Reserve Bank of India (RBI) governor Shaktikanta Das has confirmed the nation’s continued interest in developing a digital currency, arguing that the central bank is “very much in the game”.
India is looking at China as the basis of a potential digital currency, which the country hopes would give it more independence.
India has gone from crypto-denier to seeing Indian authorities rally behind cryptocurrencies and blockchain in a bid to create a digital currency backed by the country's central bank.
Dubbed the digital rupee project, the currency is hoped to lead to better financial stability.
While rumors that a blanket ban would be introduced in the country in 2020 or 2021 have subsided, there are still a lot of irregularities that regulators would need to sort out to fully enable crypto to thrive in India.
Earlier this month, Coinbase chief technology officer Balaji Srinivasan commented on a potential blanket ban in India, arguing that such a measure would be similar to killing the “financial internet”.
Many crypto stakeholders have threatened to sell their crypto stakes and leave the country should a ban be introduced, adding an extra financial burden amid the pandemic. The government is already stepping up its efforts to introduce a dedicated crypto bill.
Thankfully, India has a bright future in cryptocurrencies. The country's igaming industry is also developing, and many players now use Bitcoin to play. Some great casino choices include FortuneJack, 1xBit and Bitcasino.io.