The Indian Times reports that RBI is going to launch its own Central Bank Digital Currency (CBDC). The financial experts are hopeful that this issuance of digital currency by RBI might reverse the ban on cryptocurrency trading in the country in future. Here, it is important to mention that Ripple XRP is revolutionizing the cross border payments through its unique and innovative blockchain technology. Therefore, more than 100 companies, banks, and financial institutions have joined Ripple Net for easy cross border settlements.
India is one of the largest economies across the world and, therefore, a good market for cryptocurrencies. Reserve Bank of India (RBI) had put a ban on all kinds of cryptocurrencies trading in the country. But now, the Times of India has reported that a new regulatory framework will come into force that will reverse the ban on cryptocurrency trading across the country. Here, it is also worth mentioning that Indian Finance Ministry had also criticized the cryptocurrency by saying it “Ponzi scheme” without intrinsic values. This ban on cryptocurrencies by Reserve Bank and the criticism by Ministry of Finance led to a great slump in the values of almost all the cryptocurrencies.
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