportedly confirmed. Meanwhile, payments giant Paypal is shutting down its payment services within India.

RBI Near Digital Rupee Announcement

As the Indian government prepares to introduce the cryptocurrency bill that seeks to both ban cryptocurrencies and create a regulatory framework for the digital rupee to be issued by the RBI, the central bank has made an announcement of its own.

RBI Deputy Governor B. P. Kanungo said Friday:

An internal committee is taking a close look to decide on the model of the central bank digital currency and you will hear from the Reserve Bank very soon in the matter.

RBI Governor Shaktikanta Das also spoke about digital currency Friday. “With regard to digital currency, I think we have already released our document,” he told reporters. “Our digital payment document spells out that digital currency is work in progress in RBI.”

The RBI governor likely referred to the “Booklet on Payment Systems” that the central bank published last week. In the document, the RBI recognized that cryptocurrencies have gained popularity in recent years and clarified that it “is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it.”

Paypal Exiting Indian Domestic Payments Market

Another change in the Indian payments market is the exit of global payments giant Paypal, which has announced that it is shutting down domestic services within India. The Hindu Business Line reported Friday that Paypal’s decision came at a time when digital transactions are hitting new records every month.

A Paypal spokesperson said, “From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India,” adding:

This means we will no longer offer domestic payment services within India from 1 April.

The San Jose, California-based company launched its domestic operations in India in 2017 and its trouble with the RBI began in 2011 when the central bank asked the company to comply with Foreign Exchange Management Act 1999, the publication conveyed.

Paypal was gearing up to roll out its UPI platform when the National Payments Corporation of India (NPCI) imposed a new set of rules in November last year. The rule states that “third-party applications providing payments services via UPI can process a maximum of 30% of the transaction volumes starting Jan. 1, 2021,” the news outlet explained, speculating that “This seems to have been the nail in Paypal’s plans for India.”

Do you think the RBI should issue a digital currency? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory