India’s central bank digital currency (CBDC) initiative is attracting attention from global financial institutions.
JP Morgan has expressed optimism about the potential impact CBDCs could have on the country’s financial environment. “CBDC is another step forward for Indian payments,” said Naveen Mallela, Global Co-Head of Onyx at JP Morgan. He told local media: August 29, 2024.
The initiative, led by the Reserve Bank of India (RBI), is seen as a major step forward in the development of digital payments in the country.
RBI Governor Shaktikanta Das has highlighted the importance of a unified CBDC framework to improve global payments efficiency.
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CBDC will strengthen India’s payments infrastructure
Mallela highlighted India’s CBDC as an innovative development similar to the Unified Payments Interface (UPI).
UPI is credited with revolutionizing domestic digital commerce.
The CBDC is expected to further strengthen India’s payment infrastructure, providing a secure and efficient digital currency that can be used for a variety of transactions, from retail purchases to cross-border payments.
India’s CBDC has 5 million users and could be rolled out gradually: Central bank governor:
India’s central bank governor Shaktikanta Das says there is no rush to launch a retail central bank digital currency (CBDC) pilot that has over 5 million users. pic.twitter.com/Bue2MpcjXj
— 3.0 TV (@reallive3tv) August 26, 2024
The design of CBDC aims to integrate seamlessly with existing payment systems. It provides interoperability with both traditional banking systems and other digital currencies. This approach is intended to ensure widespread adoption and may also facilitate more seamless transactions across multiple platforms.
The proposed system aims to address challenges arising from various domestic considerations and to create a flexible solution that can be adapted to different regulatory environments.
The RBI wants to prioritize interoperability, ensuring that India’s CBDC can interact with both existing payment systems and other CBDCs.
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RBI proposes ‘plug-and-play’ CBDC framework for cross-border transactions
RBI proposes ‘plug and play’ framework for CBDC to enhance interoperability in cross-border transactions
The framework is designed to allow seamless integration with the payment systems of other countries while maintaining sovereignty over each country’s financial infrastructure.
This approach is expected to facilitate smoother cross-border transactions and reduce the complexity that currently adds to the costs and delays of international remittances.
Indian court orders closure of fraudulent website using Mudrex name
An Indian court has ordered the closure of a fraudulent website using the name Mudrex, a cryptocurrency exchange.
Crypto News: Indian Court Orders Takedown of Scam Website Using Name of Crypto Exchange Mudrex https://t.co/4nIidUFUMI
— Crypto Trader Pro 🇺🇸 (@CryptoTraderPro) August 29, 2024
The court order follows Mudrex’s petition, which identified several fraudulent websites impersonating the exchange in an attempt to defraud users and steal their funds.
These websites used the name Mudrex to gain credibility and lure unwitting investors into their scam schemes.
The court’s swift action highlights the importance of legal action in tackling cybercrime.
By ordering the court to take down these fraudulent websites, we hope to prevent further harm to investors.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You may lose all your capital.