Indian central bank’s boss backs digital currency project

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.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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