{"id":6586,"date":"2022-02-01T07:52:38","date_gmt":"2022-02-01T07:52:38","guid":{"rendered":"http:\/\/egrowonline.com\/?p=6586"},"modified":"2022-02-01T07:52:38","modified_gmt":"2022-02-01T07:52:38","slug":"indias-finmin-says-central-bank-to-launch-digital-cryptocurrency","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=6586","title":{"rendered":"India&#8217;s finmin says central bank to launch digital cryptocurrency"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p id=\"primary-image-caption\" data-testid=\"primary-image-caption\" class=\"Text__text___3eVx1j Text__medium-grey____X3zmS Text__regular___Bh17t- Text__small___MoVgdT Body__base___25kqPt Body__caption___1g8_ry ArticleBody__primary-image-caption___3Fo7MW\">A security guard&#8217;s reflection is seen next to the logo of the Reserve Bank Of India (RBI) at the RBI headquarters in Mumbai, India, June 6, 2019. REUTERS\/Francis Mascarenhas<\/p>\n<div class=\"RegistrationPrompt__container___1zFX4Y column ArticleBody__aside-registration-prompt___2LXk34\">\n<div class=\"RegistrationPrompt__text-content___2uMAHH\">\n<h6 class=\"Text__text___3eVx1j Text__white___2ncio9 Text__medium___1ocDap Text__heading_6___m3CqfX Heading__base___1dDlXY Heading__heading_6___1ON736 RegistrationPrompt__heading___wc_GPj\">Register now for FREE unlimited access to Reuters.com<\/h6>\n<p><button class=\"Button__button___3FFWBE Button__secondary___jc-Lu5 Button__round___1BK77J TextButton__container___32tQxA RegistrationPrompt__button-text___3ZNlNC\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<div>\n<p data-testid=\"paragraph-0\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">MUMBAI, Feb 1 (Reuters) &#8211; India&#8217;s finance minister on Tuesday said the central bank will introduce a digital currency in the next financial year using blockchain and other supporting technology.<\/p>\n<p data-testid=\"paragraph-1\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;Introduction of a central bank digital currency will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system,&#8221; Nirmala Sitharaman said on Tuesday while presenting the federal budget.<\/p>\n<p data-testid=\"paragraph-2\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">India&#8217;s central bank has voiced &#8220;serious concerns&#8221; around private cryptocurrencies on the grounds that these may cause financial instability.<\/p>\n<div class=\"RegistrationPrompt__container___1zFX4Y RegistrationPrompt__inline___1dXxON ArticleBody__element___3UrnEs ArticleBody__mobile-only___2w_rXL\">\n<div class=\"RegistrationPrompt__text-content___2uMAHH\">\n<h5 class=\"Text__text___3eVx1j Text__white___2ncio9 Text__medium___1ocDap Text__heading_5___3obGkm Heading__base___1dDlXY Heading__heading_5___3VJIV0 RegistrationPrompt__heading___wc_GPj\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3FFWBE Button__secondary___jc-Lu5 Button__round___1BK77J TextButton__container___32tQxA RegistrationPrompt__button-text___3ZNlNC\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The Indian government has also decided to levy 30% tax, the highest tax band in the country, on income arising out of digital assets, Sitharaman said.<\/p>\n<p data-testid=\"paragraph-4\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">However, losses from sale of digital assets cannot be offset against other income, she added.<\/p>\n<p data-testid=\"paragraph-5\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.37 billion). No official data is available on the size of the Indian crypto market.<\/p>\n<p data-testid=\"paragraph-6\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">New Delhi has been mulling tough regulations around digital currencies in India for several months. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/indian-governments-plan-ban-cryptocurrencies-leads-heavy-selling-investors-2021-11-24\/\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-7\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">($1 = 74.5400 Indian rupees)<\/p>\n<div class=\"RegistrationPrompt__container___1zFX4Y RegistrationPrompt__inline___1dXxON ArticleBody__element___3UrnEs\">\n<div class=\"RegistrationPrompt__text-content___2uMAHH\">\n<h5 class=\"Text__text___3eVx1j Text__white___2ncio9 Text__medium___1ocDap Text__heading_5___3obGkm Heading__base___1dDlXY Heading__heading_5___3VJIV0 RegistrationPrompt__heading___wc_GPj\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3FFWBE Button__secondary___jc-Lu5 Button__round___1BK77J TextButton__container___32tQxA RegistrationPrompt__button-text___3ZNlNC\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__default___1Xh7Yh SignOff__text___2onKdN\">Reporting by Nupur Anand;<br \/>\nEditing by Euan Rocha<\/span><\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Our Standards: <a target=\"_blank\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/markets\/currencies\/indias-finmin-says-central-bank-launch-digital-cryptocurrency-2022-02-01\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A security guard&#8217;s reflection is seen next to the logo of the Reserve Bank Of India (RBI) at the RBI headquarters in Mumbai, India, June 6, 2019. REUTERS\/Francis Mascarenhas Register now for FREE unlimited access to Reuters.com Register MUMBAI, Feb 1 (Reuters) &#8211; India&#8217;s finance minister on Tuesday said the central bank will introduce a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[1113,3350,52,271,4178,1244,171],"class_list":["post-6586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bank","tag-central","tag-cryptocurrency","tag-digital","tag-finmin","tag-indias","tag-launch"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/5JP4L37FBRLOFO44PKTHVCCYFM.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6586"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6586\/revisions"}],"predecessor-version":[{"id":6588,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6586\/revisions\/6588"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/6587"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6586"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}