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[Yugocean]

Shaktikanta Das, Governor of the RBI (Reserve Bank of India), the Indian Central Bank, has launched a pilot project of Digital version of Indian Rupee (CDBC) from November 1, 2022.

This project was announced on 7 October, and there was no delay of the project coming into effect. This digital rupee will be used to settle secondary market transactions in government securities.

The focus has been on making the inter-bank market more efficient and reducing settlement risk. The RBI has nominated Nine banks for this task -
State Bank of India, HDFC, Union Bank, ICICI, Kotak Mahindra, Bank of Baroda, HSBC, IDFC First Bank and Yes Bank.​

 

[Gamer01]

Taxes are the issues if you are getting taxes you will not ban anything India is an populous country with needs to generate a lot of tax people who go for such things usually consider what is benefitting their country first .

 

[Riberet19]

I don't think the India government well prohibits the use of CBDC to buy cryptocurrencies because the government or the country support the use of cryptocurrencies. It is also possible that soonest other countries will launch their CBDC.

I'm not really saying that they do it in India expressly, because as you already know almost all nations want to release a CBDC, I'm just saying that some parts of the world where for example cryptography is prohibited could be done, or other ways to prohibit the citizen to buy what they want, not only cryptography, you have to take this into account, since as we know the government almost never plays in your favor, although on the other hand I do not think that India for example does such a thing.

 

[Gamer01]

Yes crypto is banned or linited in many countries there are only few optios for people to use crypto and if anyone is found to be using crypto at a higher level he can be investigated very soon actually indeed .

 

[Riberet19]

Yes crypto is banned or linited in many countries there are only few optios for people to use crypto and if anyone is found to be using crypto at a higher level he can be investigated very soon actually indeed .

Yes, I think that in countries like Nigeria or Nepal cryptocurrencies are prohibited as well as exchange sites, but good if the CBDC came out in those places, rest assured that the CBDC would block transactions towards cryptography and could not be easily exchanged between the two.

 

[Gamer01]

Nigeria does not have the ban on crypto indeed crypto exchange binance and paxful are the most common exchanges used by them actually to trade off theur assets in crypto by most of their public that hold the money .

 

[Riberet19]

Nigeria does not have the ban on crypto indeed crypto exchange binance and paxful are the most common exchanges used by them actually to trade off theur assets in crypto by most of their public that hold the money .

I understand thanks for the information, then Nigeria what is the ban there, because I read that the central bank of Nigeria banned local banks from giving cryptocurrency services, so the ban is only in sectors no? can the citizen use them without worries?

 

[Gamer01]

I think i need to update myself as well i know many people who are using such services and they didnt gave an update but will see if there is an update by them sooner or later on social media like facebook or twitter .

 

[arunima25]

The announcement for digital currency was made by the finance minister of India in the budget session of February 2022. And the digital currency was launched in December. But we still have to get the updates on how well it is going. There is no update on that.
CDBC by any country is an attempt to bring a centralised digital currency of its own and discourage cryptos. We have to see whether it would be a success in India or not.

 

[Gamer01]

It wont be because those people who know about crypto will know there is not a same thing in cbdc but just being digital and the assets will always have an fixed value the voaltility creates the interest in any currency actually indeed .

 

[Gamer01]

I do not think it will be a success as people knowing about crypto will reject it at all and they will know its not an alternative crypto but only an centralized scheme to make them deprived of their money which they should never do actually .

 

[Wisdom01]

Taxes are the issues if you are getting taxes you will not ban anything India is an populous country with needs to generate a lot of tax people who go for such things usually consider what is benefitting their country first .

So true , I believe the country needs more taxes to actually run the business operations well enough , so running taxes and others should be considered ,it's actually gives room for more revenues to be made

 

[Wisdom01]

Cryptocurrency is really one scheme that most people have benefited from, some people have seen the opportunities available and attached to earn , they sees cryptocurrency as actually one scheme to actually make more money from

 

[Gamer01]

It definitely the country of india has a lot of tax that should be reduced indeed because when you keep the taxes too much high people will stop paying and they will try to save their money actually jndeed

 

[Wisdom01]

It definitely the country of india has a lot of tax that should be reduced indeed because when you keep the taxes too much high people will stop paying and they will try to save their money actually jndeed

When the taxes are really too high ,lot of people would actually get discouraged ,the taxes should actually come in a very small format ,like it should actually not be too much that they would find it hard to pay

 

[IB DD]

This project is still in it's pilot stage. The project has a potential if massively reducing costs of doing transactions within the Indian economy when it's fully launched. Hoping that the project comes through in a short while.

 

[Wisdom01]

I think countries that are launching their digital currency are actually having a motive , probably that they have seen that digital currency is actually improving in every aspect as possible and that's a big something I think