India: RBI Postpones Plan to Establish National Crypto ‘CBDC’

[Goodcat49]

The Reserve Bank of India (RBI) has postponed its plan to roll out a national crypto, as reported by Business Line, a local news outlet on Tuesday, January 1, 2019.

In April 2018, the central bank of India developed the idea of issuing a national digital currency dubbed the Central Bank Digital Currency (CBDC). The annunciation came after it barricaded all financial institutions from engaging in any kind of business with cryptocurrency-related firms. The sudden crackdown was not anticipated and pushed several cryptoasset exchanges out of business in the country.   

Despite the fact that RBI never denoted anything formally, the anonymous source of the news outlet revealed:   

“The government doesn’t want the crypto anymore. It thinks it is too early to even think about crypto.”   

Launching Crypto-Rupee   
The central bank had established an inter-departmental team to ascertain the potential advantages and feasibility of the crypto which submitted its findings in the month of June 2018. However, it never had a legal unit for tracking and creating policies on blockchain technology and cryptocurrency until September last year, a piece of info collected by Business Line by filling questions under Right to Info Act.   

The crypto ecosystem in India is also sceptical about a national digital currency. The founder of Belfrics, a cryptocurrency exchange, Praveen Kumar, said:   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/india-rbi-postpones-plan-to-establish-national-crypto-cbdc/